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car dealers in chicago

A: Go downstate. Peter B’s in Urbana. Classy, # 1 sort of place. He’s won best mechanic down here 20 times or so. He’s uber good.

Q: Help!!! Car loan problem?
Okay i know i am really dumb for ever agreeing to this but 2 years ago when i had first turned 18 i wanted to trade in my car for a new one so i went to a car dealer in chicago called gateway chevy and dealed with a guy named gino i sat down with him and he seemed sure he could get me a loan i tried it alone and he said he couldnt i need a co signer so i got my mom it went through and i was accepted with a 17% intrest rate and the car was 19000 dollars at 580 a month at the time i was making great money and he promised after 6 months i could refinance and get it to around 400 a month so 6 months went by and i called to refinance and the people i got the loan through doesnt refinance i was such a sucker and now 1.5 years later i was gonna try again to refinance through a bank so i called regenal acceptance corperation (my lender) and they said i still owe 24000 dollars on the car if i payed it in full in a week!!!!!!! and if i continue making payments it will be 580 a month until september 2013!!! i just got a new place and cant afford these payments anymore……is there anything i can do to trade this car in and get my payments lowered? i was thinking about going to carmax the blue book value on the car is 9000 i would see if they will pay 12000 if i get a car off of them for about 10000 and then the remainding balance of the 24000 which is 12000 get a loan from the bank and pay them as well as the payments for the new car would this work you think or is there anything else i can do?? please help i know this is confusing…sorry

also with a bank loan can the payments be low for a 12000 dollar loan? say maybe 100 dollars or so? cause then my loan on the car would be around 3 hundred then the bank 100 which is 400 and thats alot better than 580 a month and ide most likely get out of the 17% interest my credit score is bad but my mom will co sign again with me to help me out

thanks
i understand that im screwed no matter what i do. i am just wondering what is the best route i should go… i need lower payments and the ability to get out of 17% interest from this 5h1tty company that has ripped me off…and thanks for the comment about 18 year olds do not need new cars very helpful comment and you really answered alot of questions…
Okay also my mother is already set on her job and a place to live she is actually the one who gave me the idea cause shes knows how bad im struggling…. voluntary repossession..in these hard times alot of people are loosing all of there belongings so in about three years she will have a good story about how her son couldnt pay the payments anymore so he had to let it go…is this idea okay?? what are the pros and cons? how long will it take for our credit to be back to normal? expertise on all the above questions would be great thanks

A: You need to do everythig to stay current on that loan. You also need to pay more then the monthly payment. Here is the problem you really have. You have a co signer on the loan. If you dfault on that car loan you not only destroy your credit but you will destroy your mothers credit as well. Because we are in a deleveraging cycly and banks arent lending as they were before you are stuck with this loan. If you default and destroy your credit and your mothers credit as a result of the co sign you open up a huge can of worms. Low FICO scores will hamper your ability to rent an apartment, get credit or even a job. This would also be true for your mother as well as she is 100% responsible for the payments if you default on the loan. I strongly suggest you do everything you can to pay off the loan as fast as possible. Take every extra dime and pay it down. You do not want to destroy your mothers credit in this economic enviorment or your own. If you think your mom would be happy about not getting a job or apartment due to a low FICO score think again. There is more at stake here then just the car payments or the car loan itself.

Update….If you think your mothers job is safe or her housing situation is 100% stable think again. We are in the worst depression in world history. In September the entire wold economy almost collapsed. Nothing has changed. We are in a deleveraging cycle and because of that the wealth destruction effect is everywhere. This is one of the reasons why you are upsidedown in your loan. You have a moral obligation to pay your debts and to not pull others down with you if you default inspite of the fact that your mother decided to help you. At the time and even today most people dont understand how serious this economic problem is. They arent educated in macro economics. Im telling you that with the contraction in the credit markets you need to do what you can to pay the loan. If you default the car will be repoed and they will sell it again for a loss. You will be liable for the difference between what they sell it for and what you owe. If they were to write it off then you would woe income tax on the difference and the IRS will come after you. You dont understand how seriouse of a situation you are in along with your mother.

Q: I just received my license and i need to buy a car here in Chicago, what should i do and go to buy one?
My limit to buying a used car is from 4 to 5,000 and i am looking for a reliable used car to get me around because my parents will not let me borrow their car. Where can i go to buy a car here in Chicago?.. Should i go to a dealer or an auction?

A: Hi. I queried used Toyotas within 50 miles of Chicago for $4,000 – $5,000 on Yahoo autos. If you do the same you’ll see a 2000 Toyota Camry at Midway Dodge on S. Pulaski in Chicago. It doesn’t look too bad. There were also 112 other Toyotas that met your criteria. Take a look at the Hondas too in your price range. They’re pretty reliable (like the Toyotas) but they seem to have higher mileage on them. When you actually go to the lot try to bring your Dad, uncle or older brother with you. Dealers always try to take advantage of young women. And demand to see a Carfax report on any vehicle you’re thinking of buying. This whole thing can be a little tricky, but proceed slowly and deliberately with the knowledge that no deal is too good to pass up. Used car deals are like buses; they’ll be another one along in 5 minutes. Shoot me an email if you think I can be of any more help. Good luck.

Q: Thinking about being a car salesman in Chicago?
I was called by carmax to go to an interview for sales person, but denied it. Now a Nissan, GM, and Toyota dealership are hiring in my area (no experience required). Im sick of retail and want to do something new, but I also need a job where I get decent money to be able to pay for car, school, and DL expenses and that lets me go to school full time. Im confident when I sell a product and andhave a good knowledge of cars (I fix my own car). I live in the burbs of Chicago, Il and am wondering what company would be better to work for? How much money can one make a week? Whats the latest one can be there making a sale? And is it good being a car salesman during the winter? Oh and all the dealer ships are closed on Sundays which is a plus because I hate working sundays.

A: I think I would give it a shot…you would make more money and during the winter it isn’t so bad, because the only time you will be outside is letting someone look at a car, just wear a jacket and during the summer just wear short and a T…Go for it i say, toyota is one of the best cars made and will probably sell better so i say go for that. : )

Q: If I buy a car around $3,500, how much should I expect in taxes and document fees?
I’m in Illinois, by the way, I’ll be buying my car from a dealer in chicago.

A: Illinois charges taxes based on the year of the vehicle and the blackbook value, not on what you bought it for.
If you give the year/make/model and mileage of the vehicle, I can give you an estimate on the taxes.
If the car is older than 10 years old, your taxes will likely be under $100.

As far as the other fixed costs, it will cost:
$78 – Plates and registration (going up to $99 starting 1/1/10)
$65 – title transfer

Q: I filed for bankruptcy and its has been discharged for 8 months can I still finance a car without a cosigner.?
I live in the chicago area so if anyone knows of any car dealers that will work with me with no cosigner
I’m not saying I want to buy a 12,000 or anything that high , but a used car around 4,000.

A: If you qualify for the loan, you can without a co-signer. Contact an auto finance company in advance of you going to any car dealer to get the best loan terms.

Q: Bad credit and need car loan, but dealers say I could only buy a car from them.?
I wont to buy an old truck with plow. I need a loan of $3000.00 only but every on line car loan company says I have to buy a truck from them but there asking more than I wont to spend. I also don’t have the best credit in the world. I live 20 min from chicago. I just need a quick loan, I have no problem paying it back. Thank you for you time.

A: If you can’t get financing from your own bank or credit union then a dealer is the next option. They deal with lenders for people with bad credit, so yes they will want you to buy a vehicle from them if they get you the financing. Unfortunately if you have bad credit you don’t have as many options. Good luck.

Q: where can i rent a dodge challenger in chicago?
I need to rent a car for prom (may 22) and i cannot find this car anywhere online. this is the car that i desperately want to drive to prom in! please help if you know of any car rental or dealer in the chicago area that will rent the challenger for one night!

A: airports would probably have many many rental places, seeming as its a big town. but still most cities’ airports have car rentals.
ive rented a mustang gt
a dodge viper
and down to as shitty as a chevy uplander(horrible van)

Q: Driving License of NJ and buying a new car in IL, what would be the consequences?
I have a h1b visa and I have to keep moving between states. My permanent address till now is my sister’s place which is in NJ. Now I got a new project in Chicago since September and I need to buy a car.
so before I goto any car dealers,
Do I have to first get the IL license?

thanks
Raju

A: No. There is no requirement to have a drivers license to buy a car anywhere in the USA. Identification, yes. Drivers license, no.

Q: Which is the best used car to buy in US?
I want to buy a used car in Chicago.
My budget is $5000.
1) What is the best car to buy ?
2) Which is the best dealer/site to search and buy?

A: A great place to start is consumer reports:
http://www.consumerreports.org/cro/cars/used-cars/cr-recommended/best-used-vehicles-under-20000-406/overview/
They list several cars in your price range. Good luck!

Q: I need a car, but have horrible credit due Repo, any Dealers that would give me a second chance in Chicago!?
I have horrible credit, I had clinical depresion for about 2 year, I was in medications and now I am med free and have a good job, but I get paid cash. I need to buy a car, but I have bad credit due to non payment on several accounts. I am making arrangements to pay them off and hope to rebuild my credit and my life once again. I need to get a car for the winter. Any car dealerships in the chicagoland area that would give me a second change with my credit conditons. I can give about $1,000 downpayment. Please help me.

A: First, glad to hear about your recovery. I don’t know about Chicago, but where I am from, Anchorage, Alaska, I see advertisements all of the time about financing cars from dealerships. They claim they don’t use your past bad credit. However, if you miss a payment by just one day they have the legal right to repo your car, that’s just part of doing business with them, they are taking a chance on you because of bad credit, but they won’t allow you to get behind. I assume its a good money making business for them, because a lot of people do get behind and they are able to not only get your car payment for a couple months but also the car back. I hope I explained this well enough for you to understand. Good Luck getting a car, but don’tmiss a payment!!

Q: Is it good to buy an used car through dealers or through private people or small dealers…?
I have tried a lot of deals through craigslist, sulekha and through small dealers. not a deal is worth for the quality of car. i am looking for an used car, 2000 in a good comfortable condition for around $5000. but i couldn’t. sub dealers who get cars through dealer auction, i checked some of them .. they are not good deals at all.. am really tired. please make your recommendations for a comfortable low maintainence car, good resale car, 2000 with decent looks … what budget should I keep in mind and whom should I be contacting, dealers? or continue to check private posts in craigslist and sulekha?

am located in Schaumburg, Chicago – US
Thank you much for your responses.
I tried a lot through the private posts a lot and also through the local newspapers a very little bit. well when it comes thr’ online 30% posts are spam and 90% of the posts are priced high. they always want more money than what the car is worth especially Indians. I am an Indian but I admit this is very much common among us and I am really tired of it. now am looking at the dealers inventory and I have confidence that I will have a good value for the car, also warranty and better resale value.

Currently am tired of looking at $5000 budget I don;t believe I would be lucky. so am looking at around $10k budget. as i see dealers inventory i see 2001 Honda Civic at $8000 61k mileage 4door automatic sedan. may be i will spend another $1000 additional charges on tax, registration etc… ??? and finalize at $9000 say am bargaining.. what best price can i look at.. i would do a 160pt check for sure…
Is public auction good enough to buy a car for personal use?

A: MSNBC had a news story on where is the best places to buy used cars. The used car dealers were on the BOTTOM of the list. They are pros at negotiations (and you and I are rank amateurs), they are pros at hiding problems on their cars, etc.

The private sales (newspaper, etc.) were the best places. The seller will not tell you all the problems, but they don’t know how to hide them.

And a private seller are at MOST they are equal in negotiation skills to you and me.
===
My 94 Civic can get 41 MPG (and I was doing 72 for the mileage test – so I can do even better at 55). The engine + tranny + suspension runs like new. It ain’t no beauty but it is rock solid. If I had to sell it, I would not get more than few thousand dollars. This is the kind of car you want to look for.

Just take your time, as good old used cars are cheap but hard to come by.

Good Luck…

Q: Can a car dealer keep me from getting plates?
Ive been mia for a couple of months now and when I returned home my car had a lot of tickets on it for expired plates. now i went to dmv to purchase some plates they told me that the car wasn t even in my name what can i do to get my plates do i just purchase new plates and reg. what should i do . I stay in chicago Il

A: Do you owe the dealer money? Perhaps your check was not honored by your bank, or if the dealer is also the finance company, did you not make payments?

Contact the dealer who sold you the car. If they have not transferred the title to you, they will be able to tell you why. It sounds to me like you do not want to talk to the dealer for some reason. The only way you are going to be able to solve this issue is by asking the dealer.

There is no other way around this. Time for you to Man Up and do the right thing.

Q: Used Car Title?
I am planning to buy a car from a dealer in Chicago who is selling me a 2005 Honda Civic. I took a look ar the title of the car and looks like he had bought it from an owner in Dec 2005 in Michigan. The problem is he has not transferred the title and got new plates until now.

My question is it legal for the dealer to not register the title for over 9 months?? I am confused if the car can be bought by me?

A: Each state has different rules for dealers. Some states require that the dealer have the vehicle titled to the dealership within a certain period of time, some do not. I have a truck that I bought (with a snowplow) 6 years ago, and have never titled it. If I sell it, I can legally re-assign the title to the buyer with no problem at all.

I do not see where you will have a problem. Check with the Secretary of State’s office for more information!

Q: What happens to new unsold cars from closed dealers?
I live in Illinois, Chicago area and a lot of dealers are closing due to economic reasons. Now with all the hype , i’m curious to know what happens to all those new cars? where are they taken?

A: Most of the cars on the lot are purchased by the dealer using money from the bank or some financing organization. Those cars will need to be liquidated quickly, so whatever the dealer is unable to sell to its customers before it closes up shop are then sold to other dealers that are still in business.

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