It's all about profit (for most dealerships)
Because your credit is poor and you are unable to secure a loan outside of the dealership, they are in control of putting the transaction together. This means they are going to find ways to charge you more money so they can make more profit. You do not have the negotiating power that a good-credit "buyer" would have. When it comes to increasing their profit margin, dealerships will inflate the price of the vehicle and add a bunch of unnecessary fees and label them as necessary fees.
Dealer Markups (inflating the price)
What is a markup? A markup is the increase in price a consumer would pay over the current market value of a vehicle. If you have poor credit, the dealership can set the price of a vehicle, to an any amount they want. To increase profit, the dealer would set the starting sales price before all the fees and interest costs are added, to a price that is several thousands of dollars higher than it is worth. The dealership will typically add anywhere from a thousand to as much as $3,500 to the value of the vehicle.
What is a markup? A markup is the increase in price a consumer would pay over the current market value of a vehicle. If you have poor credit, the dealership can set the price of a vehicle, to an any amount they want. To increase profit, the dealer would set the starting sales price before all the fees and interest costs are added, to a price that is several thousands of dollars higher than it is worth. The dealership will typically add anywhere from a thousand to as much as $3,500 to the value of the vehicle.
- In this example, the markup will be $2,000. This is an estimate only. These fees could be lower or higher.
- This does not include any costs for the plate, the title transfer and the taxes.
Dealer Fees (adding fake fees)
After inflating or marking up the price, the dealer will add in other costs, typically called dealer fees. You decide if you want to pay these fees or not. If you have bad credit, the dealership may hold their ground, because your options to buy are limited.
After inflating or marking up the price, the dealer will add in other costs, typically called dealer fees. You decide if you want to pay these fees or not. If you have bad credit, the dealership may hold their ground, because your options to buy are limited.
Here's a list of some of the most common unnecessary fees, dealers will add to the price.
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Purchase Example with a dealer
$15,000 - Market Value $2,000 - Dealer Markup* $2,000 - Dealer Fees* $19,000 - Total Cost before adding Interest |
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Purchase Example with us [same vehicle]
$15,000 - Market Value $0 - Dealer Markup $0 - Dealer Fees $15,000 - Total Cost before adding Interest |
*The markups and fees provided in these subtotals are for demonstration purposes. They could be more or less than what is listed.
With our program, we do not add any additional fees.
We start with the market value of the vehicle and we add however many months of interest you select.
With our program, we do not add any additional fees.
We start with the market value of the vehicle and we add however many months of interest you select.
FULL DISCLOSURE
The dealership is supposed to disclose and explain all fees and costs to you. They are more likely to give you the paperwork and show you where to sign, avoiding any details on exactly what you are being charged. The responsibility of reading everything is on you. You have to read past all the legal jargon and find the sections that display the costs. You are responsible for identifying extra fees and agreeing to pay them.
They are not going to tell you what the value of the vehicle is either. It is up to you to look up the value independently. You are responsible for confirming the market value of the vehicle and then communicating back to them that you do not want to pay more than market value.
WE ARE SLOW AND TRANSPARENT
Our advising team will review the Agreements with you carefully to make sure you understand exactly what the costs are and how they are calculated. We publish the values of each vehicle we list for sale. You can clearly see the NADA guide, the KBB report, the CarFax report and TrueCar report.
The dealership is supposed to disclose and explain all fees and costs to you. They are more likely to give you the paperwork and show you where to sign, avoiding any details on exactly what you are being charged. The responsibility of reading everything is on you. You have to read past all the legal jargon and find the sections that display the costs. You are responsible for identifying extra fees and agreeing to pay them.
They are not going to tell you what the value of the vehicle is either. It is up to you to look up the value independently. You are responsible for confirming the market value of the vehicle and then communicating back to them that you do not want to pay more than market value.
WE ARE SLOW AND TRANSPARENT
Our advising team will review the Agreements with you carefully to make sure you understand exactly what the costs are and how they are calculated. We publish the values of each vehicle we list for sale. You can clearly see the NADA guide, the KBB report, the CarFax report and TrueCar report.
We are committed to helping you save money, while making the process of buying a vehicle simple, convenient, safe, and enjoyable. The way it should be.
Program participants must have a verifiable job or income.
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THE BUDGET DRIVES EVERYTHING [NOT CREDIT]
The first thing we must do, is a budget. Through text, we will complete a budget. Your budget will include an itemized list of your expenses, your income and the difference between your expenses and income. There are two key elements in your budget. #1. The initial program payment and #2. the monthly differential. Together these two financial figures will determine your eligibility to participate in the program AND which car (if any) you qualify for. Once our advising team has completed the budgeting process with you, and determined what your initial program payment will be, then you will schedule your first consultation at our office. |
Budget Example
$800 Rent $300 Car Insurance $100 Utilities $200 Daycare $300 Fuel $300 Food $200 Other $2,200 subtotal $3,400 income $3,400 income -$2,200 expenses $1,200 differential |
CONSULTATIONS AND COMMUNICATIONS
Whether by phone or in person, we need to build a custom plan for you that brings together your budget and a vehicle.
Whether by phone or in person, we need to build a custom plan for you that brings together your budget and a vehicle.
- You will select a vehicle that you like, that fits your budget.
- Not all the vehicles listed on our inventory page would be available for assignment. [ask us why]
THE APPLICATION PROCESS
After a vehicle has been selected, you will need to submit the following information to your advisor through text or email. Do not complete this step until an requested to do so by one of our Advisors.
After a vehicle has been selected, you will need to submit the following information to your advisor through text or email. Do not complete this step until an requested to do so by one of our Advisors.
- First and Last Name of each program participant.
- Current Home Address [especially if the address is different than what is displayed on your driver's license].
- Social Security Number.
- Florida Driver's License Number [provide a copy of your driver's license].
- Email Address.
- Employer information [name, contact person, address, phone number and email]
- Lifeline contact information [name, contact person, address and phone number]---see explanation below.
LIFELINE CONTACTS
You will need to provide at least 3 "Lifeline Contacts". A lifeline contact is a person that we can call if we are unable to reach you. We are NOT looking for referrals or people that will tell us how great you are. We already know that.
We need at least three people that we can contact, in cases where we are unable to reach you. This is specifically important when or if you should be incapacitated and unable to make a scheduled program payment. If you don't make a scheduled payment on time, we want to be able to call someone to see if you are ok and try to make contact with you through them.
If we are unable to reach you OR a lifeline contact--- then we initiate the repossession process.
All of our vehicles have a gps system with a kill-switch built in. You don't pay and there's no communication...with you or your lifeline contacts, then within a few hours the vehicle will be disabled and a repo team will show up to pick up the vehicle.
You are encouraged to give us as many lifeline contacts as you can to help ensure that we reach someone who might know what is going on with you. We don't want to repo the vehicle... but if you can't pay and you're not communicating, the vehicle will be repossessed within hours.
We need at least three people that we can contact, in cases where we are unable to reach you. This is specifically important when or if you should be incapacitated and unable to make a scheduled program payment. If you don't make a scheduled payment on time, we want to be able to call someone to see if you are ok and try to make contact with you through them.
If we are unable to reach you OR a lifeline contact--- then we initiate the repossession process.
All of our vehicles have a gps system with a kill-switch built in. You don't pay and there's no communication...with you or your lifeline contacts, then within a few hours the vehicle will be disabled and a repo team will show up to pick up the vehicle.
You are encouraged to give us as many lifeline contacts as you can to help ensure that we reach someone who might know what is going on with you. We don't want to repo the vehicle... but if you can't pay and you're not communicating, the vehicle will be repossessed within hours.
SECURE AUTO INSURANCE
- You will be purchasing insurance from a third party carrier like Progressive, All-State, Geico, The General, Direct Auto, etc.
- click here - Follow this link to review the insurance requirements.
COMPLETE THE ELECTRONIC AGREEMENTS
PAY THE INITIAL PROGRAM PAYMENT
- The advising team will prepare and email you the electronic agreements.
- These agreements will include a customized payment plan designed to fit your budget and long-term financial plan.
PAY THE INITIAL PROGRAM PAYMENT
- You can pay the initial program payment with cash, cashiers check OR CashApp.
- The initial program payment is the only payment that can be made with cash.
- All scheduled program payments will be made with CashApp.
SCHEDULE TO PICK UP YOUR VEHICLE
- It can take up to seven business days to get the vehicle ready for pickup.
- We have to order the title [2 or 3 days].
- When the title arrives we schedule an appointment with the DMV [2 or 3 days].
- We go to the DMV and have a metal plate assigned to the vehicle.
- Your advisor will coordinate with you and in some cases, these times frames can be expedited.
- Start by sending a TEXT message.
- We want to speak with you but, to manage our time effectively, we prefer a text message to start things out.
- Send a text message to (904) 294-6000.
- In the text message, indicate that you want to speak with us about purchasing a vehicle with this program.
- Include your Name, so we know who we are communicating with.
- You can make contact by text 24 hours a day, 7 days a week.
- Expect a response Monday through Saturday 11am till 8pm.