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Q: What forms does a used car dealer typically need for a sale in Illinois?
We’re getting ready to close our first car sale and I want to make sure I have my bases covered! What do I need to provide to the customer and state?

A: sales contract with taxes included.

and if they did not use their own cash, a copy of the financing document.

PERIOD.

Q: How much does a car dealer make per vehicle sale on average?
I know it’s more on used than new but how much for each? 15% profit on a new car sale and 30% off a used is my guess.

A: The profit margin on new cars has been getting smaller and smaller over the years. The manufactures do not want to raise the MSRP as much as they do the invoice cost, so the dealer is squeezed more each year.

There are also other costs to consider. The dealer has a physical location that he has to pay for (cost of buildings, utilities, maintenance). He also most likely has to borrow the money to pay for the cars that he has on the lot (this is called a floorplan). The manufacturer is paid for the car as soon as it is delivered to the dealer. Most dealers to not have the money to pay for 50-200 cars that they keep in stock, so they must borrow that money.

On a normal new vehicle (and this depends on market conditions, supply and demand) a dealer will be lucky to have a gross profit of $600. Used cars have a bit more profit, but they are closer to $900.

If there was 15% profit in each new car, and 30% in used cars, I would be a much richer person!

Q: Can you be honest and still be successful in car sale industry?
I am getting interviewed tomorrow by a car sale employer. I am willing to giving car sales a try, can anyone have experience in this field give me some guidance. I am a honest worker, i like to be direct with people. Will that make a bad combo for my job?

A: Sounds like you are a salesman. Bad salesmen lie; good salesmen offer help: engage people in a non-threatening way, and ask questions. They key to any good salesperson is to let your prostect feel comfortable, and talk to you, and this helps you solve their problems. Make sure you treat those people like gold – go the extra mile. They will feel like they found a diamond in an honest salesman, and refer everyone. In fact, you can tell them that you don’t want their business – you want their whole family’s business and their friends’ business too!

Car buyers today tend to be either very well studied and/or very skeptical, so let your candor and genuine nature to serve melt away their sense of concern. Make you customers feel like they are your friends and you are taking care of them, like a guest. My only caution is make sure you aren’t direct to the point you are pushy with people, but ensure you ask those questions, and then you can offer opinions with permission.

Hope that helps; sales success is a science/art. Takes practice to get your groove – Enjoy it!

Q: How much are dealers making on a new and used car sale?
I am trying to figure out the lowest price that any dealer can sell a car for. Every time I want to buy a car a dealer goes below sticker price saying that they are loosing money on a sale but are willing to sell anyways. What kind of bullshit is this? I am preety sure they buy it from factory for something around 30% of a price on window. I just need someone that maybe worked for a dealership knows what is going on by answering this question.

A: The average mark up on a used Chevy is $4000. The average target profit is around $1200. We will try to sell you the add ons to juice you for the entire $4000 if we can’t get you to pay the entire $4000 spread with out the add ons.

New cars profits used to be $250, but it has been a while and I sold Used Chevy’s in Dallas off I-635.
New cARS sales employ a lot of tricks to get you to think that you are only paying invoice.The invoice might be real, but there are several “reserves” or “commissions” that are guaranteed to the dealer by the factory to get to this. Only a few people are ever able to negotiate or to “dig” into this profit centre in an effort to get a good deal.

Do not buy the extended warranty. Dump the car in four years.

Good luck!

Q: What’s the best way to collect money from a private car sale?
I just put my car up for sale, which could sell for as high as $20K. What the best way to receive the cash so I don’t get taken?

A: You can take cash, but do the transaction at a bank and deposit it so you don’t get robbed (by his friends) on the way home.

You can take a bank check BUT only if you go to the bank with the buyer, and see him draw the money (making sure the check is real). These days I can get a bank check for $5 face value, and photoshop it to $25,000 and print it up on my color printer and you would never know.
===
Also let the buyer know that you will be taking a photocopy of the buyer’s driver’s license as record. That alone will scare away most fake bank check writers.

Good Luck…

Q: How long do i need to hold onto money from a car sale in alabama before i can use the money?
I am about to sale a car(here in alabama) i’m selling it for my father-in-law (that lives in wisconsin)now when we both sign the title and he gives me the money,am i required to give this person a certain amount of time to change his mind,before i can cash the check? because once it is in the mail to wisconsin,i wont have that kind of money to return to the buyer. anyone that knows the law,that can help me out,i would surely appreciate it.

A: There is no right to cancellation for a private vehicle sale. The money is yours once the deal is done.

Q: What are the best online sites to advertise a car sale?
I am selling my car and want to advertise it online. I checked several sites, they usually charge aorund $40 for an ad with a photo. I don’t mind paying, but would like to choose the most prolific and most visited site. What are the most popular online car sites?

A: Craigslist for your city
www.craigslist.org

Q: Does anyone know of the CHEAP big car sale in South Florida?
Hi All,

Last year there was a big car sale in either Ft. Lauderdale or Miami. It is for cheap car sales (I think all are around $995). Might be a big dealer who holds the sale am not quite sure. I know the sale is only for a few days each year.

Any help would be great, thanks.

A: You mean the gimmick car sale where you can ‘get the best value of the year’?
It’s just that…a gimmick.

A car for $995 is going to be a big piece of garbage.
If a dealership is selling it for $995, it means they got it for basically nothing.

Q: What form of payment should I take for my car sale?
I am selling my car and recent scam with counterfeit cashiers checks worries me. When I close the deal, what form of payment should I accept to be sure?
what is an escrow account? sorry, I am just ignorant.

A: The counterfeit cashier’s check scam is an international scam.

Cashier’s checks are the most secure form of payment. Just make sure you get a cashier’s check from a local bank, and have your bank inspect the check before you transact.

Also make sure you SEE their drivers license, and the name and photo match. Write down the license number.

Otherwise, get cash.

Q: How do I cancell the retail installment car sale contract?
I had entered into a contract for purchase of car. I need to cancell the contract as the delivery will be delayed. Can I call the delearship can do a verbal cancellation or do I need to have something in writing from dealership

A: The contract would be normally legally binding and I am positive that they will try to hold you to it….but “possession” is as they say 3/4 of the law and you don’t have it due to this delay….I would ask them real and if they don’t cancel…..do to an Attorney and he will probably only charge you what $25 just to do a letter inquiring about the situation and hopefully try to avoid legal means to settle this….I am sure that they will concede and cancel the contract…….by the way…..tell your Insurance company not to issue any insurance on it and then they will be stuck if it goes that far…..they will without a doubt try the “hardball” route first so be ready with the “attorney” letter…..

Q: I need advice from a professional car sale person?
I am selling a 2002 hyundai with 150k miles with clean interior andd I want to trade it in for a 2000 honda civic with 170k miles. What should I say to the one selling the car, so he agrees to trade. I need to say something that will make that person agree.

A: Your car is two years newer and has 20k less miles on it. Drive home those points.You might book them out on the internet to see how they compare in price. If your car is worth more, bring that point up too. If not, avoid that issue.

Q: can someone ask for a refund from a private car sale if it breaks down in 2 days?
Sold a car, broke down in 2 days now the bloke wants a refund, car was running fine at the time of sale. i have positive feedback saying the car was great too.
im not a dealer it was a private sale.

A: By law, if there was no contract I am quite sure you don’t have to give a refund, however. If your a decent person,and want to be nice, I think you should give the money back, Why? because I would ask my self for a refund if I bought a car and broke after two days, its just not right, and the way economy is, I don’t think it is fair to the buyer! I say please be nice and give the money back, or have that buyer take the car to the mechanic and u pay the damages!

Q: I sold my car this year and paid off the car loan on it. Should I pay taxes on the car sale proceeds ?
The car sale was less than the loan amount I paid off. I am working on y taxes for this year and was ot sure if I should declare this as a source of income and pay tax on it ?

A: You only pay taxes on the sale of a personal asset if you recognized a gain. In determining whether there was a gain or loss on the sale, you consider the amount that you paid for the car, not how much it cost you to pay off the loan (since the loan would also be comprised of unpaid interest, which would be nondeductible).

Q: how do i make a stable contract between a friend and i for a car sale?
my friend has a loan for a car which i am going to finish paying off. i need to know the type of contract to come up with that will cover us both in the event that one defaults. any site ideas would be helpful.

A: You don’t. If you leave the loan in her name, she has to provide insurance and will be responsible for anything that happens, not to mention that the lender wouldn’t allow it.

You need to find the pay off price on the vehicle, and get approved to get a loan for that amount and have everything transferred into your name.

Both of you need to talk to the lender.

She doesn’t need to be put into the position of a lender and/or repossession company.

Q: Why does the internet car sale call for higher price than?
the MSRP or estimated price indicated yahoo autos?

It’s not a couple of thousand dollars they overcharge but it’s like over USD $6000 for the exactly same model and option.

How should I negotiate the price with the dealer?

A: NEVER BUY ON-LINE, ITS JUST A RIP OFF AND A BAIT AND SWITCH, TRY THIS.

End of month is a great time to BUY your new car, but it is NOT the best time to make your first dealership visit. Salesmen do try harder to make sales at the end of the month, which is about the last five days of the calendar month.

In addition to the end of the month, there are better and worse times of the year to buy. Best time of the year to buy is the end of December, in most dealerships. Dealerships try to make specific quotas for end of month AND end of calendar year, and it is not a popular time to buy, so sales can slump seriously and they will try harder to make a sale, which means a better bargain. If you shy away from buying in the winter because of bad weather, think again: bad weather is when you WANT to be in the car, testing it’s foul weather capabilities.

Other good times of year to buy are end of August and end of September because the old models are taking up space on the dealership property, and they want to make room for the new models to come in. If your heart is not set on a brand new model, this is an excellent time to buy a perfectly good new car that happens to have been manufactured a few months earlier.

There is a very important BUT to this end of month advice: Do NOT make your very first visit to the dealership at the end of the month. Go to the dealership at the beginning or middle of the month, test drive the cars, get some info, then go home and give yourself two to three weeks to get the best financing. THEN go back at month’s end armed with full information and a buying plan. Give yourself a day or two extra in case the first dealership doesn’t work out and you need to go to another one. This is a big purchase, don’t try to do it all in an afternoon!

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