Did you recently take on (or consider) a loan of 84 months or longer on a car purchase?
A reporter would like to speak with you about your experience; please reach out to PR@Edmunds.com by 7/25 for details.
A reporter would like to speak with you about your experience; please reach out to PR@Edmunds.com by 7/25 for details.
Options
Comments
As far as repo's spiking..................... At least here this is the strongest credit I have seen in along time, besides that 60% have paid cash, how do you repo a PIF car????
Like I have said before. Quit hating on prosperity.
haha PIF car hadn't seen that acronym, probably a backronym actually, before very good.
Those in sales ... all products ... will recognize the groups. For those not in sales you can't believe how long this process takes. I had a $6 Million contract for steel for delivery to a foreign country that was finalized 5 times. Each time the buyers in that country found something new to negotiate and the contract was torn up and redone. It took 3 years.
Calling all clunker experts!Would either of the two conditions result in disapproval of a clunker claim?
1) The address on the registration(old address) does not match the insurance address (current address).
2) The car has been continually registered and insured for the past year, but the inspection is expired.
Calling all clunker experts!Would either of the two conditions result in disapproval of a clunker claim?
1) The address on the registration(old address) does not match the insurance address (current address).
2) The car has been continually registered and insured for the past year, but the inspection is expired.
Inspection shouldn't matter as I don't remember seeing anything about inspection in the docs and not all states even have inspections.
Not sure about number one though. Couldn't they just go to the DMV and change their address then get a new reg printed out with that address.
2) The car has been continually registered and insured for the past year, but the inspection is expired.
I don't know about 1) but I suspect you're OK there. As for 2) my clunker had an expired inspection and was approved. I don't think the inspection status is mentioned anywhere is CARS rules.
It will be hard to stimulate other industries like the auto and housing industries.
The 3,500 or 4,500 dollars are tied to having to spend at least double that much to buy a car.
Using that tactic you'd end up paying sales tax twice.
They are suppose to call me this evening with what they can find out.
We’ve heard that dealers are asking consumers to sign agreements with contingencies when they participate in the CARS program.
CONSUMERS ARE NOT REQUIRED TO SIGN CONTINGENCY AGREEMENTS TO PAY BACK THE DEALER SHOULD THE CARS CREDIT BE REJECTED.
We’ve also heard that dealers are asking consumers to keep their “clunker” until the deal is approved by NHTSA.
IF THE DEALER HAS THE NEW CAR IN STOCK, THE DEALER MUST ALLOW YOU TO TAKE POSSESSION OF THE NEW CAR BEFORE THE DEALER MAY SUBMIT THE CREDIT APPLICATION TO THE GOVERNMENT. PLEASE REPORT ANY DEALER TO NHTSA THAT DOES NOT ALLOW YOU TO TAKE POSSESSION OF A NEW CAR PURCHASED UNDER THE CARS PROGRAM. PLEASE CALL THE CARS HOTLINE AT (866) CAR-7861.
http://www.cars.gov/
My clunker is still drivable so I don't care to wait for couple weeks. Also I gave the M.S. transcript to the dealer to apply for College Graduate Rebate and don't know if it works or not. The dealer said they faxed it to Toyota Financial Services but haven't heard about it yet. So I have to wait anyway.
The CARS likely pushed up the price. I got the Corolla LE with option cruise control, keyless entry and CK (all weather protection) for $17070 + $400 dealer fee (the MRSP is 18000 and invoice 16750) but consider $4500 for my $200 value clunker, 6% sale tax will refund and if I can get $1000 College graduate rebate, it is still good
Even though I am waiting for the car, but I still think that dealers are doing the right thing.
I pointed out that the dealers would be real fortunate to get paid on time. I have doctor friends that hate dealing with Medicare because you have to submit 3-4 times before getting paid. I don't want Obama deciding if I need medical care at all.
I listen to folks like Bob Brinker (I think that is hisname) on the radio who complains about the current adminstrations's policy and these stimulus packages. but was praising those instittuted by President Bush. He felt that peopel would take the $400 and $600 and spend it or at the very least pay off bills. Of course that didn't happen. Most people used it for higher energy costs or saved it.
Although not a fan of this program when it started, it's hard to deny the positive impact it is having. With all the outrage over health care, no one is paying attention to the positive news about the economy. Of course, no one will feel safe until unemployment starts to decline.
I am still driving my old junk
From what we were told at the dealership - we became very disappointed with the results and caviats thrown upon us by this dealership:
The program is only for certain model Prius, ie: You could not use the program for purchasing a Demo car. - Well this could have save us some money too.
The car price is not negotiable - So, then we would have to basically pay full price for the car or even more. Why am I getting penalized by this dealership because I am using this government program..
You cannot order a car - So, if I wanted a particular car but they did not have it on their lot and was willing to wait for it as well as pay for the car, they would penalize me by not selling me that car.
This is very discouraging to me. I see another rip-off to many Americans again by establishment undermining the consumers and taking advantage of how the government operates......is there no end to the consumer getting taken for as much money a possible, again........This is just the tip of the iceberg of what will be applied to the customer/consumers..........
....on one end we have an incentive to buy, on the other-had I am getting penalize for wanting to participate to improve our economy.......
I am sure Joel already answered this but this CARS program is time sensitive....
I know you think it is a pain but you have no idea how much pain it is for the dealership....
No everything is based on the date when you signed the contract.... hang in there it should be approved soon. :shades:
Whether you've bought a car or not, taken advantage of this boondoggle or not, you can rest assured that your taxes are being used to ensure dealers can ask MSRP for their cars, sell a boatload of cars to people thinking they're getting a good deal, when in fact, they'd had been better of buying 3 months ago with no trade in (they could've sold that for gravy, 3 months ago).
This program should be called TFD (Taxdollars For Dealerships). New car dealerships LOVE it.
Correction: the program is only for NEW cars. Any car that's been titled before, such as a service loaner that was registered in the name of the dealership, is a USED car.
This is not the dealership's fault. And if you were expecting to be able to buy one of the hottest vehicles on the market for much below list price, you need to go back to Econ 101.
Spew your Limbaugh/Palin crap elsewhere.
As a non-participant, why should I care if part of the end result is higher commissions for car sales people and higher profits for car dealers. What difference does it make whether the handout is divided as $1000 extra to the dealer and sales person and $3000 to the buyer vs. $4000 to the buyer and nothing to the others?
In fact, as a non-participant, I probably should want more to go the the dealership and it's employees as that just make them marginally more willing to give me a better deal 6 months from now.
They still haven't added the '98 and '99 Suburban 4WD. The email I received from fueleconomy told me that the curb weight is greater than 6000 pounds so the truck is classified as "heavy-duty". I told them that
1) I can't find any documentation listing the curb weight as > 6,000 lbs. I've seen 5297 and 5266, but nothing close to 6,000.
2) I can't find anything in the CARS regulation that says anything about curb weight at all. It refers to GVWR > 8500 lbs. and the '98 and '99 Suburban is listed as 7300 lbs. GVWR.
They said they expect a decision soon.
I expect to win the lottery.
Sure, they'll give you a better deal because they are making so much off of CARS. Dealers are generous that way. If they are making a lot they like to share the wealth.
You first go to your bank and get pre-approved for an auto loan. Once you have secured that your Aunt goes and buys the car of your choice. Once the transaction is complete you buy the car from your aunt. The bank you set up financing with will send a check for the payoff on the loan your aunt set up.
Also check to see if your state allows relatives to "gift" a car to each other. Here in TN one relative can gift a car to another relative and they do not pay sales tax on the transaction. If your state is like that you would not have to pay sales tax twice.
When you go to the dealer don't get into the fact of what your doing. You are soley a third basemen there to negotiate the deal for your aunt. The reason being is that technically it could be considered a straw purchase, but it really isn't.
The best way would be for you and your aunt to both set up loans at the same bank, that way when you go to the dealer it is just a cash deal and you would not have to get into all the specifics.
There is a potential problem with this. If you bought a car that does not come with a fully transferable warranty, you may be immediately giving up the portion that doesn't transfer as you would be buying a used car.
IMO, sciontc2, if the aunt's car is worth $700, offer her $1000 or $1200 to co-sign with you on the loan and agree, in writing, to use the clunker as a trade and to sign over the title to you once the loan is paid off. You, in turn, agree in writing to be responsible for the loan repayment and all insurance/upkeep. The loan payment part is more of a "gentleman's agreement" as legally both are responsible for the loan, but it points out your willingness to shoulder the entire burden and could be worded such that you agree to repay her should she have to make any loan payments.
Basically, she assumes some risk (that you'll fail to repay the loan) but is immediately compensated $300-500 over and above the clinker's value for her effort. And the "in writing" part becomes a contract between the two of you.
First, you have to understand and accept that this program was created by the auto industry, written for the auto industry and intended to benefit the auto industry. That's its primary purpose. However buyers also get a significant benefit.
You'd like to buy a Prius and use the $4500 presumably to reduce the price. If it's a Prius III at $23900 MSRP then you'd be paying $19,400 before taxes, etc. If the C4C program did not exist, then this month the ultra hot Prius would likely be selling for ..... $23900 +TTF. Full sticker..maybe a nominal discount. Why are you upset about getting a $4500 discount?
Demo deals? That's a local issue, but there simply may not be any available. The new G3's have only been here for 3 months after all. Typically demo's become available after about 6 months. Also in my experience Prius' are almost never demo cars. They sell too fast. Putting one in demo service means that that vehicle is a lost sale.
You can order a Prius....but you can't order one and guarantee that it will arrive before the C4C program ends. The dealer and Toyota have no control over how fast the funding is used up. They can't reserve your $4500 in the DOT's computer. The entire C4C transaction has to be done on the spot with all the documents and all the actual vehicles ( VINs) in hand. This is simply a logistical issue which you can't get around.
So again why penalize yourself by not taking the $4500 ASAP?
Though still a good idea your scenario leaves room for fushigi's aunt to have one to many drinks at a family reunion, get mad at fushigi because he did not come weed her petunias last Sunday and start threatening to take back "her" car.
Belive me I have seen it happen. (not in my family)
Regarding the inebriated aunt scenario, I can see that happening as well although I would hope that calmer/sober thinking would prevail in the long run.
If the potential for a disgruntled aunt is there, perhaps the best deal is simply no deal at all. Don't bother with C4C this time around. If the OP can wait a few months for C4C to end and prices to go back to where they were a few months ago, a deal close to what C4C would have brought can probably be achieved. And if he started making payments to a savings account now, that would provide for a larger down payment when the time came to buy.