How To Get That Car With Little Or No Credit

Table of Contents
Introduction
Step 1: Where to Find The Vehicle of Your Choice
Step 2: Making the Initial Contact (Common Questions and Answers)
Step 3: The Face to Face Presentation
Step 4: Closing the Deal
Step 5: Paperwork and Insurance
Definitions 17
Suggested "Assignment Agreement"
Telephone Information Sheet
Assignees Responsibilities
Power of Attorney
Uniform Commercial Code, Article 9, Section 311
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How To Buy A Car Richard Dean
INTRODUCTION
THE CONCEPT
PROBLEM: A person has a car he no longer can afford. It may be about to be repossessed.
PROBLEM: Another person has a "Bad Credit" history and cannot buy a car, but can well afford to make
the payment on a recent model vehicle.
SIMPLE SOLUTION: Put these two people together. One person will assume the other persons payments
and insurance.
NEW COMPANIES EMERGED
A few years ago an industry emerged that served the needs of individuals who have had past credit
problems, but can now afford monthly car payments. These companies helped people with past credit
problems such as:
Bankruptcy
Repossession
Judgments
Divorce
Medical Bills
No Past Credit History
Late Payments
Many Other Problems
These setbacks are held against these individuals by lending institutions for up to seven years.
WHAT THESE COMPANIES DO
These companies would find vehicle owners who can no longer afford their monthly payments. These
owners would gladly allow someone to take over payments on their vehicle in order to save their credit,
with no credit check.
SAVE $1,500/$3,000
These companies charge the Buyer/Assignee between $1,500.00 and $3,000.00 for their services just to
put these two parties together, without doing a credit check.
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How To Buy A Car Richard Dean
This information package gives you all the simple secrets on how these companies perform their services.
You can save the $1,500.00 to $3,000.00 fee that they would typically charge.
PERSISTENCE
With your persistence and guidelines in this information package, you can get the recent model vehicle
that you want, without paying any fees or down payment.
(NOTE: This information will not assist you in going to a new or used car dealership to get a car. This
information is intended to target individuals wishing to sell their vehicles to an individual buyer, one on
one.)
THE SELLERS DIFFICULTIES
Ideally, these sellers would like to sell their vehicle for the bank payoff amount. Several factors may be
preventing them from doing this:
A. They have high mileage.
B. They are unable to show their vehicle to a prospective buyer (because of work, school or other
conflicting situations).
C. They are in an area experiencing a soft used car market.
D. They put very little money down when they bought the car and still owe more than the book value
amount indicated.
E. They financed their car for a long period of time (6072 months) and have not built enough equity in the
vehicle.
F. The biggest reason is they cannot sell their vehicle because they simply owe more on the vehicle than
the vehicle is worth.
THE OWNERS CHOICES
A. They can sell their car for market value, then pay the lien holder the difference of what they owe, (in
cash). This could cost the owner several thousands of dollars up front.
B. The second choice, which has recently gained in popularity, is letting the car go back to the lien holder.
(If the dreaded repossession choice is used, the owner will have a seriously damaged credit history for
seven years.)
YOU AND THE OWNER CAN HELP EACH OTHER
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How To Buy A Car Richard Dean
You help the owner by taking over his or her monthly obligations (car payments and insurance), and the
owner helps you by putting you into a recent model vehicle. You both help the lien holder because you
will be making the payments on time and the lien holder will not have to take a big loss on the vehicle by
repossessing it.
SUGGESTED ASSIGNMENT AGREEMENT
The Suggested Assignment Agreement included in this information package is a suggested agreement
only. There may be provisions added to or deleted from the agreement between you and the assignor
(owner) to make the transaction acceptable to you both, but remember, it is intended for you to use as a
guideline only. The Assignment Agreement is between you and the owner of the vehicle. The vehicle
remains titled in the owners name until all payments are made and the original loan is paid off. At this
time, according to your Assignment Agreement with the owner, he/she has