Basic Approval Requirements
- Minimum gross monthly income of $1500.00
- Payments can't exceed 20% of monthly income
- Residents of the United States and Canada are accepted
- Ability to acquire automobile insurance
- Not available for private party purchases or motorcycles
- Not available for repos within one year unless part of bankruptcy
Fast Financing Real Results
Maria W.'s auto loan application has been approved for a car with 100.00 down with bad credit.
Feb 03, 2012 - 11:39 pm
Melissa A.'s auto finance application has just been received by a local dealer for fast financing.
Feb 03, 2012 - 11:33 pm
Finance Reports
Car Dealer Terms and Phrases
When searching for that new or used car at your local car dealership, here are some terms and phrases that could be of some interest to you to know and understand.
Aftermarket
Products that are not OEM (Original Equipment Manufacturer), like accessories, parts and upgrades to a motor vehicle.
Auction
A place where car dealers go to purchase their used vehicle inventories. The public does not have access to most major auto auctions.
Anti-lock brakes (ABS)
System that automatically controls wheel slip or prevents sustained wheel locking on braking.
Auto History Report
Find out the history of the vehicle you're considering. Just enter your VIN and check for hidden problems such as collision damage, odometer rollback and other major problems.
Auto Research Report
A comprehensive report on any year, make and model, with everything you need to know before you purchase. Recalls, crash test results, trouble spots, owner complaints, new car reviews, ratings and much more. You can order your Auto Research Report here.
Be-back
A customer who leaves the car lot promising to return later, saying, "I'll be back," or some variation of that statement.
Bumping
Raising the customer's offer for a car.
Clear Title
Only one owner. No money is owed on the vehicle. (No Liens)
Closer
An experienced salesman who is brought in to "close" the customer by making them agree to a deal.
Crash Test
A test performed to determine a vehicle's safety. Government agencies test each vehicle in a variety of categories and assign a rating based on the results.
Demo
Taking the new or used car out on a test drive.
Extended Warranty
A policy, which protects the automobile owner or lessee against mechanical failures and breakdowns. This warranty will pay for your vehicle's covered repairs after the manufacturer's warranty has expired.
F&I
This stands for the Finance and Insurance office where the documents are signed. The Finance and Insureance salesperson usually will push products such as extended warranties, fabric protection and alarms.
First pencil
This is the opening offer from the sales manager or sales staff, usually written onto the worksheet in pencil.
Fleet Vehicle
A vehicle that is bought or leased by a company as one of a fleet of vehicles; i.e. a company car.
Four-square
As negotiations begin, the salesman pulls out a worksheet divided into four squares which represent the four elements of a car deal: selling price, trade-in value, monthly payment and down payment.
Full pop lease
This is when a vehicle is leased at 110 percent of the sticker price and the highest amount allowed by most banks.
GM
The general manager. The GM is the head honcho at the dealership. He runs the business from day to day.
Home run
This applies when a salesman has taken advantage of every element of the deal: trade-in, sale price and financing.
Inspection
Many states require emissions/safety inspections on a yearly or biennial basis to determine if a vehicle has maintained its roadworthiness.
Lay down
A customer who takes whatever deal the salesperson offers.
Lease
An alternative to purchasing a vehicle outright, you can lease, or rent, the car with monthly payments.
Lemon
A vehicle that has been to the repair shop numerous times with the same mechanical problems.
Lien
The ownership rights to piece of property.
Make
The manufacturer of a vehicle; i.e. Chevy, Ford, Audi, Honda, Chrysler, etc.
Market Value
An average of prices asked by dealers and private sellers.
Mini Deal
The commission on a deal where the car was sold at its lowest price.
Model
The name given to a particular vehicle within a particular make.
Mooch
A customer who wants to buy a car at or below invoice.
Packing payments
Adding extra profit to the cost of a car.
Private Party
Term used to indicate a used car seller that is not a dealer.
Repossession
When a vehicle owner fails to make payments on a loan, the financial institution will take possession of the vehicle.
Retail Value
The asking price you can expect to find at a used car dealership.
Recall
When a manufacturer has become aware of a continuing problem with a vehicle, and a significant number of vehicles are affected or the problem is serious, they issue recall notices. Car owners who are affected by these recalls can take their vehicles in to the dealer for repair at no charge.
Salvage
When a vehicle is damaged beyond repair, or determined a total loss by an insurance company, it is issued a salvage title. From that point it can be used for parts, and is no longer roadworthy.
Spiff
A tip, kickback or payment of any kind, usually cash which is handed between salespeople.
Strong
This has a special meaning on the car lot. It means holding firm on your price and being a tough negotiator.
Tower
The office where the sales managers work. This is usually a raised platform allowing the managers to see over the roofs of the cars so they can watch customers and their salespeople.
Trade-In Value
The amount you can expect to get from a dealer for your trade-in.
Turn over
Also known as "turning," this is the practice of passing a customer from one salesman to another. It is thought that this will prevent customers from leaving the car lot. The theory is that the customer might just have bad chemistry with the first salesman and he might like the next salesman.
Up
A customer who walks onto the car lot. The term probably comes from the order in which customers are taken, as in: "Who's up next?"
Weak
This describes a salesman coming down too quickly on a car price.
VIN
The Vehicle Identification Number. Each vehicle has a unique VIN, which acts as its fingerprint. The VIN can be used to check a vehicle's history for hidden damages among other things.
Wholesale Value
The average price a dealer could expect to receive at auction or a car wholesaler.
Warranty
Also known as "bumper-to-bumper" coverage, a warranty protects you in case something on your vehicle breaks or stops working. It usually covers you for a certain number or years or miles ( like 3years / 36,000 miles). For a used vehicle, it often pays to get an extended warranty or service contract, which will cover you for a longer period of time.
Aftermarket
Products that are not OEM (Original Equipment Manufacturer), like accessories, parts and upgrades to a motor vehicle.
Auction
A place where car dealers go to purchase their used vehicle inventories. The public does not have access to most major auto auctions.
Anti-lock brakes (ABS)
System that automatically controls wheel slip or prevents sustained wheel locking on braking.
Auto History Report
Find out the history of the vehicle you're considering. Just enter your VIN and check for hidden problems such as collision damage, odometer rollback and other major problems.
Auto Research Report
A comprehensive report on any year, make and model, with everything you need to know before you purchase. Recalls, crash test results, trouble spots, owner complaints, new car reviews, ratings and much more. You can order your Auto Research Report here.
Be-back
A customer who leaves the car lot promising to return later, saying, "I'll be back," or some variation of that statement.
Bumping
Raising the customer's offer for a car.
Clear Title
Only one owner. No money is owed on the vehicle. (No Liens)
Closer
An experienced salesman who is brought in to "close" the customer by making them agree to a deal.
Crash Test
A test performed to determine a vehicle's safety. Government agencies test each vehicle in a variety of categories and assign a rating based on the results.
Demo
Taking the new or used car out on a test drive.
Extended Warranty
A policy, which protects the automobile owner or lessee against mechanical failures and breakdowns. This warranty will pay for your vehicle's covered repairs after the manufacturer's warranty has expired.
F&I
This stands for the Finance and Insurance office where the documents are signed. The Finance and Insureance salesperson usually will push products such as extended warranties, fabric protection and alarms.
First pencil
This is the opening offer from the sales manager or sales staff, usually written onto the worksheet in pencil.
Fleet Vehicle
A vehicle that is bought or leased by a company as one of a fleet of vehicles; i.e. a company car.
Four-square
As negotiations begin, the salesman pulls out a worksheet divided into four squares which represent the four elements of a car deal: selling price, trade-in value, monthly payment and down payment.
Full pop lease
This is when a vehicle is leased at 110 percent of the sticker price and the highest amount allowed by most banks.
GM
The general manager. The GM is the head honcho at the dealership. He runs the business from day to day.
Home run
This applies when a salesman has taken advantage of every element of the deal: trade-in, sale price and financing.
Inspection
Many states require emissions/safety inspections on a yearly or biennial basis to determine if a vehicle has maintained its roadworthiness.
Lay down
A customer who takes whatever deal the salesperson offers.
Lease
An alternative to purchasing a vehicle outright, you can lease, or rent, the car with monthly payments.
Lemon
A vehicle that has been to the repair shop numerous times with the same mechanical problems.
Lien
The ownership rights to piece of property.
Make
The manufacturer of a vehicle; i.e. Chevy, Ford, Audi, Honda, Chrysler, etc.
Market Value
An average of prices asked by dealers and private sellers.
Mini Deal
The commission on a deal where the car was sold at its lowest price.
Model
The name given to a particular vehicle within a particular make.
Mooch
A customer who wants to buy a car at or below invoice.
Packing payments
Adding extra profit to the cost of a car.
Private Party
Term used to indicate a used car seller that is not a dealer.
Repossession
When a vehicle owner fails to make payments on a loan, the financial institution will take possession of the vehicle.
Retail Value
The asking price you can expect to find at a used car dealership.
Recall
When a manufacturer has become aware of a continuing problem with a vehicle, and a significant number of vehicles are affected or the problem is serious, they issue recall notices. Car owners who are affected by these recalls can take their vehicles in to the dealer for repair at no charge.
Salvage
When a vehicle is damaged beyond repair, or determined a total loss by an insurance company, it is issued a salvage title. From that point it can be used for parts, and is no longer roadworthy.
Spiff
A tip, kickback or payment of any kind, usually cash which is handed between salespeople.
Strong
This has a special meaning on the car lot. It means holding firm on your price and being a tough negotiator.
Tower
The office where the sales managers work. This is usually a raised platform allowing the managers to see over the roofs of the cars so they can watch customers and their salespeople.
Trade-In Value
The amount you can expect to get from a dealer for your trade-in.
Turn over
Also known as "turning," this is the practice of passing a customer from one salesman to another. It is thought that this will prevent customers from leaving the car lot. The theory is that the customer might just have bad chemistry with the first salesman and he might like the next salesman.
Up
A customer who walks onto the car lot. The term probably comes from the order in which customers are taken, as in: "Who's up next?"
Weak
This describes a salesman coming down too quickly on a car price.
VIN
The Vehicle Identification Number. Each vehicle has a unique VIN, which acts as its fingerprint. The VIN can be used to check a vehicle's history for hidden damages among other things.
Wholesale Value
The average price a dealer could expect to receive at auction or a car wholesaler.
Warranty
Also known as "bumper-to-bumper" coverage, a warranty protects you in case something on your vehicle breaks or stops working. It usually covers you for a certain number or years or miles ( like 3years / 36,000 miles). For a used vehicle, it often pays to get an extended warranty or service contract, which will cover you for a longer period of time.