Why are dealerships not accepting outside financing?
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Dealers often refuse outside financing simply because they can make money off of dealer-arranged financing — sometimes to the tune of thousands of dollars in profit.
Outside financing, also known as External financing is money obtained from outside investors and lenders and not from a firm’s internal reserves. It is contrasted to internal financing which consists mainly of profits retained by the firm for investment.
Can a dealership refuse outside financing in Massachusetts?
Dealerships can refuse any type of financing for any reason.
How do you buy a car with an existing loan?
You essentially have two options:
Go with the seller to his lender and pay off the loan (to ensure he doesn’t run off with the money)
Have a dealer act as a broker. The dealer will buy the car from the seller and resell it to you. You’ll pay a little extra to make sure everything goes smoothly.
Why are dealerships not accepting outside financing? – Related Questions
What happens if you buy a car with finance owing?
Regardless of who owns it, if the car still has money owing on it, the car is still the security. That means the owner (you, if you decide to buy it) is not personally liable. That being said, if the money owing on the car is not repaid, it can be repossessed and you won’t be compensated2.
What happens if you buy a car with money owing on it?
Generally speaking, if there is money owing on a vehicle you purchase then you risk losing it – whether or not the security interest is disclosed. A security interest is the right a finance company has to repossess a borrower’s belongings, eg their car, if the borrower does not pay back their loan.
How do you trade in a car that is not paid off?
Going to a dealership to trade in a car that still has a loan can be almost as simple as trading in a car you’ve paid off. The dealer will pay off the existing loan and get the title directly from the lender. The dealer will also take care of all the paperwork.
Will a dealership buy my car if I still owe?
What happens if I still owe money on my trade in car? It’s important that you know the pay-off amount – how much you still owe – and the trade value of the car – how much the dealer is willing to offer you. A dealer will then pay off your old loan and give you a credit for the value of your trade vehicle.
It’s common for people to trade in their current car when purchasing a new car, and, if the current car is not yet paid off, the dealer offers to roll the current car loan into the new one. While many people do this, you should carefully consider your options before taking this route.
Will CarMax buy my car if I still owe money on it?
Will CarMax buy my car if I owe on it? Yes.You’ll need to provide loan information so CarMax can pay off the lender. If you owe more than your offer, you will need to cover the difference.
Does selling a financed car hurt your credit?
Sell the vehicle.
If your car is worth as much as or close to the balance on your account, selling it could enable you to pay off the loan without harming your credit.
Does CarMax buy cars with over 100 000 miles?
The answer, surprisingly, is yes. CarMax does buy vehicles with over 100,000 miles on them. Generally, they do not buy these vehicles for resale, they are usually auctioned off or sold for parts.
How much is a car with a blown engine worth?
How Much Is My Car Worth With A Blown Engine? Without a functioning engine, you can expect to get at least $3,000 less for your car as a sales price than you would get for a functioning vehicle. So if your vehicle is worth $10,000 in good condition, you should expect to get something closer to $4,000 to $7,000 for it.
An engine swap or engine replacement will not reset the odometer as the odometer doesn’t just measure the engine but all of the components of the car. In fact, it’s illegal to reset the odometer as it would not accurately reflect the age of other parts of the vehicle.
How long should an engine last?
Average engine lifespan
For some time, the average lifespan of a car’s engine was eight years, or 150,000 miles. New designs, better technology and improved service standards in recent years have increased this average life expectancy to about 200,000 miles, or about 10 years.
Can a blown engine be repaired?
If you do have a blown engine, whether or not it can be fixed depends upon the extensiveness of the damage. If the damage is minimal, and a few parts can be replaced, the problem can be fixed. However, if the damage is great and impossible to repair, you may need a complete engine replacement.
Does insurance cover engine blowing up?
Typically, car insurance does not cover engine failure, even if you have full coverage. The exception is if the mechanical problem or blown engine can be directly linked to a covered claim.
What are signs that your motor is blown?
Suspicious Noises
Knocking. If it’s a knocking or thumping type of noise, chances are the rod bearings have worn out or they’ve gotten too loose.
Squealing.
Grinding.
Blue Smoke.
White Smoke.
Black Smoke.
Check Engine Light.
Oil or Fluid Under the Car.
How do I know if I blew my engine?
Unusual noises upon engine startup, failure to start, and white or blue exhaust from the exhaust pipe are some of the common signs of blown car engines. If your vehicle experiences these symptoms, aim to isolate the issue by figuring out the cause of the problem. That way, you’ll know how to deal with the concern.
How much does a new engine cost?
The cost to replace a car engine is between $3,000 and $5,000 for most cars. It sounds like the quote you were given was right on the money, unfortunately. Very complex engines can cost up to $6,000 to replace. However, most four-cylinder vehicles need about $4,000 to complete an engine replacement.
What does a dying engine sound like?
A knocking noise coming from your bonnet is a classic sign of a dying engine. This noise could be caused by wear of damage to your engine’s mechanical parts such as pistons, bearings or other moving parts.