Has anyone used an auto broker to purchase a new vehicle?

If so, can you provide your opinion of the experience?

 

We did once. A close friend referred us to him and had previously bought 4 cars from him and never had a problem so we gave it a shot.

We traded in an MDX for our RX with him. All the numbers looked good and he delivered the RX to us, did the paperwork at our house, took the MDX, and we thought all was over with.

He then took 2-3 months to pay off the MDX. He also got arrested a few months after for opening something like 92 loans with people's information, keeping the money and not paying off the cars, and keeping their down payments. Two people we referred to him were victims. He "allegedly" stole millions.

I'm sure not all auto brokers are the same, but I will NEVER EVER EVER EVER EVER use an auto broker again, no matter what price they can get me.

 

[QUOTE=95bat;10791477He also got arrested a few months after for opening something like 92 loans with people's information, keeping the money and not paying off the cars, and keeping their down payments. Two people we referred to him were victims. He "allegedly" stole millions.[/QUOTE]

...it doesn't make him a bad guy.

 

I don't see how you can let one person color your perception of an entire industry.

I haven't used one, but I'm thinking about it next time.

 

I'm glad you can experience something traumatic and just keep on trucking. I sure can't. When my whole world is turned upside down for years because of one person that definitely changes my views. I'm sure there are honest brokers out there, but it just isn't worth the risk to me.

This guy put people under tens of thousands of dollars of added debt. Some people lost over a hundred thousand, my sister-in-law being one of them. They paid for two vehicles in cash and he kept the cash and took out loans for both vehicles in their names and kept the loans too. Dealerships never got paid for cars. No deal a broker can get me is worth the extra risk of getting financially sodomized. I'll buy from a dealership for the extra security, even with the extra cost.

 

Anyone investing with Bernie these days🤔🤔

 

Sorry to hear about that shady broker.

My 2 cents have been as follows after using one:

Brokers offer a service, and its up to you to put a value amount on their service. I cant tell you if your broker is great or a walking circus, but what I can offer is that ask your broker some simple questions:

1) How do you operate?
Remotely in person etc etc. My broker did everything via email and then met me at the dealership to walk me through my numbers just in case. His policy was no sensitive information goes through him, the dealership is better placed on that respect. If the broker is handling any information, walk away unless they have safeguards in place.

2) Ask them how they can help?
First thing my broker asked even before the fee, was where I was deal wise; he said if you already at the floor of the vehicle, why waste money on his services.

3) What happens to the broker fee if the dealership falls through?

4) If you decide to go with a broker, make sure everything is taken care of by all parties involved. Dont assume anything until its documented with the respective companies


My take away is that every field has their pros and their cons , and every situation is different.

 

No, but I invest money with other wealth managers.

A finance manager at a dealership can be just as crooked as that broker, and I'm sure they have been over the years.

Here you go:

 

I don't believe that linking a story like that doesn't change your perception about who handles your sensitive personal information. Bad experiences should "color" your perception, it's called learning life lessons.

Either way, guess it really doesn't matter. If the OP trusts the broker they can give some great deals sometimes. We got a great deal on our RX, and got extremely fortunate he didn't decide to wreck our lives

 

My perception has never changed, ANYBODY who handles your personal information is a potential for identity theft/fraud. A car broker is no different than a dealer, or a mortgage lender, or a bank employee. Refusing to do business with a specific sort of professional because of one bad experience doesn't protect you because that sort of theft can happen from anywhere. Its akin to refusing to ever take out another mortgage because one mortgage processor stole your info, or no longer using bank accounts because it happened at a bank.

 

I suspect my identity was stolen at a local dealership but I can't prove it. Could be coincidence but they had too much financial info. On the flip side, I was able to get an excellent deal on a Mercedes from a broker who worked through a local dealer. He was able to get fleet pricing.

 

You are the second person I am aware of who was able to take advantage of fleet pricing.

I have a friend in Long Island who used an auto broker for his daughter in the Denver and he was able to pay for a vehicle for her with fleet pricing.

 

Before going to a broker have you done any research on what exact build you are looking for? Researched any pricing off popular websites like Truecar costco?
Thats the ceiling you should be paying.

 

Fleet pricing was about 13% off MSRP for our RX. Some people get better deals than that through dealerships... do what coolsaber said and check into Costco, etc. before buying!

 

Fleet pricing depends on how the cars are selling. Like anything else, you get better pricing if they have excess inventory. I got got a great deal on a MB E class with fleet pricing. A few years later, I couldn't get a good deal on an MB SUV. They were popular. You can probably match fleet pricing if you shop smart enough. It does take time though.

Buyer beware always holds. Don't hand over a lot of money to someone you can't trust 100%, especially now with the economic problems..