Terms and Conditions
TERMS AND CONDITIONS
What is Down Payment assistance?
-If you do not have the full down payment we are asking then you can pay the remainder within a month typically. It needs to be made by the second payment. We offer down payment assistance on vehicles that we are asking more than $500 and typically limit it to around $200 to $300. So for example if we are asking $699 down on a car and all you have is $500 then you can pay an extra $100 with first payment and an extra $100 with second payment to complete the full down payment. This is also referred to as a pick paymewnt.
Do you really have vehicles for only $99 down?
-Yes we do! Just browse the inventory. We have a good selection of vehicles for $99 down. The majority of our down payments run between $99 and $699 down! That is pretty amazing. We also do pick payments or down payment assistance which is if you are short on the down payment by $200 or $300 we can give you about a month to pay the rest.
Why do some vehicles have larger down payments than others?
-Down payments are typically higher on the more expensive vehicles, the higher end vehicles, the newer models and the luxury vehicles. For example a 2008 Chevy Impala is going to naturally have a higher down payment than a 2005 Chevy Impala because of the price difference. We try to carry a wide range of vehicles to fit different budgets and needs.
How can you set your down payments so low?
-Doing our own financing and having a cash reserve available after many years in business allows us to absorb the upfront cost of selling a vehicle and offer our customers lower down payments than most our competitors. We are always in the negative when we sell a vehicle. What that means is it initially costs us money to sell you a vehicle. Even though you might put $400 down we have to pay taxes, a sales commission and other business expenses. Total all that up and it costs us money to sell you a vehicle. We can absorb this cost up front and offer our customers some of the lowest down payments around-even with problem credit.
Are there any gimmicks? When I come in will you hit me with plus tax, tag, and title and a $399 down payment turns into $1500?
-Nope! That is a common trick though that many dealers use. If we are asking $99 down then that is what we require.
Do I need to meet certain criteria for the low down payment?
All applicants must get approved for financing. That is true with homes, cars, credit cards, etc. Our financing program is geared towards individuals with past credit problems, low beacon scores, past repos, past bankruptcies, etc. If you meet criteria for financing then what we ask for a down payment is what we require. For better qualified applicants we may be able to lower the down payment from what we are asking. If we cannot get you approved then we can give you additional options to help you get approved such as larger down payment or a co-signer. If an applicant is required to put more money down then what we are asking then it is because your application is considered too high risk and you don’t meet the criteria for financing with us. A higher down payment can lower this risk and then can get you financed on the rest of the selling price of the vehicle.
Is everyone approved?
Of course not. Any loan must undergo approval for financing. When loaning someone up to $15,000 you have to look at several factors such as income, stability and credit. We do deal in low beacon scores where you may have a hard time getting approved at a bank because of your credit score or even have a hard time getting a subprime loan. However, we still need to evaluate the risk and determine your ability to pay the loan not only for our benefit but for yours as well. We don't want to put customers in a situation where they will fail because the loan was too much or payments too high.
If you are higher risk a larger down payment or a stronger co-signer could help push the financing through.
All that being said, our speciality is individuals with credit issues but if it's too high risk it could be a denial, would need a higher down payment or a strong co-signer.
One of the major things we look at is income and debt to income and payment to income ratios. We need to make sure you make enough money to afford the payment.
We also focus on credit history in regard to recent issues such as repos, credit cards, etc. If you have an excessive amount of charge off accounts or multiple recent repos it could hurt your chances and you may be required to put more money down in order to obtain financing. We cannot really say until we pull an application and look at your app and credit and we can then determine your approval or not and your down payment.
I see a vehicle for more money down than I have-can I get into it with a lower down payment?
-We want to sell vehicles but it has to make sense for both parties. If we are asking $1000 down and you only have $800 then that may be enough. There are just so many factors to consider-your income, your stability, and your credit. Our experienced finance department will look at your application and consider many different factors to see if you can qualify for a lower down payment than what we have listed.
Ok, so I know your down payments are low but what about the payments on the vehicles?
-Our interest rate is very low compared to the industry average in our business. So even if you have problem credit and a low beacon score we can still offer you a great interest rate. What this translates into is an affordable payment as well as a low down payment. With a huge inventory and a wide variety of vehicles and prices to choose from we try and accommodate different needs and budgets.
TERMS AND CONDITIONS:PRICE, INTEREST RATE AND PAYMENTS
We offer vehicles for sale that range anywhere from $8995 up to $18995. This gives you a large range of vehicles to choose from. The majority of our vehicles fall right between $12,995 and $14,995 with an average selling price of around $13,495.
We believe in full disclosure and no deception. An educated consumer is a smart consumer and we also believe that not hiding anything is good and ethical business.
Below is a typical loan example which includes the selling prices, fees, down payments and payments associated with purchasing and financing a vehicle.
$13,495 plus TAVT and Doc Fee and Title/Tag Fees
175 bi weekly for 4 years.
Doc Fee and TAVT and Title Fee are common charges that are added to the overall price of the loan and we will finance it for you.
What is TAVT?
TAVT stands for title ad valorem tax. TAVT replaced the yearly ad valorem fee in Georgia in 2013. If you ever bought a vehicle in the past you remember you had to pay a fee each year to renew your tag. This is not required anymore. You pay it upfront one time and that is it. This is a fee that the customer is responsible for that pays the “Automobile Tax” on your vehicle. This is required to be paid anytime somebody purchases a vehicle. We will finance this charge for you so you do not have to pay it. We will pay it for you and the down payment you put down does help us pay it but we have to come out of pocket ourselves to pay it for you. TAVT ranges depending on the value of the vehicle.
“Motor vehicles purchased on or after March 1, 2013 and titled in this state are exempt from sales and use tax and annual ad valorem tax, also known as the "birthday tax". These taxes are replaced by a one-time tax that is imposed on the fair market value of the vehicle called the title ad valorem tax fee ("TAVT").”
What is DOC Fee?
Doc or document fee is a charge that dealers charge to help pay some of the expenses associated with selling a vehicle. This is a pretty common fee and can vary widely depending on the dealership. We will also add this to the price of the loan for you so you don’t have to come out of pocket up front to pay for it.
What is Title and Tag Fees?
Each vehicle you buy from us we add a fee of $89.00 to help pay the expenses associated with transferring your title and doing your title work for you. It is a very complicated process when you buy a vehicle. The title must be registered in your name with us as a lien holder. We must then also add ourselves as a lien. Most of this is done electronically now and there are fees from both the State and from the company that handles the transactions to make this all possible so you can get your tag. We handle all this for you so you don’t have to do it yourself.
So to recap. The first step is to qualify for financing for the purchase price of the vehicle plus title, tavt, and doc fee. If you are approved then you pick out the vehicle you want to purchase and finance and put down the recommended down payment we have listed for that vehicle.
If we cannot get you approved or you are higher risk then a larger down payment or a co-signer may be required for approval. We look at many different factors when considering an approval such as credit, income and stability.
By doing market research we truly have some of the lowest down payments around if not the lowest for the type of vehicles we carry and the type of financing that we do. It is very tough for people with problem credit to put such a low down payment down but that is what sets us apart. We believe in making down payments extremely affordable even for individuals with credit problems.
If you do not qualify for financing then we can give you the reasons why so you can correct them and come back at a later date or we may be able to get you approved with a higher down payment or a co-signer.
If you have any questions please feel free to contact us.