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Certified Used (CPO)
Feb 18, 2009 (2:08 pm)
A reporter would like to speak to someone who has recently bought a certified pre-owned vehicle after an extensive amount of research. Please respond by Friday, February 20, 2009 to jfallonedmunds.com with your daytime contact info and a few words about your choice.
#663 of 696 CPO Documentation
Dec 06, 2009 (10:53 pm)
When a dealer "certifies" a pre-owned vehicle. Should we expect a formal documentation acknowledging the Warranty of the vehicle up to a certain mileage, say 100,000. Should the documentation also include the details of what's covered and what's not?
I'm concerned that even if the car is certified, I might have problems with filing claims should problems arise in the future. Thanks in advance for your feedback.
#664 of 696 Re: CPO Documentation [tencom]
Dec 09, 2009 (8:57 pm)
First let me direct you to www.carbuyingtips.com. I am not affiliated with the site in any way, but whenever I am about to buy a car, I re-read everything, it's a great resource.
Yes - when a dealer "certifies" a pre owned vehicle, 1) it should be written on your Sales Agreement, in addition to make/model and year, it should also be written that the car is CPO (Certified Pre-Owned). This means the dealership went thru anywhere from 120 to 161 points of inspection before certifying the car. 2) Most dealerships should have prepared brochures re: their CPO coverage. For example most things like wear and tear are NOT covered, (tires, brakes, oil changes) but engine repairs are. A dealers website will can give you what specifically their CPO coverage includes, mileage etc.
#668 of 696 Downpayment on a 2008 CPO BMW 528i
Nov 27, 2010 (1:06 pm)
I am in the market for a car. I have been looking at the BMW 528i RWD. I found one I like with extremely low milage. While talking to the woman in finance she told me that I would have to put down a 10% downpayment because the last time I had a car note was so long ago that BMWFS considers me a 1st time buyer. She also shared with me thatno matter where I go or what I buy any finance company will require a 10% downpayment. Is this true?
#669 of 696 Re: Downpayment on a 2008 CPO BMW 528i [jshereed]
Nov 27, 2010 (4:37 pm)
How long ago did you have your last car loan? I went 22 years between car loans and got 100% financing just for the asking. My credit score was about 800 out of possible 850. How's your credit? Any black marks?
They sound like they're being a little snotty. Why not tell them you'll meet them half way--you'll put down 10% if they drop the price 10%.
#670 of 696 Re: Downpayment on a 2008 CPO BMW 528i [jshereed]
Nov 29, 2010 (4:08 am)
Simple fact is: a lender will lend you what the car is worth. That way, they are covered in case you default. My gut says the car is overpriced and that is why you have to put down 10% (to cover the hole you will be in and protect the lender).
Depends on the lender how far they will go. Some use KBB, some use NADA, some use a crystal ball. I can say that, on my past 3 cars, my credit union has told me up front what they feel the car is worth and I've been buying them from dealers for far less than that.
#671 of 696 Re: Downpayment on a 2008 CPO BMW 528i [oldfarmer50]
Nov 30, 2010 (11:50 am)
My credit score was about 800 out of possible 850.
And you call yourself a farmer.....