So i got a call about my mustang today from this guy who was interested in reselling it.

here is what i figure the general gist of the thing is this..

Bob wants to sell his car, and he owes more than what it is worth.

Jon wants to buy a nice car, and he can make the payments, but his credit is shitty and nobody will finance him.

So, bob gets Preferred Auto Management and they agree to resell his car, they take his car, and they sell his car to Jon. They come up with a mileage cap that Jon is restricted to, and they garauntee payments will be made to Bob's auto loan (because the loan is still in his name)

Some how Prederred Auto management gets paid in the whole process, Bob manages to get out of his auto payments but retains the loan and continued payments to his loan from Jon through Prefferred Auto Loan which is good for his credit, Meanwhile Jon gets a car he normally couldnt get, has the ability to work on his loan and credit, untill a determined time where the actual car sale is made good after maybe several years, and Jon then buys Bobs Car.


Has anyone heared of this? is this how this stuff works? Has anyone had any experience with this? im really curious. It sounds like an easy way to get out of a car payment. But in a world of scams this seems fishy, im trying to figure out what the catch is.

https://www.preferredautomanagement.com/

 

Never heard of it, but my first thought is scam.

 

Money up front .

 

no kiddin.... they have an actual address here in denver though. thier own shop, website, etc.

not a good idea to pull a scam if the person yer scamming can come to your business with a shotgun and get things settled.

lol

 

 

The bottom line is Jon has bad credit and noone will finance him. Call or look up this company from the BBB in Denver to see if they have issues or complaints.. I wouldn't do business with them unless I had a bunch more info.

 

I'd be scared something would happen if Jon stopped making payments. I'd be VERY wary.

 

Sounds like a scam to me!

 

they claim to garauntee the car payments will be met on time.

im gonna look into this. See what kind of garauntees there are, etc, try to find some customer testamonials, even check the BBB.

I told my wife about it and she said she hears ads for them on the radio quite a bit.

 

ask to see a contract and run it by an attorney. Look into them financially and see what you find. If its legit, take a good hard look, in this day anything is possible.

 

Couple of thoughts....

This is bad on soo many levels, I don't know where to start....

Unless you can walk away from the loan free and cear, I would run from this! As soon as the other guy stops making payments, you are stuck back with the car that someone else has been driving. Not to mention, YOUR bank will have serious issues with this and is probably a breach of your contract.

 

yer probably right.

yah, i really just want to be out of the loan clear and free.

i got an autotrader ad up now.

 

Hey Dude i was going through the lounge an' seen your post about a saleen for auto management thing. I have had my 04 c5 listed with a company called mlleasing for 3 years now it's been a pretty smooth transaction so far, you can check them out at WWW.MLLEASING.Com....... Good luck with sale bro.