Car Buying

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When you place a credit application at a dealer's place of business, he can use it any way he wishes. He can get your credit report for himself, or shop your loan to other banks where he makes a kickback (known as dealer reserve) as well as contact your bank.

Most custormers do not mind this practice as it regularly puts many lenders in the game for your loan and usually gets a better rate than simply going with your favored institution. If going with a certain bank is your desire, start the process at that bank and get "Pre approved." Then you will have no reason to give a dealer a credit app. You can concentrate on getting the best price for the vehicle! I hope this helped you.

If the owner of the vehicle will be living in Nevada, you'll want to reregister the vehicle in Nevada. Contact your auto insurance to get the insurance switched to the state of Nevada, and then call the DMV there for additional information. If the owner of the vehicle will be living in Oklahoma but the primary driver will be living in Nevada then the registration and the insurance will need to be for the state of Oklahoma regardless; just notify the insurance of the garaging address being outside of the state and again, speak to the DMV.

It all depends on why it was totaled/reconstructed in the first place. Since cars are totaled when repair costs exceed 50-75% of the car's value (depending on what state you're in), an older car can be totaled for simply cosmetic reasons since they're worth less and easily totaled - even $2k in body work will total an otherwise mechanically sound older car like a '95 Volvo or Honda . Now a newer car that's been totaled is a problem since it could have sustained over $15k in damages and that's major. It all boils down to why it was totaled, are there before and after pictures and are the repairs top notch.

If it's been totaled due to flood damage RUN! These are problematic cars that are not easily restored and may have a lifetime of quirky electrical problems.

Buying a reconstructed car is no different than buying any used car. Do a Carfax, get a pre-purchase inspection, make sure the frame's straight and if it all checks out and you like the car buy it BUT don't pay more than 60% of the value of a comparable car with a clean title since that's all it's worth and plan on keeping it for a while to get your money's worth out of it since resale is harder. And contrary to all the bull you hear, you can get insurance on it from most companies but since it's worth less they will pay out less if it's totaled again or stolen so don't pay too much for it! I own a reconstructed car presently and it's the best car I've ever owned and I only paid $1800 for it and spent another $1000 to bring it up to top notch mechanical standards (major tune up, new belts and hoses, rear brakes). A great deal and it looks and drives fine with no problems at all, so if it's a good car that checks out I can think of no disadvantages to buying such a car!

Keep in mind this food for thought: an new car gets rear-ended and incurs $5000 in body damage. It gets to keep its clean title. A 10 yr old car with the same damage would be deemed totaled even though the damage is identical. A clean title, therefore does not mean an undamaged car.

$30-50K

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In what country?

I have found many cars for 6000 and less. Hell, I am selling 3 for under 4000. You just have to look around. www.ebay.com , www.craigslist.com , and others. Dont forget to check your local newspaper.

If you are asking about voluntary repossession, surrender, then yes, if the lender will take the vehicle; but, you may still owe against the contract.

If you are asking about the three day grace period on major purchases that some states permit, then as long as the graceperiod has not expired, then perhaps.

Either way, you might be better off trying to sell the vehicle and apply the money you receive from the sale toward the loan.

a salvaged title on the car basically means the insurance company calimed the car as a total lost. either due to a major accident or theft. clear title means the opposite, the car has no problems on its history.

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dude man dude i dont know what sepehr means like please let someone else explain all i do know is that i have no idea what plants are in deccan plateau

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What does 30 days have to do with you signing a contract to pay X number of $$$ per month for XXX months?? Is there something in the contract about "30 days"?

Doubtful. Once someone has gone through a repo, they are now 'at risk' as the agreed upon payments were not met as set forth in the agreement that both the lender and buyer signed in good faith.

There are exceptions I presume ... perhaps a leasing agency may grant a new lease, but will require a higher monthly payment. The trick is to pay the lease on time no matter what ... just a couple months of late payments can and will affect your credit history for many many years.

You cannot change your mind about a new car purchase. The dealer may work with you to take it back, but there is usually a restocking fee or a fee of some type that they will charge.

There is no 3 day rule (no buyers remorse law) for automobiles in Washington State. If you sign the papers and it breaks into 2 pieces as you drive off the lot, you own both pieces and cannot get your money back.

Umm your a fool, if it breaks into two pieces if you drive off a lot it is the dealers problem, its called a warranty moron. they will either replace or repair it.

The general answer to your question is, yes. You can trade in a new car. If you mean can you take a new car back to the dealer because you decided you don't want it, that answer depends on where you are. In most U.S. states, you cannot simply return a car to the dealer and turn in back in. There are a few states that have a cooling off period, usually about 3 days, but most states don't.

No state had a cooling off period on the purchase of a new car. Once you buy it and drive away it becomes a used car worth far less than it was when you bought it.

At the dealership or buying a used vehicle via private party.

It depends on what the number was.

If you did the deal "subject to" anything like loan approval, a pay-off on your car being verified, appraisal of your trade-in if it wasn't there, then yes.

Anything other than that, I would be suspicious of. If you have more details, e-mail me and I'll see if I can help.

Jim Carty www.dealertricks.com

Besides the instances already mentioned above, the only other relevant circumstances would be additional cash down to reach a specific monthly payment or to lower the carry to an amount where the lender WILL finance the purchase or grant a more favorable financing rate(typically referred to as "loan to value ratio " or " advance ").

-David

You need to get a release from the bank for that title to be brought over to you free and clear. There really is no way around getting the loan paid off before you can sell the car.

You may also wish to check your credit rating. They may have a mark against you that will prevent any future loans until this issue is cleared up.

This is not an unusual tactic for banks if the car has little net worth. You will realy want to get this cleared up before the car is gone!