So I've been selling cars outside of a 2 1/2 yr break since 2008.
And sometimes I'll get a customer, normally a younger customer come in and they have bad credit because of a few stupid silly mistakes. They end up getting a stupid APR like 17% or 18% with a really high payment.
Now every once in awhile we get lucky, and the customer can wait on the car as we fix their credit.
This year alone I've taken three customers from 500 fico~ to like 680 FICO.
- First customer had a collections with Verizon they weren't paying, they had an installment loan on a personal loan of about $1,000 with a balance of $400. I showed them how to negotiate with the collection account and they ended up getting 40% off their debt with Verizon and they paid that collection off. I also got them to pay off their $400 personal loan (APR was like 19%).
I then took the customer back to a loan officer that I've worked with over the years and got them approved on the car they wanted for just 7% APR (which was a godsend compared to what they started at)
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Another customer had dropped out of college with like $5,000 in student loan debt and was literally $400 owed...they felt jaded because they have this debt for a degree they never got. I got through to them that they need to catch up on their student loan and just get it paid off. Tax return came around and instead of putting the money down on a car they paid off the student loan. They ended up getting 5% APR on the car.
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Another customer was upset that her transmission on her car had died, it was still covered by warranty but she was about to take a repo. She literally owed $3,000 on the car. We got her car into service, fixed the transmission (under warranty) and she got caught up with payments, her plan is to drive it into the ground now and we did not end up selling her.
Submitted May 28, 2019 at 11:05PM by sting2018 http://bit.ly/2YRiKo9
