AboutJeremy Beck Expertise I can answer any question as it relates to the purchase or lease of a new or pre-owned vehicle. I can give you advice in purchasing from a franchised dealer or private party. Buying a vehicle can be a very difficult and frustrating experience, but it doesn't have to. Know before you Go! Let me help you with any of your questions.
Experience I have been in the automotive business for 10 years. I have held every position from salesperson, Finance Manager, New Sales Manager, Used Car Sales Manager, Finance Director, and Director of Sales and Finance. I graduated from the University of Texas with a major in Business Administration, and have held many sales jobs in the automotive sector. I am a member of the Association of Finance and Insurance Professionals (AFIP). I have also been trained by some of the best schools in the business including JM&A, Ethos, VT/AIG, Inc, and various others.
Question please is it possible for me to be in contract with a bank, whereby the bank buys a new car for me from an auto dealer,then i pay back the money to the bank through monthly installment payment for some given years.if so, how much would the bank sell it(the car) if they bought it for let say $40,000. Thank you.
Answer Jamil
Thanks for your question. The answer depends on your bank. There are banks or credit unions that will buy the car you want from a dealer and then sell it to you but I can't tell you if your bank will. You generally have to be a member of that bank for them to offer that service to you. There isn't a bank that does it that I know of without you being a member of that institution. Now as far as the profit that the bank will make o. You. That also depends on the bank but it is usually $600 to $1000 over what they paid for it.
