Category Archives: Interviews

Interview With Mike Lynch of Franks Auto Credit

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

We have been in business since 1995 serving the Greater Hartford and Connecticut Community. We’ve created a local presence as a quality, friendly, affordable Buy Here Pay Here Dealer in Connecticut. Here at Frank’s, we understand that bad credit can happen to good people – we understand that and treat our customers that way.

How are 2014 sales?

In the summer of 2013 we invested in a new Website and an ongoing Digital Marketing Campaign consisting of Search Engine Optimization and Pay Per Click (Google AdWords) campaigns that have proven to be quite effective by generating new customer awareness. This new marketing campaign, along with continued high-quality customercare has helped our sales grow significantly for the 2014 year.

Where do you see the BHPH business 10 years from now?

We’re always striving be Connecticut’s premier BHPH dealer, we feel we’ve made such an impression in the Hartford County area. Ideally, we would love to see ourselves as the top Buy Here Pay Here Dealer in Connecticut’s other counties (New Haven, Litchfield, Tolland and New London Counties). We want to continue to be the quality solution for the many that have faced financial hardship and credit damage.

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

We try to provide a mix of both Foreign and Domestic vehicles as well as a number of vehicle types, styles and models to cater to any type of car buyer there is.

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

We strive to work around our customers financial situations – even if it involves bankruptcy, we can still help!

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

An informed customer is a happy customer, it’s always helpful if the consumer understands their situation before coming in to work with Frank’s – either way, we will help them understand their current Credit situation when they submit their application.

Should a consumer bring any documentation with them before they walk into the car dealership?

Yes, we suggest they bring the following documentation:

  • 2 Current Pay Stubs from your Employer
  • A Phone Bill from where you reside
  • A Valid Driver’s License
  • Also, if possible, it would save the customer and ourselves some time by filling out our Online Applicationbeforehand

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

We do offer a Co-Applicant option on our Credit Application that may help in such a situation. As long as the other requirements are met then you should be good to go!

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

There a great number of common misconceptions about Buy Here Pay Here Dealers. Just like a number of used car dealers many people think the dealer is always trying to get something by the consumer. We pride ourselves in separating our business practice from those negative assumptions by being an honest, customer-friendly, fair-priced dealer that can (simply put) helps you purchase a quality, used vehicle if you’ve fallen on hard times financially. We do our best to educate our buyers to understand that there is an option if your credit score has fallen below the industry standard by shopping at Frank’s.

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This is our thirty fourth 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 Rox of Southwest Auto Credit

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Please give my readers a history of Southwest Auto Credit. How long has your car dealership been in business?
We have been in business for 4 years but relocated to Rio Rancho one year ago

Does your dealership primarily sell domestic or foreign used cars? Or would you say it’s a mix of both?
We sell a mix of vehicles but are predominantly Domestic Vehicles as our customers request more of certain manufacturers.

If a person has just declared bankruptcy and they want to buy a vehicle, what do you suggest they do?
Come on in! We have a variety of lenders who deal with open and closed BK!

Should a consumer run their own credit report before they purchase a used car?
If they would like to, it might help them understand where they are at before they walk in the door. We will still run their credit in order to obtain them a loan.

Should a consumer bring any documentation with them before they walk into the car dealership?
Absolutely! If they’re looking to drive away in a new vehicle, chances are we’re going to need some information. If they brink a utility bill, recent check stub,drivers license, and a list of people they can call for references, then odds are we can put them in a car that day.

If you’re divorced and as a result of that divorce have bad credit, what tips would you offer the consumer on how to obtain a loan?
Try to come up with a decent down payment, and or find a qualified co signer. Whatever you can do to help strengthen the deal makes you a more qualified candidate.

What are some common buy here pay here misconceptions the public should be aware of?
That even though it is “buy here pay here” and not a conventional loan, most of the time they can help you re-establish your credit.

SouthWest Auto Credit
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This is our thirty 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 David Sapper of Auto Mart Nevada

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

Auto Mart was founded in 2012. We opened Auto Mart after 40+ years of combined experience in the new car industry. We noticed a large gap existed in the ability to sell customers with deep second chance credit.

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

We sell a pretty equal mixture of domestic and foreign used vehicles.

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

If your bankruptcy is cleared, that day you have quite a few options. If you just declared bankruptcy it makes things more difficult. There are a small handful of second chance banks that will finance someone and a buy-here-pay-here lot willing to gamble could help you. If you declare chapter 13, you would need a letter approving the purchase from your trustee.

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

Yes, before any major purchase actually. Many times there are errors on your report that someone can fix. For example a car that you purchased and had to give back that is still reporting, a repo that is still reporting open or a tax lien that is delinquent that you have a payment arrangement for. Even with bad credit these things can make it much easier or harder to buy a car.

Should a consumer bring any documentation with them before they walk into the car dealership?

Yes. Always bring your most recent 2 pay stubs, any award letters or your last 3 months bank statements if you don’t have the other two. You also need to prove where you live, a utility bill or phone bill works. And most dealerships need references any more, usually 3-10.

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

It doesn’t really matter how you attack it, contract law supersedes divorce law. So no matter the credit situation resulting from a divorce your in the same boat.

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

There are quite a few, the main thing to realize is that every car dealership is different. One might have high mileage, older cars, one might have exotics. Since buy-here-pay-here’s rules and polices are set by the individual owner, every dealer is completely different. I suggest consumers shop around until they find a fit for them.

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This is our thirty second 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 SB Of One Cent AT a Time

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Tell my audience about yourself. What made you want to start your website onecentatatime.com?
I was regular personal finance blog reader, I read sites like Get Rich Slowly, Simple Dollar, etc since 2006, after I came to this country in 2005 from India on a work visa. I wanted to learn the financial system here and ways I could save money being in a foreign land.

Slowly I realized I was a bit different from these bloggers, I grew up in poverty in a third world country and frugality was necessity there, not a choice. I thought I could add values by putting my approach to personal finance in public.

Being in the software industry, setting up a site and starting with my own blog was easy for me, what took real time though , was to acquire the writing skills that might fit the readers here. It took real courage to start with OCAAT, having English as my third language.

I was inclined towards better financial management since the time I was learning maths and languages, it was the trait my father possessed and passed on to me. Then, combine that natural liking with an ambition to put my voice in public.

All these things contributed to formation of the blog One Cent at a Time.

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?

This is one of my favorite topics in personal finance, I have quiet a number of posts on the category “Financial Disaster”. While it’s always best to prepare for such disaster, it’s not uncommon that people still find them midst of a financial meltdown, simply because they were not prepared for it, even the high income earners.

To answer the question, I’d assume there weren’t sufficient insurance coverage and emergency fund cushion available to the person who underwent a similar disaster recently.

The best thing to protect credit is to sit in the drawing board and re-budget finances. I’d immediately try to find temporary respite with long-term balance transfer credit cards, if I can’t pay the minimum due for next few months.

There are cards available that offer even 12 months interest free balance transfer, I’d use that to consolidate my credit card balances to one such card. Then I’d see if I still need the car where I’m paying the car loan. My immediate action would be tos ell off the car and rely on public/friends’ transport for my travel need. Or a less costly used car which I can buy from the sell proceed of my current car.

So far I have taken care of my credit card dues and car loans. Now let’s take the mortgage and student loan situation.

Mortgage can be handled the way car loan was handled in my hypothetical scenario above. I’d sell my house and move in to a rental apartment. In extreme situation, living with parents is far better than living on streets (you got my point, right?)

Student loan, I’d try to pay off the minimum amount, by whatever way possible. By cutting my budget, by taking up side gigs, etc.

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

I think I should tell your readers that I have car loan where I am paying 0% interest on 5 year loan of $14,000. That was only possible due my extremely high credit score. Now one tip, do get your credit score before beginning your search for a new car.

1. Ask them to hold off on credit inquiry, till you have the final decision to buy
2. Interest rate for the score range you are in
3. What other companies you can borrow from , apart from the dealer provided default financing option.
4. get some quote from market and compare with what you hear at the dealership and then decide
5. Calculate the true cost of owning the car (adding the total interest you’ll pay) and then decide which car to buy, used or certified or brand new.

How long does the credit restoration process take?

I am sorry I have no idea on this. But, there is a shortcut way to avoid this situation. When you have a good score, get your mortgage done. You’ll no longer have to worry about score fluctuation as long as you stick to purchasing your next car on cash.

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?

As much as possible! I am true advocate of purchasing things on cash. The $14000 car loan I talked about was after paying down $12,000 cash. I won’t suggest people to do the math by comparing the interest rate on the loan with hypothetical rate of return on investment.

To me, if you are debt-free you are really free, it doesn’t matter if you are paying only 3% interest on your car loan and earning 5% return on your investment.

It’s in our brain, we tend to spend money when we have it, when we don’t have money we generally cut down on various expenses.

When you don’t have enough cash to purchase, first consider buying a different car you can afford. Don’t go for brand new Toyota Camry, go for an used Toyota Corolla. In my case yes, the larger payment coupled with excellent credit meant 0% interest rate!

If 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?

Its tricky and I went through this situation in 2005, right after getting my drivers license. No one were willing to insure me. I had to call up as much as 5 insurers before I could take out my first car from dealership.

You don’t really have much choice when you are trying for car insurance for the first time. You’re not choosers then. So I’d advice take whatever least you get to cover the state required minimum coverage.

Then wait for 2-3 months, and again start shopping around for lower rate. My first premium to 21st Century was $1250 for 6 months. within 6 months I was able to bring it down to $890. And within a year I was paying less than $500. Now for our two cars we are paying only $678 for 6 months.

I don’t think talking to insurance agent would reduce your premium, you can do it online or by calling their call centers. go for absolute minimum coverage that is required by law. having a good conversation is not going to reduce your premium in any way.

Besides onecentatatime.com what are some of websites/blogs you would recommend our visitors visit while trying to improve their credit?
I’d recommend going through Daily Finance, Wise bread and Mr. Money Mustache. They are my favorite. Credit.com’s ‘blog’ section is also an amazing place to learn everything related to credit.

Thanks SB for the interview. Please visit One Cent At A Time Below and social media channels!
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This is our thirty first 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+