How does tote the note work?

Answer 1

"tote the note" is actually looked down upon by good credit and high-end car dealers, because instead of offering a separate financing company or option, the dealer finances their own vehicles. The first time I heard this explanation, I was kind of confused, because I thought, "Isn't that what they all do?" "They" apparently do not. "tote the note" or "buy here, pay here," as also known, are the lower income, high milage, cliche Papa Joe in a plaid jacket and big sunglasses who wheels and deals the not-so-quality vehicle. At least, this is how I understand it. :)

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Those are the old days. Some lots still sell some junkers but there is such a huge surplus of later model and relatively lower milage vehicles out there that even tote the note lots will often not put them on the floor. Plus, to remain competitive many lots offer some sort of basic third-party warantee program which requires the vehicles be of reasonable milage and model year. Some even offer them included in the note at no extra fee unless the buyer wants an extended plan.

Old cars that fall apart will guarantee the note to go bad. Dealers can still find many cars for less than $2000 that have under 100k miles and within 5 years old. In addition many offer multiple options of financing. Banks simply won't allow anything over 7 years old no matter how cheap it is. However it's still high down payment; exorbant interest; and typically a cosigner is required. To make matter worse, it may not improve a buyer's credit rating at all.

Answer 2

i dont know k bye . big bird .. honey boo boo . bye .