The biggest Finance scams dealers play. Challenged credit *BEWARE*

Music got me a copyright claim, I had to edit and reupload.

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Chevy Dude
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TIPS TO GET YOU APPROVED FAST AND HASSLE FREE when you have challenged credit.

Money down or trade equity is key. The more you have the better terms and conditions you'll get. (% rate, the term of the loan, actual car the bank will approve, lower payment, etc) 10% is a good number, 20% is a better number.

Bring with you your Most recent pay stub of 2017 showing income and taxes, your last pay stub of 2016 showing income/taxes, and your 2016 W2,

2 utility bills showing proof of where you live,

6 names, addresses, phone numbers of different household family members or friends,

proof of full coverage insurance.

1099/self-employed employees your need the last 3 months of bank statements and possible 2 years of tax returns,

If your income is a government source (social security, court-ordered child support, etc.) you will need 3 months of bank statements showing direct deposited, and an award letter from the agency of income.

When you show up to the dealership with all the above-referenced info the transaction will go SMOOTH and in a TIMELY manner.

Remember, Buying a Car Doesn't Have to Suck™

You can now find me at my own dealership in southern Indiana. My wife and I started Mike’s Car Store Located in Georgetown, In. Where Buying a Car Doesn’t Have to Suck™

We specialize in Late model Used cars for all types of buyers. If you have challenged credit we can definitely help you and ensure you don’t get scammed or pay too much. If you are a cash buyer or have excellent credit we will be glad to help you as well.

[tbaker]

I had this happen years ago at a major Ford dealer in my area. I read the back of the contract, you know where all the fine print is and found according to the contract (for my state and as I said this was many years ago) they needed to contact me by register mail within so many days. They telephoned my after this time stating that the letter ser needed additional money for the down payment.

I brought the contract in with me and showed them, and walked out with a loan through Ford Credit. I have never bought anything else from that dealership or any of their other dealerships. That was like 10 cars ago. Bad business practices never work out in the long haul.

[gwillis]

This seems to be a very old scam. I have also heard it called the PUPPY DOG move. You obtain a lovely, beautiful puppy dog and take it home. You show it to your children, your wife, your best friend, and some other people. They all say "What a cute puppy!! I bet you are going to have so much fun with that furry friend of yours!!" Then a dog hair allergy or some other tragedy comes up and it looks like you will have to get rid of the puppy. You feel like you are going to upset multiple people severely when you give back the puppy. Therefore, you start thinking of ways to keep the puppy around. You don't want to give back a newly purchased car just like you don't want to give back a newly acquired puppy. When the salesman calls and says that you can keep the car only if you pay a higher interest rate, you cave in and agree to the changes instead of giving the car back.

[JonathanOstrus]

Just found your channel and I love what I see. So refreshing to see someone who genuinely cares about their customer these days.

[MyMidlifeCrisis]

My wife and I both have 820+ credit; it would be interesting to know what unique tools/options we would have during negotiations on base prices, options, and financing. Any chance that can be a topic on larger video about financing in the future? Thanks :). Also, sorry that people are breaking out copyright claims...not surprised it would become more common as your channel grows and more dealerships and auto sales industry folks want to silence you.

[keithlowe]

What about "Buy Here, Pay Here" (aka 'get ripped off here) places?
"$500 down / $500 mo. for 500 mo." and you too may own this '81 Chevette!

[Wulfgang]

Loved this video. I wish I knew this info a few years ago when Larry H. Miller of Draper, Utah did a “soft close” or YoYo Loan on me. I filled out all the paperwork and I drove a ‘16 Ford Fusion off the lot and a few days later they told me I needed a co-signer or take a downgrade. My wife and I were furious. I was ignorant thinking I had no other option.

Now I know. Too bad you aren’t located here in Utah but I will use all your info for my next dealer purchase.

[JoshBrinson]

You are bringing a positive outlook to car sales! The dealer I worked for insisted on honesty and transparency. No gimmicks, not huge markups and no stupid add-ons. The issue is the 60-year old mindset of the car buyer from years ago. Today, you as a car dealer, cannot have huge markups because customers are powered by the internet and usually know more than you do coming in.

[thomasronayne]

Recently singed up to your you tube channel.
Your videos have answered many questions on how the auto industry works to the average consumer, from the manufactures to the dealership. most important tips on how to avoid pitfalls when purchasing or leasing a new car or truck.
Please keep the videos coming !

[alittletexasingeorgia]

Great video for those in need. Been watching your videos for a month now and I find them very informative and to the point.

[punkrockford]

Ingot Yoyo’d by Vista Ford in Woodland Hills California. They took my ford ranger in trade with 2 months left on my lease. Sold me a mustang and then 2 weeks later called and said they needed 3000 more dollars. I told them “no way” they said I would have to bring the car back and they would give me my ranger. I went done there and told them they could have the mustang back. I signed the car back to them while they brought my ranger up. After 30 minutes of waiting they told me the ranger had already been shipped out to auction or where ever lease returns go.

They just left me sitting in the showroom. I made scene until they gave me a rental car to get home.

This was back in 1999. It left such a bad taste in my mouth that when I think about it I still get lidded off cause I didn’t know any better. This happens all the time. Tanks for educating people on this. Great video. Sorry this comment was so long.

[FakeConcepts]

I'd love to point out I personally have had a lot of bad experiences with dealerships, and the biggest complaint I have is the car salesman telling me my $5, 000 private sale car is only a $500 trade. Yet I will add I ended up selling it for $5, 500 private sale. Is there a reason for this? If this reason is due to dealers only looking at dealer cost? or private sale cost and meeting somewhere in the middle is not viable?

Btw Youtube is a great place, as well as not all dealerships being "shady" or "scummy" but this channel I stumbled upon this channel and im glad I cause your doing a good job at explaining everything out crystal clear! The information you give is awesome and the tidbits of buying a new/used car is always helpful so you don't get swindled out of your money! Thanks again!

[tobybeast]

I really have enjoyed this video series about dealer scams! It is all good information!

[bakercrz]

Great explanation! Many buyers don't understand the workings of car loans. This should help a lot of people.

[briankeenan]

Looking back I was a victim of a yo-yo loan a few years ago. I paid it off and then sold my car but I got the car, signed all the docs and a few days later the dealership called demanding more money because my financing “fell through”.

Thank you for these videos!

[robertjakicic]

I'm in the same boat as you, I love the new technology that goes into are cars and trucks makes you a safer driver just love it.

[michaeldukes]

I really enjoy your videos. I learn a lot about the new GM vehicles

[rocker]

chevy dude you know your a unicorn. even though every thing you preach is 100% spot on the car industry and banks cant see past next month.

[gabrielesparza]

What if i dont pay any utility bills? Can i use mail sent to me instead? The wife pays utilities. 😂😂😂

[rcademet]

Chevy Dude .... Awesome stuff! Wished you were close to me. I would definitely buy from you.

[BAgodmode]

I had to have my mind opened for me. I showed up for just a regular four door sedan, drove out with a Silverado. I was shown that it would be a better investment, gas multiage is actually really great now, and I could afford one comfortably. I did shop around tho. I turned down an offer that did look like it was going to be yo yo now that you explained it (Also, they refused to disclose that it was a six cylinder, found that out while quoting insurance). I did find out that I really needed and wanted a truck. jet packed out faster than hell. All American near Fort Hood really took care of me after that. And gave me what I wanted, A spartan 4 door silverado with a V8. They didn't try to up sell, they had what I wanted on the lot, I saw the price online and inquired directly. Few hours later, I am on my way home.

six months in and it was the best decision I ever made. I love having a vehicle that is still completely user serviceable.