auto notes - Posted by troy wood

Posted by John Merchant on June 05, 2011 at 14:34:12:

A visit with a local used car dealer, one who finances his own cars,
would teach you a lot about this area. A car dealer friend of mine has
taught me a lot about car business, financing, etc.

auto notes - Posted by troy wood

Posted by troy wood on May 08, 2011 at 20:01:24:

I am investing in buy here pay here car notes. I am getting 50 cents on the dollar. What should i be looking for? Will I need to see the companies books?
Is any one willing to mentor in this area? I would be willing to pay for an education.
Thanks for reading this post.

Re: auto notes - Posted by Leslie Arnold

Posted by Leslie Arnold on May 30, 2011 at 16:53:29:

HI Troy,

I haven’t actually bought any car notes, but I did do some research into the idea of buying cars and selling them on notes. I’ve also bought some mobile home notes and done some short term lending to people with bad credit. If you will email me, I will be glad to share some of the hard lessons I’ve learned.

Leslie

One way or the other… - Posted by Rick, the Probate Guy

Posted by Rick, the Probate Guy on May 08, 2011 at 23:40:09:

You’ll certainly pay for the education. Auto paper is pretty far from being relevent for any of these boards.

I would read Lonnie Scruggs books on mobile home notes (Deals on Wheels, etc.) Concepts like compound interest, deal structure and time-value of money in addition to the basics of asset (security) value, title, collection and marketing (both for product and borrowers).

Should not be confused with “Deals in High Heels.” Not the same.

Try Googling ‘car paper’ and see what you get. My guess is you’ll make a lot more money financing shelter than hot wheels.

Re: auto notes - Posted by dave

Posted by dave on June 23, 2011 at 23:54:14:

I forgot to add this to my prior post. My friend said that about half his notes did not perform as agreed and that the other half that did at least 1/3 of those notes would wind up having to be extended in some cases.
This is why he quit was the lack of quality of buyers.