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Buying used car from private party - ever use a dealer as a "broker"?

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  • Buying used car from private party - ever use a dealer as a "broker"?

    BK was filed almost 3 years ago. Discharged about 2.5 years ago. We re-affirmed a car lease and owned our other car free and clear. Since then we have rented the home we live in and have one credit card. I use it for business travel so I use it a lot, but it is ALWAYS paid off at month end.

    Having a hard time getting a loan because of a combination of the bk, age of the vehicle we are looking at (older than 5 years) and the fact that the seller is a private party.

    Some lenders won't deal with a car older than 5 years old
    Some wont deal with private party sales
    Some wont deal with you if you have a bk on your record

    It seems like the most forgiving lenders will only work with you if you buy a car through a dealership. I can understand why, but it is frustrating. I'm trying to do the financially responsible thing and get the best vehicle possible for my buck. One that will last me a long time and meet our needs, etc.

    So...on to my question. Has anyone used a dealer to broker a third party deal? I'd be willing to pay them a "admin fee" or something like that for their time, plus I know they will make some $$$ off the financing. My thought is they buy the vehicle from the third party and turn around and sell it to me using their financing sources.

    In theory it makes sense, just wondering if they would do such a thing.

    It seems like my financing options would open up if l went through the dealer.

    Any thoughts?

  • #2
    There are to many scam artists out there. The banks have been burned a lot on "Private Party" sales because, wait for it, people have 1. Inflated the price of the car 2. Failed to disclose damage 3. Sold cars without clean titles and paperwork 4. Sold cars that don't exist 6. Any other scam you can think of.... The bank knows that a dealership is legitimate and will process the paperwork and that most are on the up and up or can at least be located and sued if they are not. As far as getting a dealer to facilitate a private sale I sure they will but only for a big profit. You need them they don't need you and there is risk involved for them so they will want to make it worth there while. Big dealers probably will not but some smaller dealers may.

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    • #3
      What you're saying makes sense, but auto brokers or dealers that offer a "location service" essentially already do this. You give them $xxxx to find a particular vehicle. Usually at auction. And then you buy it from them.

      What I'm proposing is essentially the same thing, only I've already "located" the vehicle for them.

      True, I need them more than they need me...but at the same time I'm paying for the service .

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      • #4
        I know that if you own the vehicle (titled in your name), you can get many major dealers to refinance it for you. They will charge a fee for inspecting the vehicle and they will make any needed repairs as if they were selling their own dealer used vehicle. You will have to pay for the repairs and then they will add $500 or so to the deal for their profit. However I can't imagine you will find any dealer who will do this if you don't already own the vehicle. That leaves you with asking the seller to sell it to the dealer for less than you likely agreed to pay for it and then you purchasing it from the dealer. You might be better off with a certified used car from a dealer that will include some kind of warranty and whatever dealer financing you can get. Dealers do have more access to financing sources, but have you tried Capital One yet or a local credit union? Cap One seems to be BK friendly for some on this board.

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