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How are brokers different from dealers?
With car dealerships everywhere practically begging consumers to come into their showrooms, why go to an auto broker? Isn't an auto broker merely a middle man? By going directly into a dealership isn't the consumer going to the source?
In truth, the source is the manufacturer. (BMW, Ford, Toyota, etc.), the middleman IS the dealership. The value of an auto broker is that (s)he can protect, you the consumer, from the games that are played at car dealerships.
In an effort to demystify the automobile brokerage business, we want to share some of our clients' most frequently asked questions:
How can an auto broker get me a better deal than I can get myself?
A good auto broker has a tremendous buying power, based on volume sales, which the individual consumer simply does not wield when he or she walks into a dealership. Moreover, the consumer deals with salespeople and finance managers, while a good broker has established relationships with CEOs and other higher-ups at the major automobile conglomerates like( Auto Nation, Penske Auto, etc.). These conglomerates own a of dealerships, that sell every make and model vehicle available in the U.S. If a broker delivers its clients 100 cars per month, that becomes an important income source to the conglomerate, whereas the individual consumer is merely a speck in their big picture.
How does an auto broker work?
An auto broker acts as a client's agent, effectively representing the consumer in the car-buying process. In the best instance, the client will not have to set foot into the dealership; the vehicle and prepared paperwork are delivered to the broker's office, and the consumer will complete the transaction there. The paperwork is drawn up by the dealer, and the purchase or lease of the vehicle is strictly between the dealership and the consumer. However, after doing the work of locating the vehicle, the broker negotiates - or ideally, dictates - the final price (which should be provided to the consumer in advance, in writing), so there are no surprises in store for the consumer.
Will I get special financing - 0.9%, 1.9%, 3.9%, etc.?
Any special financing, rebates, or other incentives that are being offered by the manufacturer at the time the paperwork is drawn up by the dealer are fully available and applicable to the consumer. Additionally, a good auto broker is privy to dealer incentives that can be leveraged in the consumer's favor. By engaging an auto broker the consumer eliminates the wasted time and hassle of going to a dealership, and saves money in the process.
Will I need to go to the DMV?
DMV paperwork, licensing, and registration are completed by the dealership, and sales tax and DMV fees are included in the purchase or lease price.
Where will I have my car serviced?
Every new car carries a full manufacturer's factory warranty, and can be serviced at any authorized dealership. Whenever a consumer takes a vehicle to a dealership for service, the dealership and/or the manufacturer will follow up with a customer survey asking the consumer to grade the service department. Consequently, a consumer should always expect first-rate service at any authorized dealership.
The consumer gives up nothing, and has nothing to lose and everything to gain by working with an auto broker..... so sit back and let the Pinnacle Auto Brokers do the work.
Who Can Use an Auto Broker?
Any consumer who wants to buy a car can use an auto broker, regardless of credit history. In the past, auto brokers have had a reputation for serving the higher end of the car market (e.g. luxury cars), but most brokers today will work with just about anyone seeking to purchase a new car, or a late model used vehicle.
What Does an Auto Broker Charge?
Most auto broker fees typically range between $200-$800 dollars. Most auto brokers get their fee directly from clients, although some get paid by the dealership.
Even when the auto broker's fee is factored into the total expense of the car, the end cost to the consumer is usually less than or equal to the deal they would have got on their own - so minimally, the consumer gets the service of the broker for no extra cost, and in many cases, saves money on top of having the convenience that the broker service provides.
Can I get an auto loan while in an open chapter 13 bankruptcy?
Yes, you can get an auto loan while in an open chapter 13 bankruptcy. It will, however, require more work on your part and may take longer to complete.
Can I get a car loan during a chapter 7 bankruptcy?
Yes, you can get a car loan after filing, but before the chapter 7 bankruptcy is discharged. Not everyone qualifies for these programs, and the lenders who participate in discharged bankruptcy auto loans are limited, so it may be important to secure the loan BEFORE your bankruptcy discharges. We’ll help you make the best decision for you!
Can a person who has had multiple bankruptcies still get a car loan?
Yes, most people can qualify for auto financing as soon as their most recent bankruptcy is discharged.
How much money down will I need?
When buying a car after bankruptcy, it is recommended that you have some money down. There are no-money-down auto loan programs available, but they usually have less favorable terms. We say, “bring what your working with, and we’ll work with you.”
Will I qualify if I had a repossession in my bankruptcy?
Yes. Most bankruptcy auto loan lenders will ignore the repossession as long as the deficiency balance was included in the BK.
Office Hours:
Monday - Friday 9:00AM to 5:00PM
323 W. Cromwell Ave., Suite 120, Fresno, CA, 93711
Phone: (559) 431-5841 Fax: (559) 431-5844
All new cars arranged for sale are subject to price
and availability from the selling franchised new-car dealer.