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Another common strategy is to get the buyer to reveal how they intend to pay for the car. Here, too, mum's the word. Since dealers make their money in the financing department, showing your hand ...
Collateral is how auto lending became an especially distinct type of consumer lending in the U.S., as $1.1 trillion in auto loans are secured by a fleet of 80 million vehicles as of Q2 2024.
In the used car market in the United States and Canada, buy here, pay here, often abbreviated as BHPH, refers to a method of running an automobile dealership in which dealers themselves extend credit to purchasers of automobiles. [1] Typically, purchasers of cars at BHPH dealerships have poor credit history, and loans have high interest rates. [1]
As USA Today noted, in general, hybrid cars and midsize and large sedan models from 2000 to 2022 (and a few early 2023 models), are the most reliable vehicles based on Consumer Report’s survey.
The compact SUV Suzuki Samurai gained a reputation in the U.S. market of being an unsafe car and prone to a rollover after Consumer Reports, the magazine arm of Consumers Union, reported that during a 1988 test on the short course avoidance maneuver (Consumer Union Short Course Double Lane Change, or CUSC for short), the Samurai experienced what they deemed as an unacceptable amount of tipover ...
Studies have shown that the average per-unit finance cost can be higher when financing through a dealership than independent lenders. For example, one study found that the price increased by $674 when dealer financing was used, potentially due to additional products or services (an average of 4.63 add-ons per deal) in the financing package. [4]
When the availability of these loans suddenly dried up in 2008 due to the subprime mortgage crisis, vehicle sales declined dramatically, from 17 million in 2006 to 10.6 million in 2009. [11] In 2006, Consumer Reports reported that all 10 of the cars that it considered to be the 10 best were built by Japanese companies. [12]
For example, if a dealer has an interest rate offer of 7.9% financing OR a $2000.00 rebate and a consumer's lending source offers 8.25%, a consumer should compare at the credit union what payments and total interest paid would be, if the consumer financed $2000.00 less at the credit union.
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related to: auto dealers with best financing reviews consumer reports side effects youtube