Tag Archives: Wisconsin

Auto Financing 101- John Amato Hyundai Milwaukee

When choosing auto financing the cutomer may have two options : direct lending or dealership financing

Direct Lending may offer you 

  • Comparisons- You have the chance to shop around and ask lenders directly about their terms before you agree to purchase a specific vehicle
  • Credit terms in advance – By getting financing before you purchase a vehicle, you will know your rate and terms when you start your shopping

Dealership Financing 

In dealership offered financing, you get your financing through the dealership where you are purchasing your vehicle.  You and a dealer will enter into a contract where you buy a vehicle and agree to pay the amount financed and the finance charge.  The dealer may in return the contract to the bank , finance company or credit union, that services the account and collects your payments.

Dealership financing may offer you:

  • Convenience- Dealers offer vehicles and financing in one location, and often have extended hours including evenings and weekends
  • Multiple financing options – The dealer’s relationships with multiple banks and finance companies may mean it can offer you a range of financing choices
  • Special Programs – Dealers sometimes offer manufacturer-sponsored, low-rate or incentive programs to buyers.  The programs may be limited to certain vehicles or may have special requirements, like a larger down payment or shorter contract length.  These programs might be only certain credit rating statuses.

Before you Buy or Lease a Vehicle.

Determine How Much you Can Afford

Before you finance or lease a vehicle, take a look at your current financial situation to make sure you have enough income to cover your monthly living expenses.  Then, if you want to finance a vehicle, know the total amount you will pay.  This will depend on several factors, including the price you negotiate for the vehicle, the Annual Percentage Rate (APR), which may be negotiable, and the length of the credit contract.

 

Finance or lease a vehicle only when you are able to take on a new obligation.  Check the overall cost of the purchase of lease.  Consider the monthly payment in finance or lease negotiations.

The only time to consider taking on additional debt is when you are spending less than you take home.  The additional debt load should not cut into any amount you have committed to saving for emergencies and other top priorities.  Saving for a down payment or trading in a vehicle can reduce the amount you need to finance and reduce your financing costs.  In some cases, your trade in vehicle will take care of the down payment ton your new vehicle.

If you owe more on your vehicle then its market value, you have negative equity in your vehicle.  This is a consideration if you plan to use your vehicle as a trade in. The longer your new credit contract, the longer it will be before you have positive equity in the new vehicle – that is, before it is worth more than you owe.  If you have negative equity, you may need a bigger down payment to try and cover some of the inequity in you current vehicle and to get a qualification loan call from a lender.  If you take all of the negative equity into your new loan, your monthly payments will increase.   If you have negative equity, consider paying down the debt before you purchase another vehicle.

When You Apply For Financing 

Most dealerships have a Fiance and Insurance (F&I) Department that will explain to you your fiancneing options.  The F&I Deparment mangaer will ask you to complete a credit application that will include :

  • Name
  • Social Security Number
  • Date of Birth
  • Current place of residence and length of stay
  • Current and previous places of employment and length
  • Occupation
  • Sources of Income
  • Total Gross Monthly Income
  • Current Debt Obligations

Most dealerships will get a copy of your credit report, which has information about your current and past credit obligations,  your payment record, and data from public records.  For each account, you credit report shows your account number, the type and terms of the accounts and the credit limit.  This also includes Credit limits, most recent payments and balances owed.  This also includes creditors summary of past due information, legal steps and and any collection obligations

The dealership will submit your application of credit to one or more potential lending institutions.  They will determine their willingness to buy your contract

The finance company will evaluate your credit application using automatic techniques, like credit scoring, where the factors like your credit history, length of employment, income and expenses may be weighed and scored

The potential lender will not deal directly with the customer when you finance through a dealer.  It bases its evaluation on your credit report and credit score, the completed credit application, and the terms of the sale, including trade in or down payment.  The potential lender will decide whether it is willing to buy the contract, notifies the dealership of its decision along with their stipulations of the loan and guidelines

Your dealership may offer manufacture incentives, such as reduced finance rates or cash back on certain models.  The dealer will also check to see if you qualify for any additional rebates or cash back.  Generally these discounted rates are non negotiable, and it may be limited by the consumer’s credit history, and may be available only on certain makes and models

Dealers who promote rebates, discounts or special prices will show you if or how you qualify for the incentives or discounts.  For example, some offers may include recent college graduates, military members etc.  These are set by the manufacturer passed to the dealer and the consumer must meet the requirements to gain the extra rebate.

 

 

 

 

Auto Loan Pre- Approval Instantly

Auto Loan Instant Pre- Approval serving Milwaukee Waukesha Areas at John Amato Hyundai Superstore

While many consumers are familiar with bad or blemished credit, they do not have as many options to auto loans as others.

Here at John Amato Hyundai Superstore, we are one of the exclusive dealerships in the Milwaukee area that can give you an instant decision for Pre-Approval.

In order to bridge the gap for many consumers, John Amato Hyundai Superstore offers our consumers with more options.  Most dealerships only use banks or major lenders for people with ‘prime” credit.  Here at John Amato Hyundai we give people more options.  Not only do we work with those lending companies, we have built relationships with third party lenders and have our own in house financing available.

Other dealers are not flexible or understanding when it comes to dealing with customers who have had complicated credit situations.  John Amato Hyundai specializes in it including bankruptcy and repossession.  We are here to help you rebuild and reestablish your credit.

How can we help you?

Here at John Amato Hyundai Superstore, we have been assisting people with credit issues for over 25 years.  We work with you and your credit along with our new Instant Pre Approval for Auto Loans to get you driving quicker and easier than before We also report to the major credit bureaus to get you re established and back on track to rebuild your credit.  So when it comes around to trading in your vehicle, you will have more options when it comes to auto loan.

So if you are serious about getting a vehicle and getting your credit back on track, begin with your Auto Loan Instant Pre Approval.

John Amato Hyundai Superstore – Driven to make you Happy

 

 

Ten Reasons to Purchase a 2016 Hyundai Elantra

The 2016 Hyundai Elantra is gaining ground in it’s class. It has been named a great alternative to a full size sedan.  In terms of safety rating the 2016 Hyundai Elantra still remains one of the safest rides in its price range

Here are 10 reasons to purchase the 2016 Hyundai Elantra

1.   Safety rating –

The Hyundai Elantra has superior crash test scores  and it received a 5 star safety rating.  Hyundai equipped the Elantra with side impact beams which helps protect all passengers.  The other safety features include, Hillstart assist control, electronic stability control and anti-lock braking system

2.  Economical Price Point –

The Hyundai Elantra is quite affordable.  The base price starts right around $18000 with the loaded Limited can bring you right around $22600

3.  Styling-

Appearance alone, the Hyundai Elantra is quite stylish.  The Elantra has a sleek design which is visually impressive.

4.  Interior Room –

The Hyundai Elantra has more standard interior room than the Honda Civic and the Toyota Corolla.  When needed, the rear seats can be folded down to further increase the cargo space.

5.  More Standard Features –

In the SE Model alone some of the standard features include: Bluetooth technology, Keyless entry, USB Port, 172 watt audio system. When stepping up to the Sport  you get push button start, heated seats and more

6.  Sports like handling-

The 2016 Elantra Sport is equipped with performance- tuned suspension system that handles the road better.  It also comes with 17 inch performance tires.

7.  Optional Engine-

With the choice of the 1.8 liter or the 2.0 liter engine this little 4 cylinder can push out 173 horsepower.

8.  Gas Economy-

With the budget minded vehicle shopper the 2016 Hyundai Elantra soars with outstanding gas mileage. The highway fuel economy rating is up to 38 mpg.  Even if the customer chooses the 2.0 engine the mpg is an impressive 34

9.   Hyundai’s Versatile Automatic Transmission-

Even though Hyundai offers a smooth-shifting manual gearbox, the Shiftronic 6 speed automatic transmission will appeal to most of the consumers.  In an effort to maximize the sedan’s fuel efficiency, Hyundai designed the transmission with an effective Active ECO system.  The Shiftronic transmission versatility enables drivers to save fuel without sacrificing the performance

10. Driver Select Steering Mode-

Every 2016 Hyundai Elantra comes standard with the Driver Select Steering Mode system.  This allows drivers to choose what mode they wish to drive their vehicle in .  Hyundai drivers can choose between comfort mode, sport mode and normal mode.

 

There is no better time to drive a Hyundai Elantra.  Test Drive yours today at John Amato Hyundai Superstore in Milwaukee Wi

 

 

 

 

Warranty Forever at John Amato Hyundai Superstore

Warranty Forever is a Lifetime Powertrain Coverage offered exclusively for Southeast Wisconsin at Amato Automotive Group

 

Warranty Forever explanation

Here at Amato Automotive we are confident in our inventory that we have included a Lifetime Powertrain Warranty on almost every preowned vehicle under 100,000 miles.  The best part of the program that it is at no cost to  the consumer

How does Warranty Forever Work?

  • There is NO Deductible
  • It covers 100% of Parts AND Labor
  • There is no maximum mileage or term you put on your vehicle
  • Just keep the maintenance up to date per manufacturer recommendations

So it does not matter how many years you own your vehicle or how many miles you drive…. You Are Covered

If  you ever have a powertrain failure that ends up costing more than what your vehicle is worth, we will write a check for the Full NADA Retail value at that time, and you get to keep your vehicle.

Ask yourself  What other dealer do you know that is wiling to guarantee their vehicle like that

Stop in at Amato Automotive – Where we are Driven to make you happy