How to buy a used car in Charlotte, NC

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If you do agree on a price, keep in mind its not over yet.  You still have to go to the business office and meet the man whom is going to try and squeeze thousands out of you.  Do not allow yourself to become befriended by the business or F and I (Finance and Insurance) manager.  They will try and talk you into financing if you were going to pay cash (as they get paid big on this.  Generally a car dealer can hold up to 3 percentage points on rate in most states as profit. 

That means if you are not careful you will pay up to 3 percentage points too much the entire length of your car loan which can and will result in taking thousands and thousands of your hard earned dollars).  It is always a great idea to get financing in place before your visit to the dealer.  Many online finance companies like Eloan which can be found through Google will actually shop your loan and get you a great rate and set of terms.  You can even do this with marginal or bad credit.

A new alternative to dealer financing is Prosper.com, a consumer run financing website similar to Ebay, where you can undoubtedly get a better rate on a loan than through your car dealer.  The only catch is Prosper only does 3 year terms so it is better suited for those seeking lower priced used cars and especially those with bad credit.

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Back to the lie-nance, oh I’m sorry, did I misspell that for you (I did it on purpose as that is what they do is lie, cheat and steal and don’t think they won’t).  Make sure you get a good deal on financing, read all forms and make sure all blanks are filled in.  Never, never sign any form that is not fully filled in.  This is common in Charlotte with many of the big name dealers that the finance office gets busy, they need extras incase terms change, whatever the excuse. 

It’s a lie so that they have your signature on file for when or if they want or need to change terms (this is so you won’t have to go back in and so they cannot lose the deal).  Never sign any incomplete or blank forms.  Any promises by the car dealer, salesperson, sales manager, business manager, etc… get them in writing (most dealers have a “we owe” sheet which should specify any services, etc… that are owed to the customer).  If you don’t get it in writing it you will never see it. 

Another great tip – avoid anything they offer in the business office.  Every product they offer has tremendous markups of from 100% on a extended warranty to 600% or more on items like auto etch theft deterrent (worth $25 and sold for $300 at many car dealerships and can actually be bought at any time for $25 through the internet at Vinshield.com).  Many police departments actually offer this as a free service (be sure to contact your local police to see).  Regardless what the business manager states all products offered in the business office can be bought at huge savings after the sale.  Whether it be an extended warranty, Gap insurance (Consumer Reports states this is a complete waste), etc… 

If you don’t believe me on this rampant overpricing and overcharging in the business office, just read up on it on the internet.  Consumer Reports, MSN and CNNmoney have some great articles and exposes on the latest in car dealer scams.  Bottom line, its your money and the dealer isn’t going to be looking out for your interests.  You need to be prepared so the dealer will have to play your game and let you get a great deal.  Or better yet, skip the dealers all together and buy your car off Ebay Motors – less hastle, no pressure and its easy.  Regardless of how you end up buying your vehicle please do your research – you will save thousands if you do proper research.  

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