Author Archives: Brian McCormick

Is Carfax Really Worth It?

Many times when we at BHPHPrices.com are called and asked about a carfax report for a particular car. This request is just a reaction to clever marketing by Carfax. Consumers have been bombarded with ads extolling the virtues of a Carfax report. So much so, in fact, that consumers assign a reliance on that method of vehicle examination as inviolate. When told that the vehicle does not have a carfax report, the caller, oftentimes, dismisses the vehicle for consideration. Is that fair to the car buyer and the car seller? We say that it isn’t. A carfax report is not gospel. A Carfax report is limited to accidents and repairs that are REPORTED. If a vehicle has been repaired without a centralized dealer based report, then the consumer will not know about it. Therefore, the price that you pay for the Carfax report is wasted. You see, most vehicles, especially the older ones, have local repairs done to the motors and body without any reporting. Does that mean that they did not take place, and that they do not impact the quality and the value of the vehicle in question? Of course not!

We at BHPHprices.com adhere to the old tried and true method of car choice. You know, the old fashioned way, i.e. asking questions,test drive, physical examination, belief in the dealer, warranty offered, price consideration, safety inspection, just to name the obvious.

The point here is, that relying on a computer generated print out about the vehicle is not the be all and end all of vehicle examination. Carfax is a for-profit company that solicits dealers to subscribe to thier service. They have successfully marketed themselves into making consumers believe that without using their service, then they are at a considerable risk in their vehicle choice. Use your own mind here folks. While we will admit that a Carfax report can be useful, it is not the Bible. Please do not dismiss what can be a great vehicle choice because it lacks a Carfax. Most dealers, when they purchase vehicles from auctions, have an Autocheck included in the purchase price of that vehilce. This renders a Carfax superfluous. Ask the dealer where the vehicle was purchased. If it is from an auction, then you can be confident that the vehicle is not salvage, and that the mileage is accurate and that it is not a lemon law recall

2006 Chrysler Town and Country

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2006 Chrysler Town and Country

The 2006 Chrysler Town and Country is a dependable and time tested people mover. It is powered by the relaible 3.3 six cylinder and 4 speed overdrive transmission. The dual doors allow for easy entry and exit. These do have some rust concerns on the lower rocker areas and on the tip of the hood.

Pros: Time tested reliable

Cons: Rust

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This article was written by Brian McCormick of Providence, Rhode Island. Brian is a BHPH expert and has been involved in the used car and BHPH industry for over 10 years. He enjoys traveling and sports. Follow him on Google+

Interview With Jake Parker of Best Auto Sales LLC

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Please give my readers a history of Econo Auto Sales. How long has your car dealership been in business?

Best Auto Sales LLC has been in business since September 12, 2010. We finance every single deal in house and are a true BHPH operation. If people need financing on a car they can come to us and we will find a way to approve the deal. Being that we are the bank it is completely up to us to finance a car. That being said we will approve a car deal that other people and business just can’t and want do.

Does your dealership primarily sell domestic or foreign used cars. Or would you say it’s a mix of both?

We sell a mixture of both types of cars at our dealership. There are certain cars that we will not sell because they are not reliable or they just are not good cars but we definitely sell both classifications of cars.

If a person has bad credit how do you suggest they improve there credit? What advice would you want to give that person?

If a person has bad credit the first thing they should do is find out exactly what items are on there credit that need to be paid or taken care off. They should handle those items first. Once the current bad credit issues on your report are fixed then I would recommend trying to get a retail credit card at a store you know you are going to use often. When you go and buy your items at the store of your choice find out when your payment is due for the credit card and make sure you make the payment on time and do that every month and your credit will improve like that quicker than you think.

If a person has just declared bankruptcy and they want to buy a vehicle, what do you suggest they do?

Almost all dealerships will not sell a car to a person in a bankruptcy because it is not legal for there name to be on the paperwork. If you establish a good relationship with a BHPH dealer then it can be done. The car can be put in a family members name that is a very reliable person and the person in bankruptcy can actually pay for the car and drive the car. The name of the bankruptcy person can not sign any documents or have the car put in there name. Although I do not recommend this, there is a way to make this happen.

Should a consumer run their own credit report before they purchase a used car?

Yes. There are free credit reports all over and it would help the person to have an idea about there credit before they go in a dealership. It is not absolutely necessary to check your score before you buy a car but if you can get your score then it will help you know what your situation is before you go in to buy a car.

If your divorced and as a result of that divorce have bad credit, what tips would you offer the consumer on how to obtain a loan?

This is really going to depend on the car dealership you are dealing with. Places like us can and will approve people in a situation like this because we understand that this stuff happens. If you can’t get a car on your own then have someone cosign with you on the car loan and that will help your chances. If you look at the good dealerships then this will not be a problem. We have these customers all the time and treat them as good as a person who has never been through this hard time.

What questions should the consumer ask the BHPH dealer when they walk into the car dealership?

Ask them what there interest rate is and what type of warranty do they have on there cars. Make sure they are not talking about a warranty that you have to pay for additionally. The warranty should come with the car you are buying. So interest rates and warranty.

What are some common buy here pay here misconceptions the public should be aware of?

Some people think that all BHPH dealerships are trying to get over on people and take advantage of them, and sell all there cars as is with no warranty. That is very far from the truth. Every car that we sell is fully inspected and comes with a 3000 mile warranty. Even after that we will help our customer fix the problem through a number of different ways. ( install for free, pay half, add repair to the back end of there loan,etc. ). We also treat people very fare and give them a price and interest rate that is lower than the completion. We treat people great and will continue to do so.

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This is our twenty-third interview in our “1000 Interview Challenge” If your interested in an interview, please contact me.

This interview was conducted by Shane McC. Shane currently is attending RISD studying computer programming. He enjoys traveling and plays hockey. He played for the Boston Junior Bruins of the EJHL during the 01-02 season. You can follow him on Google+

Interview With J Wayne Of Visual Finance

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Tell my audience about yourself. What made you want to start your website visualfin.com?

I have been a licensed investment consultant for over 10 years. During that time, I’ve come across thousands of people who have made terrible investment and money management decisions. I started VisualFin.com to provide some type of investment education using simple and easy to follow visuals.

Please name some quick and easy ways for a person to improve their credit even if they’ve recently been through a divorce or some type of financial calamity?

Fixed loans look much better on paper than revolving credit lines. If possible, get a personal loan to pay off high interest credit cards.

When a person walks into a car dealership what are some credit questions you recommend that consumer ask the salesman or finance manager?

I would also recommend that consumers secure a loan from a bank or credit union before shopping for a car. If your credit is bad and your only option is the dealership, you should save up a few thousand dollars and pay cash for a used vehicle.

How long does the credit restoration process take?

Late payments take at least three years to fall off of your credit report. More significant events like a bankruptcy take up to 7 years.

If a person can’t purchase a vehicle in cash, what’s the ideal down payment you recommend they have? Does a larger down payment mean a shorter loan and APR?

Generally, I would always put down at least 25%. The more you put down, the lower your APR will be and the lower you will pay each month. You can select to decrease your loan duration, but I wouldn’t. Rates are so low today, that I would extend that payment as long as possible.

In your a first time car buyer and you’ve never shopped for insurance before, what are some tips to get the lowest payment possible? What are some questions you should ask your insurance agent?

Look for the lowest rate online. Many insurers will compare their rates with others so you can easily determine which provider will be the cheapest.

Besides visualfin.com what are some of websites/blogs you would recommend our visitors visit while trying to improve their credit?

To monitor your credit for free, Credit Karma is great. The site provides access to your credit score and a driver score.

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This is our twenty-second interview in our “1000 Interview Challenge” If your interested in an interview, please contact me.