Car buying service?

[jtvang125]

I keep hearing this radio ad about Paul Blanco and that they can get you into any car you want no matter what your financials look like.

Are they just a dealership chain that caters to people with bad/no credit or are they some kind of car buying service? Just curious.

 

[dave_the_nerd]

Depends.

My credit union has a "car buying concierge service" but it's basically one guy who searches all the car classifieds, and offers good advice and a sympathetic ear to people who are uncomfortable/nervous about buying a car. I can see the value, but it's not a service I need.

But if you need financing, you still have to qualify. (Income, credit score, etc.)

The places that advertise cars regardless of how bad your credit is, usually are making more money on high-interest loans than on the cars. Explanation:

https://www.youtube.com/watch?v=4U2eDJnwz_s

I would avoid. I mean, ultimately, whatever kind of car you get, you have to pay for. So if somebody leads off with "come here - nobody else will sell you a thing, but I can get you whatever you want!" then I'm already looking to walk away.

Plus they have a bunch of really, really terrible reviews online.

https://www.consumeraffairs.com/automotive/paul-blancos-fresh-start-credit-program.html

If you're really hard up for a car, your best option is probably a police auction, but you'll need cash in hand.

 

[Greenman]

Some of the car lots that claim they will finance anyone really will. They install a remote kill switch on the car, if your payment is late they shut it off, and you can't start it again until you catch up your payments.

 

[Yuriman]

Just read a Jalopnik article on this:

https://jalopnik.com/the-dealer-doesnt-care-if-you-cant-afford-your-car-1824105579

Speculation in comments was that they often have deals with a local bank and somehow make money off of repossessing cars from people who can't afford them. Often these dealers won't accept cash for a car - they want you to finance something you can't afford.

 

[jtvang125]

Just read a Jalopnik article on this:

https://jalopnik.com/the-dealer-doesnt-care-if-you-cant-afford-your-car-1824105579

Speculation in comments was that they often have deals with a local bank and somehow make money off of repossessing cars from people who can't afford them. Often these dealers won't accept cash for a car - they want you to finance something you can't afford.

Not surprise there are rackets going on behind the scenes at some of these places. They prey on the poor who are desperate or the uninformed. But even well regarded dealerships can be overly aggressive to get you to sign or go with their financing. On my current car they were heavily pressuring me to apply for their financing even though I was already approved from a credit union with a rate they would never be able to touch (1.49%). Even had the sales manager come and ask me why I'm refusing to just apply to see what I'll get. Told them if they can't match or beat 1.49% then don't waste my time. That shut them up.