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5 tips to use a car-buying service Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial decisions by providing you with financial calculators and interactive tools that provide objective and original content. This allows you to conduct your own research and compare information for free and help you make sound financial decisions. Bankrate has agreements with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The products that are featured on this site come from companies that compensate us. This compensation may impact how and where products appear on this site, including such things as the order in which they may appear within the listing categories and other categories, unless prohibited by law. This applies to our loans, mortgages, and other home lending products. This compensation, however, does not influence the content we publish or the reviews you see on this site. We do not include the vast array of companies or financial deals that could be available to you. SHARE Skynesher/Getty Images
4 min read Published June 15, 2022
Jackie Lam Written Jackie Lam Written by Contributing writer Jackie Lam is a contributing writer for Bankrate. Jackie writes about auto loans. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to manage their finances through providing precise, well-studied information that breaks down complicated topics into bite-sized pieces. The Bankrate guarantee
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We receive compensation for the placement of sponsored products and services or by you clicking on certain links posted on our website. This compensation could affect the way, location and in what order products appear in listing categories in the event that they are not permitted by law. This is the case for our mortgage home equity, mortgage and other home loan products. Other elements, such as our own rules for our website and whether the product is available in the area you reside in or is within your self-selected credit score range could also affect the way and place products are listed on this website. We strive to provide an array of offers, Bankrate does not include the details of every financial or credit product or service. If you don’t like the thought of haggling with a dealer about the cost for a brand new car, a car-buying service could be a good alternative. You can do it from the comfort at home, and some car purchasing services could offer options to keep more money in your pocket. What are the best car buying services for you? The process of negotiating with dealerships can be intimidating. If the fear of a bad deal has kept you away from checking out dealerships, a car buying service can be a good alternative for you. There are two main kinds of car-buying options such as Membership-based and concierge services. Concierge service can help you determine the cost of the car and make the car-buying process easier for you, like delivery of the car to your home or to the nearest center so you can test drive it prior to purchasing. Many organizations, such as AAA warehouse clubs, warehouse clubs, and others, offer car buying services to members free of cost, says John Nielsen, managing director of auto engineering and repairs for the AAA headquarters located in Heathrow, Florida. Nielsen says buyers who use these car-buying services can save thousands of dollars off their purchases. «I have friends who purchased the car through the program, and saved $2600,» he says. Though shoppers have the potential to save a good deal of dollars, not all car buying services are the same, according to Lauren Fix, founder of The Car Coach and Car Smarts and expert in consumer automobiles. She says consumers need to be aware of what the service can gain from these deals and if their objectives are similar to yours. Tips for using a car buying service If a service for buying cars seems right for you, consider these tips prior to pursuing one. 1. Businesses offer negotiation and convenience Car-buying services are designed for buyers who have a tight schedule and can’t find and , as Fix explains. For example, Carvana, a popular car-buying company, has fixed prices and can bring the car to your residence to allow you to test drive it over the course of seven days. Costs can vary and some services charge a percentage of price of the car. At Meriwest Credit Union in San Jose, California, members can take advantage of its Autoland car buying service. Using the service allows them to barely interact with anyone from a dealership, says William Fultz, an auto broker at Meriwest Credit Union. Members are paired with an expert in auto finance who negotiates the price of your car on your behalf and collaborate together to get a car loan by Meriwest Credit Union. 2. These services are typically available to only members. If you’re a participant in AAA, AARP, Costco, Sam’s Club or a credit union, you could be eligible to avail their free car-buying services. Each program is different and some provide the option of negotiating the cost of a car for you, while others provide pre-negotiated fixed rates. Certain clubs and associations may have discounts, additional benefits and incentives offered by car makers exclusively to their members. 3. Buyers should do their homework Before working with an auto-buying service, Fix suggests browsing websites for auto research like Edmunds and Kelley Blue Book, to find the median price for your desired car within your region. Another benefit to doing your homework upfront is that buyers will know what they want before they contact the service firm, Nielsen says. «It’s difficult to guide you if you’re looking at Minivans, Sports Cars or convertibles all at the simultaneously,» he says. Nielsen suggests narrowing down your options to the top two or three choices, including models, makes, colors and choices, prior to contacting the car buying service. «Think about the kind of car you really would like to purchase and how much you want to spend,» he says. If a business has this data, it can be more efficient in finding the car you’re looking for at a reasonable price. 4. Understand how car-buying services get paid for. While these services may be free for members, they are included in any membership fees. As for concierge service, they might charge a flat rate or a percentage of the value of the vehicle. The car buying service usually negotiates lower rates with dealers due to the volume of sales the dealership can earn through this process, and they can pass along the savings to the buyer. However, buyers must be aware that they may be directed by the company them to dealers who they’ve established a working relationship, she adds. «You should check to see if you are getting the best price,» Fix says. Fultz believes referral fees could never be the primary benefit the companies get. Credit unions usually offer car-buying services as they improve the customer’s relationship with the financial institution. «It keeps our loans inside the bank on a more frequent base,» he says. «It is beneficial to our membership, as well as dealers.» 5. Be aware of the return policy. Consumers must ensure they know the policy regarding customer satisfaction prior to when they buy the vehicle or car, Fix says. In the event that you don’t, you could be stuck with a major purchase that you’re not satisfied with. You can check out the car-buying service platform’s website, or call customer support to inquire about what the return policy is. Besides how many days you’re allowed to use after purchasing the car in order to take it back, check for any limit to the amount of miles you can drive. If you exceed the limit, you most likely will have to pay for every mile over the limit. In general, the vehicle cannot be returned damaged or modified — it must be in the same state as it was when it was handed over to you. The main point to remember is that using the car buying services could be a good option if aren’t looking to negotiate with an agent on the lot, would rather avoid stepping foot in a car dealership or if you’re short on time. Before you call to make a decision, you should do your research and study the specifics such as researching the charges involved, as well as the policy for returning a car purchased through a service. Find out more
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Written by a contributing writer Jackie Lam is a contributing writer for Bankrate. Jackie is a writer on auto loans. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are dedicated to helping readers gain confidence to take control of their finances through providing clear, well-researched information that break down complex topics into digestible chunks.
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