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Tips on Buying Cars/regarding our negative equity conversation

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hello again! apparently, there is a limit to how many follow up questions i can ask, so i had to start a new one! so my purchase payoff amount at the end of my lease is 10,800. i will be over my mileage and have discussed this with the dealership and TFS, and they advised me that excess mileage does NOT count against me if i buy the leased vehicle at the end or if i trade it in. it will however count against me if i walk away, which is why i don't want to do that. there is also a repeat customer discount i am eligible for because i have leased/financed with them already. unfortunately right after i got the leased car, my work relocated me very far so i knew from the beginning i would have excess mileage so that is why i have spoken with them many times regarding what happens with me being over my mileage. my fear, like i said before, is that the end of the lease will come and there will be no vehicle for me, whether it be this one or a new one.

Answer
The excess mileage will affect the cars value at the end of the lease for the purposes of trade in and or selling it outright on craigslist....BUT... not to worry there will be a vehicle for you ... and if you made all of your payments on time and never even 10 days late then there will always be financing for you thru TFS   I promise

Tips on Buying Cars

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Roger Alvey

Expertise

I can answer any question about the car buying process. I am a recognized industry expert on all issues regarding auto finance, including sub prime and buy here pay here financing, I can answer questions about car lock out systems, GPS monitoring by your bank, and about auto recovery methods and defenses. I am a 20 yr car industry expert and can tell you what to look for in a used car, how to negotiate the deal, help with how to market your own car, and how to negotiate with the internet department of any car store. I can tell you every single way the dealer is set up to beat you and how to avoid those traps, I can discuss all aftermarket and extended service contract products you will be offered in the finance process, I have lectured extensively on "The Best Way to Buy a Car" to civic groups and university students. I am a credit expert and can tell you what the dealer and banks are looking for and the rate you can expect to pay. HERE IS THE LINK TO MY OTHER ALLEXPERTS CATEGORIES WHERE I HAVE ANSWERED LOTS OF QUESTIONS http://www.allexperts.com/ep/3440-114948/Used-Cars/Roger-Alvey.htm HERE IS A LINK TO MY BLOG http://thecarguyz.wordpress.com/

Experience

20 years industry experience in top management of dealerships and dealer groups. Recognized industry expert since 2004 in the Top 10 industry experts for The Gerson Lehrman Groups Auto Industry Council. I also do consulting work for Atheneum Partners, Expert 360, Expert Connect and Coleman Research. I have been a franchise owner and understand all facets of the auto industry from the time the car leaves the factory until it leaves the lot with it's new owner. I have written training materials for both the prime and the subprime sales and finance process.

Organizations
NADA, OADA, NFIB, State Certified Used Car Appraiser

Publications
Special Finance Insider, Dealer, and Automotive News, Gerson Lehrman Group Auto Industry Council News (frequently)

Education/Credentials
Willamette University - Salem Oregon BA Economics Willamette University Graduate School of Business - Econometrics Statistics

Awards and Honors
GM's Award of (their most prestigious award) Given to Dealers who surpass their annual benchmark planning volume while also maintaining Top Box (top 5%) CSI

Past/Present Clients
Citadel Investment Group , Summit Partners US ,Broad Peak Investment Management, Nautic Partners, LLC, Hellman & Friedman Investors, L.P. and over 40 additional money managers, hedge funds and research groups

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