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Member You - Is it Better to Buy or Lease a Car After Bankruptcy?
When many people who are in charge of logistics look at how to improve their work, they are mostly concerned with speeding up the transportation of parts and decreasing machine time. One thing that many logistics people forget is that the actual design of the product can make a difference to how difficult it is to produce and machine. A good design not only focuses on how well the product will appear to the consumer on the open market, but it also places importance on how easy it is to machine the product. Many of the things that logistics managers worry about such as machine time and process automation, the design engineer should worry about also. When designing a particular product, the level of difficulty for machining and the easiness of implementing an automated machining process should be considered.There are countless ways in
And only use credit unions if they report to all three national credit reporting agencies. How do you find out if a credit union reports to all three credit reporting agencies?
Simple—you ask. Ask the branch manager at the credit union if they report. And after you get the loan, check all three of your credit reports and make sure their trade line appears on each one.
The three worst luxury captive lenders to lease or purchase from after bankruptcy are:
1. BMW
2
Does your organization have a clear purpose? Do the people you serve see you as important to their business or to their lives? Does every customer and every employee clearly understand your purpose? The purpose of an organization is clarified in the mission, vision, and operating principles. I call this grouping the core message of an organization. If this core message isn't clarified and deeply embedded, then it is likely people in your organization are operating on their own. This is a recipe for conflict, confusion, and chaos.Most organizations have a mission. Do all of your employees and customers know your mission? Do your employees live it? Do they see it being carried out in daily decision making, work processes, and communications? Your mission is about what you do and who you do it for. This means that every decision, every wor
It will save you time and frustration—but more importantly, it will help you avoid credit inquiries that may lower your FICO credit scores up to 12 points per inquiry.
Step 1 in making a lease or buy decision is to determine a lender's credit guidelines.
You start by asking if they lend to people with a bankruptcy. If so, on what terms?
That's right. You have to be upfront that you've filed bankruptcy. Don't hide it. We have to face the fact that some dealers just won't work with people who've filed bankruptcy. So our job is to find the ones that do.
Some lenders will only lease to people with a bankruptcy. Others will only offer purchase financing. Yet still others will only lend using a hybrid of the two—this is especially common in Texas.
Ask the finance director at the dealership to direct you as to what structure the manufacturer prefers.
And here's a quick tip for you: if your bankruptcy doesn't appear on the credit report your lender pulls—then, in the eyes of the lender, you're not bankrupt.
The only lenders I would consider using are:
- First choice: Captive lenders (car manufacturers)
- Second choice: Banks (not finance companies)
- Third choice: Credit unions
Ninety-nine percent of the cars I've leased over the years have been with captive lenders. Just one was leased by a bank.
That particular deal came from a conversation I had with Amy, the finance manager at the local Land Rover dealership here in Indianapolis. I told her I was open to her financing recommendations, but I preferred financing through the car manufacturer.
I told her my current FICO scores. She immediately said that with my scores she could do better through a local bank. I signed a credit application and told her to go for it.
The next day I signed a lease agreement with that local bank. Being open to her advice literally saved me hundreds of dollars a month on that car.
So be flexible...but be careful. It seems most car dealers call all of their funding sources banks. When in reality some are banks, some are credit unions, and most are sub-prime finance companies.
Here is a list of some of the most commonly used sub-prime auto finance companies:
1. HSBC Automotive
2. Capital One
3. AmeriCredit
4. WFS Financial
You want to pass on the sub-prime finance companies—unless you have exhausted all other options. Sub-prime lenders should be your last resort.
And only use credit unions if they report to all three national credit reporting agencies. How do you find out if a credit union reports to all three credit reporting agencies?
Simple—you ask. Ask the branch manager at the credit union if they report. And after you get the loan, check all three of your credit reports and make sure their trade line appears on each one.
The three worst luxury captive lenders to lease or purchase from after bankruptcy are:
1. BMW
2.
Each year the car wash industry does many surveys and one of the most interesting surveys is the amount of money that they pay per hour to their regular employees. It is just over minimum wage.It turns out that most mobile car washes pay more per hour than fixed site car washes and if you are looking for a job in a car wash you might want to get a job with a mobile carwash and get to work in parking lots all day and not in a smelly carwash.If you are the manager of a carwash you will most likely make over $40,000 per year plus benefits, but remember there is usually only one manager of a carwash and all the rest of the employees are not paid very well at all. Why do the car washes pay such little money per hour for their employees?My guess is that they are use to paying illegal aliens to wash cars and they would normally
Some lenders will only lease to people with a bankruptcy. Others will only offer purchase financing. Yet still others will only lend using a hybrid of the two—this is especially common in Texas.
Ask the finance director at the dealership to direct you as to what structure the manufacturer prefers.
And here's a quick tip for you: if your bankruptcy doesn't appear on the credit report your lender pulls—then, in the eyes of the lender, you're not bankrupt.
The only lenders I would consider using are:
- First choice: Captive lenders (car manufacturers)
- Second choice: Banks (not finance companies)
- Third choice: Credit unions
Ninety-nine percent of the cars I've leased over the years have been with captive lenders. Just one was leased by a bank.
That particular deal came from a conversation I had with Amy, the finance manager at the local Land Rover dealership here in Indianapolis. I told her I was open to her financing recommendations, but I preferred financing through the car manufacturer.
I told her my current FICO scores. She immediately said that with my scores she could do better through a local bank. I signed a credit application and told her to go for it.
The next day I signed a lease agreement with that local bank. Being open to her advice literally saved me hundreds of dollars a month on that car.
So be flexible...but be careful. It seems most car dealers call all of their funding sources banks. When in reality some are banks, some are credit unions, and most are sub-prime finance companies.
Here is a list of some of the most commonly used sub-prime auto finance companies:
1. HSBC Automotive
2. Capital One
3. AmeriCredit
4. WFS Financial
You want to pass on the sub-prime finance companies—unless you have exhausted all other options. Sub-prime lenders should be your last resort.
And only use credit unions if they report to all three national credit reporting agencies. How do you find out if a credit union reports to all three credit reporting agencies?
Simple—you ask. Ask the branch manager at the credit union if they report. And after you get the loan, check all three of your credit reports and make sure their trade line appears on each one.
The three worst luxury captive lenders to lease or purchase from after bankruptcy are:
1. BMW
2
These days, everyone has heard of eBay. Everyone knows that eBay is a perfect source for online buying and selling. Auctions are won and lost every single day on eBay, and many have learned how to cash in on the action and sell their products to make a good income for themselves. But what are eBay dropshippers?Using eBay dropshippers is actually a great way to use the Internet to make money. You can sell products on eBay to customers around the world, and using eBay dropshippers your product will then be sent to these customers. Here’s the best part: you won’t have to handle any of the products yourself when you use eBay dropshippers.Sounds too good to be true? While it’s all perfectly true, it may not always be perfectly simple. Using eBay dropshippers is a great way to save time and effort when you’re sel
- First choice: Captive lenders (car manufacturers)
- Second choice: Banks (not finance companies)
- Third choice: Credit unions
Ninety-nine percent of the cars I've leased over the years have been with captive lenders. Just one was leased by a bank.
That particular deal came from a conversation I had with Amy, the finance manager at the local Land Rover dealership here in Indianapolis. I told her I was open to her financing recommendations, but I preferred financing through the car manufacturer.
I told her my current FICO scores. She immediately said that with my scores she could do better through a local bank. I signed a credit application and told her to go for it.
The next day I signed a lease agreement with that local bank. Being open to her advice literally saved me hundreds of dollars a month on that car.
So be flexible...but be careful. It seems most car dealers call all of their funding sources banks. When in reality some are banks, some are credit unions, and most are sub-prime finance companies.
Here is a list of some of the most commonly used sub-prime auto finance companies:
1. HSBC Automotive
2. Capital One
3. AmeriCredit
4. WFS Financial
You want to pass on the sub-prime finance companies—unless you have exhausted all other options. Sub-prime lenders should be your last resort.
And only use credit unions if they report to all three national credit reporting agencies. How do you find out if a credit union reports to all three credit reporting agencies?
Simple—you ask. Ask the branch manager at the credit union if they report. And after you get the loan, check all three of your credit reports and make sure their trade line appears on each one.
The three worst luxury captive lenders to lease or purchase from after bankruptcy are:
1. BMW
2
Probably, you might be wondering how come, those people who are into domain names are getting richer day by day. Could it be that they have a very tough secret? Actually, even you too can invest on domain names and earn more. You can then resell these domain names for higher value once you have maximized the potential of these domains.Let me provide you some tips on how you can achieve higher valued killer domain names.1. If you want to market your domain names, you can have them parked on a parking service. These parking services include your domain name on their listing that would help your domain to be marketable.2. You can actually decide to forego the parking service if you can create your own parking page for the domain name. You would be able to get the entire revenue from your domain name. But remember that parking
The next day I signed a lease agreement with that local bank. Being open to her advice literally saved me hundreds of dollars a month on that car.
So be flexible...but be careful. It seems most car dealers call all of their funding sources banks. When in reality some are banks, some are credit unions, and most are sub-prime finance companies.
Here is a list of some of the most commonly used sub-prime auto finance companies:
1. HSBC Automotive
2. Capital One
3. AmeriCredit
4. WFS Financial
You want to pass on the sub-prime finance companies—unless you have exhausted all other options. Sub-prime lenders should be your last resort.
And only use credit unions if they report to all three national credit reporting agencies. How do you find out if a credit union reports to all three credit reporting agencies?
Simple—you ask. Ask the branch manager at the credit union if they report. And after you get the loan, check all three of your credit reports and make sure their trade line appears on each one.
The three worst luxury captive lenders to lease or purchase from after bankruptcy are:
1. BMW
2
I have been teaching sales people Prospecting skills for over 25 years. With all the advances we have experienced in business during that time I thought sales people would have "wised up" to what is required to be successful. But it doesn't seem like it.If you do just a brief study of the tools available to the new sales professional today you have to be impressed. Cell phones, notebook computers, color copies, hundreds of books and instructional manuals focusing on every possible approach to selling.The first step in growing in sales is to learn a sales technique and then begin Prospecting so you can use that sales technique. There are tons of materials available to teach Prospecting.However, with this wealth of resources, I still find sales people are having trouble growing their territories and customer base. The re
And only use credit unions if they report to all three national credit reporting agencies. How do you find out if a credit union reports to all three credit reporting agencies?
Simple—you ask. Ask the branch manager at the credit union if they report. And after you get the loan, check all three of your credit reports and make sure their trade line appears on each one.
The three worst luxury captive lenders to lease or purchase from after bankruptcy are:
1. BMW
2. Mercedes
3. Porsche
The three worst mainstream captive lenders are:
1. Honda
2. Kia/Subaru
3. Toyota
What makes these the worst?
Once these lenders see that you've filed bankruptcy, they are less likely to work with you. However, if they are willing to work with you, they'll want you to be at least several years from discharge and have perfect credit during that time.
Now that I told you how bad the above six lenders are—there are times where they may offer you good deals. For example, if one of the above happens to be the biggest dealer in your area, they may be able to offer you special deals that a smaller dealer can't.
Of course, things change all the time with captive auto lenders. They change their credit guidelines on a whim to meet their own financial goals. So, it's always a good idea to at least research these dealerships—just don't get your hopes up too high.
OK, so you've done your research and narrowed down your choice to one or two car manufacturers.
Step 2 in making a lease or buy decision is to purchase your FICO credit scores.
It's important you have your most recent scores when you talk to car dealers (just like I did with Amy). It puts you in charge.
When you enter a dealership with your FICO scores, the dealer will know you're a more informed consumer and cannot be taken advantage of. Just know that the FICO credit scores auto dealers use are a little different than what we see as consumers. The scores the dealers review are called FICO Auto Industry Option Scores. The good news...these FICO scores may be higher than your normal FICO scores if you paid all previous auto loans as agreed.
Some car dealers have told me that if your FICO scores are higher than the scores the dealer reviews—they may even use your scores to get a better deal.
You can buy your scores from myFICO.com.
Step 3 is to interview the remaining car dealers on a deeper level.
Start by asking them these questions:
- Which credit reporting agency do you use to make a lending decision?
- What is your minimum credit score requirement to get approved?
- What credit score is needed to get the best interest rate?
- Do your lenders prefer offering lease or purchase financing to a bankrupt debtor?
- What incentives are there to lease or purchase right now?
At this point it's important to remain open to either leasing or purchasing. Evaluate your options and incentives. Remember, you're buy
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