Just wanted to let out all the little secrets on a screwed up company. The only reason I still work for this place is because it pays the bills, sometimes very well too. However sometimes I do feel a little dirty.
I can say our store is ran better than most but would I ever buy a car here? Not a chance!! Let's start from the beginning. All our cars are bought at auction. When they get to the lot we run a car fax report to see if anything turns up, we check for odometer roll back, flood cars, salvage title, wrecked, and so on. WE DO NOT SELL CARS WITH THESE PROBLEMS.
Let's say we bought a 96 Escort for 1500 and added the cost of the person to drive it back from the sale and car fax plus the standard $250(for what I don't know). Let's say we are at $2000 for easy figures.
Now it's time to inspect and repair the vehical. First off the mechanics ARE NOT certified. The inspection sheet goes to the service manager so he can decide what to fix (or what not to fix). Worn out items such as wiper blades and plug wires are new however other items such as alternators, transmissions, and rear ends come out of junk yards. These cars are fixed as cheaply as possible. Next it is cleaned and put on the lot.
Now our $2000 car is say $2500 plus we add our profit on each car of $3600. We are now at $6100. The sales team drives the cars everynight and as long as nothing major is wrong with it it can be sold. Here you come on the lot and get a sales pitch about how we rebuild your credit and all the cars come with up to 18,000 mile warranty(this warranty covers only powertrain and has to have a $100 deductable paid on each use of the warranty). Both are half truths. On this car we would ask $500 down, not bad. Now the fun starts. You have a deferred down payment of around $125 a week for up to 6 to 8 weeks! $500 for the first month. This is only done for one reason, to invest as much money in the car as quick as possible. That way it is harder for you to bring the car back and if you do we got most of our actual investment back.
You sign a payment sheet that show only the prices, no intrest rates. We now have a $6100 car plus the $1000 warranty brings us to $7100! If you are still there you go into loan closing where the intrest is finally revealed, around 23 percent. You sign, of course and leave happy believe it or not. With a bill of around $11,000 for a used 96 Escort fixed with junk yard parts, that we origanally gave $1500 for.
Makes you feel kinda dirty after all that. With all that in consideration no one held a gun to your head afterall you came here we didn't come get you. But I can say we do not want repos like some say and we do a lot of work for free on customer cars. However a repo is a cash cow and I bet ownership has now problems re-selling these cars. I have seen the same car come thru our lot as many as 5 times. But we in no way wanna take all someone's money, their car, and ruin their credit.
To finish with my tirade I would like to say this: Build your credit with gas cards, secured credit cards, or anyway you can. This is not it!! And if you want a car go somewhere else even if you have to buy a $500 clunker. Also any rebuttals I get I would like to say this. I know all companies have to make money but we made 2.5-5 million in sales last year all at the expense of people who really couldn't afford it, now I'm gonna take a shower.