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Buying a decent car with poor credit

Buying a decent car without good credit can be tough.  In Connecticut, car dealers can charge up to 19% interest.  All too often, dealers charge prices are well above book values, and that is before the cost of conveyance fees and other "extras" are added to the price.  Consumers without good credit frequently wind up paying too much for cars of questionable quality. Our clients frequently ask us what they can do to get a decent car at a fair price.  Our advice is    to avoid the "easy credit" dealers and to purchase from a private seller.  We know that it can be difficult to come up with the cash to purchase a car, but if you can can get by without buying a car and set aside the amount that would otherwise go to monthly payments, in less than a year, you can save several thousand dollars.  That might be enough to buy a car that would cost much more at a dealership.  Private sellers usually are willing to sell for somewhere between the book "trade-in" value and the retail value, which is quite a bit less than what most "easy credit" dealerships charge for cars.  Look for cars that are recommended by Consumer Reports as being reliable.  The most important tip of all is not to buy a car without having it inspected first by a mechanic that you know and trust. When looking to purchase a car from a private seller, beware the "curbsiding" scam. If a car is REALLY bad, most dealers will not want to put them on the lot.  Many of those cars wind up in the hands of unscrupulous people who will pretend to be private sellers.   Do not be shy about asking for the seller's identification to confirm that the person you are dealing with is the actual owner of the car. You can get a serviceable car at an affordable price if you avoid the curbstoners and get an independent inspection.  While this may not be the car of your dreams, you can "upgrade" soon enough by continuing to set aside the amount that would otherwise go for car payments.

1 Comment

Of course most (or at least many) busienss owners don't care about anybody but themselves. Nothing new there. There is evil in the world. Nothing new there, either. Of course we all need to be prepared to deal with such things. Again, not new. But don't you think that being prepared for evil is only half of the story? Don't you think that trying to put a stop to unethical busienss behavior also is worthwhile?As for inane references . well, I happen to adore Gordon Gekko, fictional though he is, because he is so well known and epitomizes the sociopathic attitude of a pure capitalist. So although Gekko is fictional, I don't consider references to him in this context to be at all inane. Rather, I consider it a very efficient way to refer to a constellation of self-centered and greed-related concepts. I'm sure you didn't mean to suggest that a reference to Sandy Weill in this context is inane. You are far too bright and well-informed to do that. I'm sure you know why Sandy Weill resembles a real-life Gordon Gekko. As you know, Sandy Weill is the guy who engineered the repeal of the Glass–Steagall Act so that the illegal 1998 merger of Citibank and Travelers Insurance (which Weill also engineered) would become legal after the fact. Oh, Weill had help, as I'm sure you would remind us, and that help included Bill Clinton; but Weill is the guy who got the repeal to happen. Glass-Steagal (adopted after the Great Depression to prevent another one) kept retail banking separate from investment banking. Once that pesky job-killing bit of regulation was removed the American financial system was free to engage in activities which led directly to enormous risks being taken and enormous fortunes being made. It also led directly to the financial meltdown of a few years ago. Of course Weill had made a HUGE personal fortune before the sky fell in on the rest of us. Now, even Weill thinks that the repeal of Glass-Steagal was a mistake, but the damage has been done.Although I love humor, somehow discussing Snidely Whiplash in the context of real life busienss ethics issues in a world where there are real life Gordon Gekkos running around doing real damage to real people simply doesn't do it for me.Yes, we all should be well-informed and careful, but we also should be looking for ways to put the brakes on bad busienss behavior before it does damage. Caveat emptor alone simply is not enough.

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