Reality_check
Indianapolis,#2Consumer Comment
Tue, June 10, 2008
By default, buy-here-pay-here places have tremendous overhead and the money they get from lenders are, in most cases, very much in the high-risk sub-prime even sub-par category. Simply put, these very high lending costs and other overhead have to be covered across the board so that the dealership and the bank can turn a profit. That's just capitalism. You're just not going to get the same rates that you'd get should you be able to qualify at a new car store. Please don't take this personally either...these standards were set by rich white men, not real people. And in regards to overpriced vehicles, the way to avoid that in the future is to go ahead and ask them how much they paid for the car and make an offer that you think is appropriate. If you don't think it's worth it, don't buy it. I think you know as well as I do that they're most likely going to embellish this figure a bit, but hey, use that against them - assume the actual figure is about $500 lower. Many dealerships have a $500 "pack" that acts like a cushion so they don't lose their butt on a car that may be a questionable revenue maker. Bottom-line - do your homework and trust your instincts.