For credit-challenged consumers, buying a car is hard.
On top of all of the standard hassle that comes with car-shopping, there always comes that moment when the sales manager runs your finances and finds out your credit score.
That’s when the bottom drops out.
Most of the time you’ll simply be turned away. The salesman will come back with an outrageous “deal” for you that includes as much as 50% down and payments through the roof because of a double-digit interest rate. This is meant to scare you off so they don’t have to deal with you anymore, and it usually works.
If, however, the sales manager is feeling magnanimous that day, they’ll find a way to work the deal wherein you can put down a reasonable down payment…but your payments are still through the roof because of an insane interest rate. It’s common practice and, sadly, it works. As we’ve mentioned before, we live in a car-culture, and public transportation in the US is, quite frankly, a joke. So you allow yourself to believe that you can keep up with the payments and you drive home in your new (or new-to-you) vehicle.
And then the payments become overwhelming. You find yourself “upside-down” in your car, owing more than it’s worth with no way to get ahead of the loan. Don’t feel bad – it’s actually quite common. The real question is what do you do about it?
If you’re here, you already know that we specialize in getting vehicles for people handling a bankruptcy. What you may not know, however, is that we are not a redemption service.
Again: National Auto Brokerage Services is not a redemption service.
With a 722 Redemption, clients filing for bankruptcy keep their current vehicle by writing off the lost value and re-finance the remaining balance. So a car they owe $15k on that’s worth $10k will lose $5k in their bankruptcy and then they start all over again with a new loan for the $10k that their car is actually worth.
Along with the redemption fees.
And filing fees.
If the courts approve the redemption and they can find a creditor to finance the new loan.
All in all, the net value of doing so for your client is that they get to keep their car…and that’s it. Which is fine; some people absolutely love their cars and want to keep them until the wheels fall off.
As a professional acting in the best interest of your clients, however, you’d be doing them a disservice by not informing them of the fact that they are well within their power to acquire a brand new (to them) vehicle after their bankruptcy by contacting us. Our team of hardworking professionals know the ins and outs of the finance world and have established strong ties to lenders that allow us to provide the best vehicles to even the most credit-challenged consumers.
Best of all, we bring the vehicle right to you. No hassles, no salesmen, no mysterious sales managers acting from afar… Just kind, courteous professionals with a singular focus on getting your clients a great vehicle at a great price that helps them rebuild their credit immediately after filing.
That’s the National Auto Brokerage difference.