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dealerships
dealerships
Private Equity Bets Big Bucks On "Buy Here Pay Here" Dealerships
By Ben Popken on November 1, 2011 3:00 PM
43 Comments
In the second of a three-part series on "Buy Here Pay Here" dealerships, used car lots that target subprime borrowers with easy credit and triple the national average interest rates, the Los Angeles Times looks at how private equity firms have flocked towards the growing industry, lured by 38% margins. More »
"Buy Here Pay Here" Dealerships Investigated
By Ben Popken on October 31, 2011 4:00 PM
114 Comments
The Los Angeles Times has an excellent investigation into the national "Buy Here Pay Here" auto dealership phenomenon. These used car sellers purposefully target bad credit borrowers and offer them what no one else will: the chance to buy a car on credit. All they have to do is agree to 20-30% interest rates, a price well above the car's Blue Book Value, and aggressive repo practices if they fail to pay up. But it's not a big deal if they don't. Borrower failure is baked into the business plan. More »
Economy: Used Car Dealer Becomes Used Horse Dealer Too
By Ben Popken on October 6, 2011 2:00 PM
30 Comments
With the economy in the dumps, used car dealers are having to get creative with the trade-ins. There's long been used car dealers advertising they'll take any trade that's "push, pulled, or dragged." One dealership is adding trots to that phrase, as they're now accepting horses. More »
Car Experiences Top List Of 10 Biggest Consumer Complaints
By Ben Popken on July 29, 2011 4:00 PM
43 Comments
No wonder car salesmen get a bad rap: it's very much deserved! At least that's according to a new report by the Consumer Federation of America of the top 10 consumer complaints. "Misrepresentations in advertising or sales of new and used cars, lemons, faulty repairs, leasing and towing disputes," top the list. It's almost enough to make you want to switch to a velocipede! More »
Should It Have To Be Disclosed If A Used Car Was Smoked In?
By Ben Popken on July 28, 2011 1:00 PM
143 Comments
You get into the seats, place your hands on the wheel and sniff. That's not new car smell you're getting, but the faint notes of incinerated tobacco leaves. Perhaps they're peaking out from a cloying cloud of freshener, like a bra strap from a tank top. Dangit. You thought you found a good contender and wasted all this time to come out and check the car out, and now it turns out someone used to smoke in it. Reader Ethan wonders if this isn't something that dealers should have to disclose, or at least something that should show up on CarFax. More »
Upset At Being Sold A Lemon, Man Crashes It Into Six Cars At Dealership
By Ben Popken on July 21, 2011 5:00 PM
114 Comments
A man who upset over getting sold a lemon by a dealership decided to vent his rage in an unusual fashion. After the salesman wouldn't accept a return, the man waited until midnight and then drove back to the dealership. Then he revved the engine and began smashing it into the cars on the lot. More »
The Hidden Fee That's Adding Thousands To Price Of Your New Car
By Ben Popken on May 12, 2011 12:00 PM
143 Comments
You're not supposed to know about it. It's a secret fee that dealerships across the country are charging customers, that can add thousands to the cost of their car. KHOU got their hands on insider documents provided to them by a former dealership worker that shows how it works. More »
Honda Spokesman Gets Screwed By Honda Dealer
By Ben Popken on May 9, 2011 1:00 PM
124 Comments
An actor who pitches Honda cars in their ads says he got screwed over by a Honda dealership when he tried to get the very same deal he helps sell on TV. More »
Buy Your First Car
By Ben Popken on November 24, 2010 1:00 PM
80 Comments
Never bought a car before? Here's a good guide that covers the basics, from going into the dealership with your price beforehand, the importance of doing all your researcher and resources for doing so, and the best tactic of all: always be prepared to walk away from a bad deal. More »
Dealership Sells Car To Elderly Man With Dementia, Who Then Dies After High-Speed Chase
By Ben Popken on November 23, 2010 4:00 PM
89 Comments
Police are seeking criminal charges against two car salesmen who sold a 67-year-old wheelchair-bound man with dementia a new truck. He died later that day after suffering a heart attack, following a high-speed chase with police in his new vehicle. More »
Buy A Truck, Get A Free AK-47
By Ben Popken on November 15, 2010 1:00 PM
96 Comments
A used truck dealer in Florida, birthplace of dreams, is offering an interesting promotion. Buy a truck and get an assault rifle thrown in the back for free. More »
Used SUVs & Trucks Costing More Than New Ones
By Ben Popken on November 10, 2010 12:00 PM
65 Comments
In a counter-intuitive turn of events, the way the market is now, a used SUV can end up costing more than a new one. More »
Shady Car Dealers Price Loans More Than What Bank Will Take So You Love Them When It's Reduced
By Ben Popken on June 25, 2010 2:00 PM
35 Comments
A former manager of a car dealership knows exactly how sneaky those sons of guns can be. One of their favorite tricks involved knowingly pricing out the monthly payments at $100 above what the bank computers would let buyer afford, and then acting like they're your best friend for getting it lowered $100. More »
Auto Dealers Win Exemption From Financial Protection Bureau Oversight
By Ben Popken on June 25, 2010 1:00 PM
31 Comments
Some shady auto dealers are known to fake financial docs to get customers approved for loans they can't afford. They refer to senior citizens as "people with oxygen tanks" and even straight up steal money from their ATM account. So, good thing that they can afford good lobbyists, because in the final hours they succeeded in making it so the new Consumer Financial Protection Bureau doesn't apply to them. More »
Outsource Used Car Haggling To Pros At Carsala
By Ben Popken on May 7, 2010 3:41 PM
26 Comments
For those without the temperament or time to engage in the scrum that is negotiating with a used car dealer, Carsala will do it for you. The site boasts a team of professional negotiators who will contact an average of twenty dealers and work to get you the best price possible. No more getting befuddled by the Four-Square or "Oh, I'm sorry, I really want to make this work but my manager in the back will only agree to..." The pros at Carsala charge a commission of 20% of the difference between Blue Book value and the final price. And, unlike some other car shopping sites, they don't take kickbacks. Handy! Or you can just use their free tools to check out how a price you're quoted compares to others in the area, and whether the car you want really fits your budget. More »
(Hugo90)
Tips For Buying A Used Car This Year
By Chris Walters on May 4, 2010 8:35 AM
30 Comments
The sorry state of the economy the past couple of years has actually led to higher prices for used cars, writes Kiplinger. That's because more people started buying used cars, which tightened the supply while also reducing the number of fresh trade-ins. It may be a couple of years before prices drop again, but Kiplinger has some suggestions for saving money if you plan on buying a used car this year. More »
Disgruntled Former Dealership Employee Disables More Than 100 Cars Remotely, Honks Horns
By Laura Northrup on March 18, 2010 1:45 PM
62 Comments
Some car dealerships and lenders have equipped cars with devices that disable the ignition or make the horn honk nonstop when payments are late. We wrote about this last year, but didn't realize that the interface has fantastic potential for pranks. And that's how a laid-off car dealership employee was allegedly able to disable the ignitions of more than 100 cars purchased from the dealership. Or set off their horns in the middle of the night. More »
Beat The "Four Square" Dealership Ripoff
By Ben Popken on March 12, 2010 7:11 AM
166 Comments
Former used car salesman Alan Slone grew a little Jimminy Cricket in his ear and decided to spill his guts on a classic dealership technique used to addle your mind and empty your wallet. It's called "The Four Square" and the object of the game is to make you lose. Here's how it works, and how to beat it. More »
(failblog)
Dealership Ad Fail
By Ben Popken on February 4, 2010 9:30 AM
44 Comments
Bill found negotiating with the dealership to be a little one-sided. [Craigslist via Failblog]
Buy A New Car Without Getting Ripped Off
By Ben Popken on December 18, 2009 10:30 AM
65 Comments
There is a rare breed of individual who enjoys shopping for a new car. Likening it to one of our last remaining instances of socially acceptable bare-knuckle-boxing, Rob Gruhl is one such person. He shares his tips for not getting screwed at the dealership in this fun and lively and short presentation. More »
