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  #1  
Old 05-28-2013, 05:32 PM
TylerH860's Avatar
KHAAAAAAN-gress
 
Join Date: Aug 2007
Location: Wichita, Ks
Posts: 5,187
Buy Here Pay Here idiots

A dumpy looking girl came in today interested in my Saturn Sky Roadster Red Line wanting to test drive. With younger people and folks who want to know payments over pricing, I try to pre-qualify the buyer a little bit to make sure the test drive wasn't a waste of time. The interview went sort of like this:

Me: Have you financed a car before?

Derpina: Yes, this one, a 1997 Buick Lesabre

Me: Are you wanting to trade it in?

Derpina: Possibly... It has 130,000 miles on it.

Me: How much do you owe?

Derpina: I bought it last year and still owe about $9000 on it.

Me: uhh... How much do you have to put down?

Derpina: $300

No test drive for her...

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  #2  
Old 05-28-2013, 05:46 PM
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Someone's making some $$$ of that person.
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  #3  
Old 05-28-2013, 06:48 PM
Can't Know's Avatar
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Location: Sunny CA
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She's definitely not hot enough for that car.


I mean even if she's a ten in the looks category, you gotta subtract at least three points for that much stupidity, right?


In other news, Tyler, what is your website?
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  #4  
Old 05-28-2013, 07:21 PM
Home appliance genius
 
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Nice derp placement.
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  #5  
Old 05-28-2013, 09:32 PM
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Talking

Quote:
Originally Posted by Can't Know View Post
She's definitely not hot enough for that car.


I mean even if she's a ten in the looks category, you gotta subtract at least three points for that much stupidity, right?
we want a pic or it didnt happen !!!
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  #6  
Old 05-28-2013, 09:36 PM
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Quote:
Originally Posted by layback40 View Post
we want a pic or it didnt happen !!!
A pic during the application process would not be allowed here just to let you know.
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  #7  
Old 05-28-2013, 09:39 PM
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Quote:
Originally Posted by sloride View Post
A pic during the application process would not be allowed here just to let you know.
Security cam?
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Grumpy Old Diesel Owners Club group

I no longer question authority, I annoy authority. More effect, less effort....

1967 230-6 auto parts car. rust bucket.
1980 300D now parts car 800k miles
1984 300D 500k miles
1987 250td 160k miles English import
2001 jeep turbo diesel 130k miles
1998 jeep tdi ~ followed me home. Needs a turbo.
1968 Ford F750 truck. 6-354 diesel conversion.
Other toys ~J.D.,Cat & GM ~ mainly earth moving
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  #8  
Old 05-28-2013, 09:46 PM
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Quote:
Originally Posted by layback40 View Post
Security cam?
No it would not be safe to view at work.
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  #9  
Old 05-28-2013, 10:04 PM
TheDon's Avatar
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Wow over 9k for a Buick lesabre. That must be one fancy ride
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  #10  
Old 05-28-2013, 10:41 PM
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Quote:
Originally Posted by TheDon View Post
Wow over 9k for a Buick lesabre. That must be one fancy ride
just like my brothers lady. she just bought a malibu that blue books at 3500~ . they figured out once she pays it off she will be somewhere around 10k into it!
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  #11  
Old 05-28-2013, 11:27 PM
Jim B.'s Avatar
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Location: N. California./ N. Nevada
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Exclamation Idiocy writ LARGE. wow!!!

Quote:
Originally Posted by TheDon View Post
Wow over 9k for a Buick lesabre. That must be one fancy ride
If she owes $9,000 on a 1997 Buick Le Sabre, the expression in the used car sales business, is that she is already "Buried Alive, Face Down".
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  #12  
Old 05-28-2013, 11:58 PM
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Quote:
Originally Posted by TheDon View Post
Wow over 9k for a Buick lesabre. That must be one fancy ride
Maybe it had a V8 Motor

Top Gear - 7 Litre V8 Motor! - YouTube

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  #13  
Old 05-28-2013, 11:59 PM
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You just need tto get hooked up with a shady bank, you could make a fortune off of idiots. Wrong? sure, but not without blame.
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  #14  
Old 05-29-2013, 12:56 AM
TylerH860's Avatar
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Quote:
Originally Posted by tbomachines View Post
You just need tto get hooked up with a shady bank, you could make a fortune off of idiots. Wrong? sure, but not without blame.
It would only take a couple hundred grand to get it going smoothly with a decent inventory, no need for a bank. Most subprime lenders like Wells Fargo will buy a loan for a fraction of the remaining balance once you have 3 on time payments. So you sell the car you purchased for $2000 for $1000 down, $225 a month for 48 months (10800), and recover most of your cost within 3 months. Then you have the option to continue collecting payments, hoping the car lasts through the term and the buyer makes the payments, or sell the loan for 50-80 cents on the dollar depending on the risk 90 days later and make a quick, juicy profit.

I choose not to deal with the normal type of person that falls into this crap and contribute to their stupidity, but wouldn't mind being a silent partner.

A Buick Lesabre is the perfect vehicle for something like this. They are cheap to buy for the dealer, last a long time and are very cheap to fix. Dealers will literally pay book retail on Japanese cars auction just because they know they will last through the loan. This is especially the case during tax return season when the wage slaves are ready to put down several thousand.

If this same type of person bought a Mercedes, they would not keep it up, not be able to afford to fix it, and quit making payments when it quits running. Most buy here pay here lots avoid European imports for this reason. I can exist on these cars because they go for decent prices, I have the means to recondition them affordably, and have enough of a margin to make a living without carrying the note.
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1985 500SL Euro w/ AMG bits 130k
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  #15  
Old 05-29-2013, 07:12 AM
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Join Date: Sep 2008
Location: Dayton, Ohio region
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When I lived in Ohio, the BHPH dealer had hooked in my coworker. This particular dealer had a lojack installed that they could use to keep the vehicle from starting. More often than not, he was needing a ride home, because he had been negligent in paying the note, and was unable to start his car to drive home.

He once told us what he paid for the vehicle per month, and for how long...it was more than 3X what the book value was...and it was a POS.

He bought it this way, because he had zero credit. A young 19 year old kid, saddled with payments that had buried him. This dealership, a little hole in the wall joint, had talked this kid into believing that he wouldn't qualify for a loan elsewhere.

We talked him into taking the car back, telling the dealer that he wouldn't pay anymore, and found him a used vehicle he could pay cash for. We then taught him how to maintain the vehicle as cheaply as possible, so that owning it wouldn't kill him.

Stupidity of the youth amazes me...

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