Skip to content
Jean Fortin - Syndic autorisé en insolvabilité
Estimate your debt percentage
Explore solutions
Meet our consultants

November 20, 2017

More and more in the media, we get the impression that ads put more emphasis on credit than on the goods they sell!

Indeed, the key to selling more is now financing, especially in the field of used cars. Are you looking to purchase one? Here are the traps to avoid:

  • A vehicle sale price higher than its true market value;
  • Overpriced warranties and insurance;
  • Interest rates between 20% and 30%;
  • Be careful! By making weekly payments instead of monthly ones, the buyer does not always realize the excessive cost of their purchase…

Remember!

  • Before signing a purchase agreement for a used vehicle, take 48 hours to think about it and seek advice from friends or coworkers. Quite often, a third party’s emotional detachment will help you see details that may have escaped your notice in the heat of the moment. Once the contract has been signed, you will be faced with payment obligations for many years. Therefore, don’t make a hasty decision that may make you regret your purchase in the future.
  • At all costs, avoid refinancing the unpaid debt of your old vehicle to purchase the new one. Salesmen will offer this option to convince you to buy “their” vehicle; it is a sales strategy that we see more and more often. However, the clients then find themselves having to make huge monthly payments on low-value vehicles;
  • It is sometimes preferable to keep a vehicle that we have owned for a long time - and whose condition we know - than to buy a used vehicle whose future repair needs are unknown.

For any more information, do not hesitate to contact us at 1 877 777-2433.

Happy shopping!

Back to Blog

Consumer Choice Award - 3 consecutive years

1 877 777-2433

Toll free,
free consultation

Make an appointment online

© 2018 Jean Fortin & Associés - Licensed trustee in insolvency.