"You could drive home in a nicer, newer vehicle today," says a Winston-Salem, NC used car dealer.
WINSTON SALEM – Good news for people who are tired of their ride: Frank Myers Auto Maxx needs used cars and is willing to do just about anything to get them…including eliminating the remaining payments on your current lease or loan.
Dealers nationwide have experienced a spike in sales recently, but the manufacturers have slowed production to a near standstill and President Obama’s Cash For Clunkers program removed 690,000 vehicles from the road. This all means there are not enough vehicles “for sale” right now to keep up the current sales pace. One local car dealer, Tracy Myers from Frank Myers Auto Maxx, invented a unique solution to the problem.
“Our business can’t afford to wait for this problem to run its course. We need to keep selling cars this month. But with only a 56-day supply on-hand nationally, we need to do something pretty drastic. There are thousands of people in this town who want a nicer, newer car but are still making payments. Then there’s me, who needs used cars. So…how about I handle the remaining payments and you get a better car right now?”
This unusual proposal makes sense because rather than removing a car from the inventory at the time of purchase, you actually replenish the supply when you trade in. Myers says that each transaction has a unique “Inventory Footprint” with some transactions resulting in -1, some in 0, and some in +1. According to Myers, “This month we’re looking for 0’s and +1’s, which means we’ll we’ll pay off your loan or lease early, just so we can keep our inventory from running dry. All you have to do is buy ANY Certified pre-owned vehicle.”
How Long Will This Last?
When asked about timing, Myers explained, “This problem should only last about a month. I expect the supply to level out by July as the manufacturers pick up the pace and other dealers’ sales slow down. But we only have 12 months in a year, and I’m not willing to go dark for one of them.”
Automotive experts indicate that this inventory correction could last anywhere between 10 and 45 days. The offer to eliminate the remaining payments on your loan or lease is good until June 30, 2010 or until the inventory supply returns…whichever comes first.
Trader’s Market?
“It’s a lot like a perfect storm,” says Myers. “Nobody could have predicted it, and it only comes around every 10 or 15 years. Suppliers have been slowing down consistently over the past few years. But nobody expected so many sales to be made so quickly in the first part of 2010. Until it’s resolved, this ‘perfect storm’ creates what’s known as a ‘Trader’s Market’ which places upward pressure on the value of your trade. That extra value gives me the leverage I need to negotiate favorable terms with your original bank.”
The Banks Want Out
To make the timing even better, it seems that some banks are anxious to eliminate loans made between two and five years ago. “There was a lending frenzy during that time that caused many banks to make deals they wish they wouldn’t have made (now known as toxic assets). Now they’re trying to clean their books up…and many are more than happy to be finished with loans that aren’t yet paid off. This works in your favor.”
“It truly is a good opportunity for all involved: the bank gets their money, I get the inventory I need, and you get the nicer, newer Certified car you want. There are no losers in this deal!” trumpeted Myers.
People Over Credit Profiles
“At most dealerships, the credit score matters more than the person. But our relationships with many flexible lenders allows us to match your credit application with the lender most likely to approve you…a bank that will take the person into consideration, not just the credit score. Heck, just looking at the credit scores is what got us into this mess in the first place. It’s high time to put the person first, in my opinion. That’s how we operate here.”
What Next?
Myers expects a heavy response to this offer, so please call ahead and make an appointment to have your current loan or lease evaluated. Walk-ins will be accepted, though may require a short wait. If lines are busy, please keep calling.
Please call Ashley Bennett, our Family Ambassador, at (888) 587-4430 or visit Frank Myers Auto Maxx at 4200 North Patterson Avenue in Winston-Salem, NC right away. You can also visit their website at https://www.frankmyersauto.com
ASK TRACY:
Q: Who is this right for?
A: This is good for anyone who is currently making a car payment but would like to switch to a nicer, newer car and stop making his or her current payments.
Q: Will there be a negative impact on my credit score?
A: No. Your current lease or loan will be paid off and there will be no negative consequences. If anything, it could help your score.
Q: What will my new payment be?
A: That depends on what car you choose next. Often we can keep your payment the same and sometimes the payment is actually a bit lower.
Q: How much will I need for a down payment?
A: There is no fee for us to evaluate your trade-in and eliminate your payments. And many of the banks we work with offer no to low down payment options. Plus my Transparent Trade Appraisal Process means you’ll receive a fair, accurate and complete evaluation of your current vehicle and situation, with no pressure. You’ll be able to make an intelligent decision with all the facts.
Q: Do I have to have good credit?
A: Good credit makes it easier on us…but we really need cars right now. So please bring in your car so we can have a chance at eliminating your payments no matter what your credit is like. My EVERYBODY RIDES Program is designed to help you get approved even if you’ve made mistakes in the past.
Q: What if my car is paid off?
A: Even better. Your car may be worth more right now than it has been in the past. So trading in right now could be a wise investment. This is the perfect timing. And anybody who trades in a car that’s already paid off will receive a $1000 voucher to be used toward the price of any Certified vehicle or toward your down payment.
