Category Archives: Ask an Expert

First time buyers information

Emma’s situation

First time buyer fresh out school, Emma needs a car and Emma wants to get a loan. How does Emma get financed?

What does Emma do? What does Emma need to know? Where does Emma turn for advice? Is her dream car possible?

Happy car buyer

Emma has just completed her College Education and has landed herself a full time position in a well established Dental Office which means she’s ready to sign the line on one of the biggest purchases in her life this far, but where does she begin, what are her car buying options?

A new car loan, large monthly payment and heavy debt? A cheap cash vehicle that may leave her stranded? Or a low kilometre used car with full warranty that Emma can afford and owe a lot less!

Emma’s Options

Emma’s two options were both heavily weighed. Buying a used car off Kijiji seemed to be the cheapest route at first until she was educated in just how simple & mind easing it would be to buy from the right trusted dealer. She learned that she could buy a used car with low payments that fit her budget & have no worries of repairs or breakdown costs due to warranty on the vehicle.

“At first, I had an impression in my head of a car salesman, one who only wants to see money in their pocket and doesn’t truly care what kind of situation this purchase would put me in for the long haul. I was proven to be wrong once I sat and spoke with the right one.”

Bought used vehicle

Emma Knew

Emma knew all to well that buying the “too good to be true” vehicle privately, could only cause her more grief and money lost. In the end, by taking the chance on a car that is not road worthy in a few months and still having to pay for. But what was her credit score and how was she to go about finding out?

While buying almost new from The Huggable Car Dealer Emma was educated first and foremost on her credit rating and had the options of extended warranty, GAP, & Walkaway. Life happens & it normally throws the punches when we are least expecting them and least prepared. Now knowing this, she decided she wanted to be as protected as possible so she felt secure in whatever comes her way.

 

Divorce does not have to Hurt your Credit

Divorce does not have to be a  catalyst for landing an ex-couple’s credit scores in the toilet. Yes, it can seem overwhelming but our skilled Finance Team Managers Rapid Discrete Financing can help you secure low rate financing even if you are low on funds and need to buy a good safe car.

Even for those with severely damaged credit or no credit, period, all hope is not lost, says Jim Gilbert. Even if your credit is wrecked in the divorce, you still have options for financing a car,” says Jim” People with damaged credit or no credit will get the benefit of doubt with Rapid Pre-Approval at Wheels and Deals  auto financing.”

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In a divorce, any joint debt held by both spouses continues to be reported on both credit reports until the note is retired or one party’s name is removed from the contract, “says  Jim ” If you still have a joint auto loan on the vehicle your ex is keeping and supposed to be paying, that car payment affects your credit score and could affect your lender’s evaluation of your ability to take on another car payment,” he explains.

Consider working with your ex to remove your name from any outstanding debt, and the title to any vehicle you are attached to but no longer own. This will protect your credit score from your ex’s late or missed payments in the future.  Any negative history will impact your credit score for up to seven years. But if you understand the details of your credit history . Our properly trained financial services managers, can pull and review your credit history with you and be  able to make a stronger case for your qualifications as a borrower.

If you face a low credit score and an unreliable recent income history, it’s time to get down to business. Here’s a plan of attack for landing an auto loan with affordable terms:

Get Pre-Approved
Jim says try us  first Rapid Discrete Pre-Approvals   and give us the day to work for you and get you financed because in the event you shop  multiple dealers, each will create an inquiry on your credit report, which can impact your score.

Be a Loyal Customer
“Wheels and Deals can get you the lowest rate because it is less expensive for us sell to a loyal customer than to find a new one. Plus the banks love our high sales volumes which also lower your interest rates. You are a winner at Wheels and Deals.

Prove Your Income
Credit history aside, surprisingly most of the time our Finance Team at Wheels and Deals  Rapid Discrete Financing  can have your income verification waived.  Jim says. In nearly every divorce, each person’s income is lower than when they were a married couple. So this works in your favour to..

That said, income is income, and if you now receive spousal or child support, or recently landed a part-time job, the lender must consider it all equally.

Tell Your Story
Electronically generated credit scores are not the only factor in lending decisions. Humans have a say, too. “Tell us your story of what happened,” Jim says. “Let us help  prove that you have always been responsible and explain your recent change in credit history, that can go a long way.” Ps (We know what works)

By showing your credit and income history; records of consistent, on-time payments; and bank and loan documents proving a stable work history, it is easier to prove that your recent change in family status is indeed a temporary challenge.

Consider a Co-Signer
A solid last resort is to find a credit-worthy co-signer who is willing to help out. This person should have a stable history of credit, income and residence, as well as proof of the ability to cover the loan in the event you lapse. Immediate relatives — especially those who live nearby — are the most attractive to lenders, Jones says.

Do Not Despair
In most cases, people with no credit or poor credit do find reasonable financing for a car at Canada’s Huggable Car Dealer ( Lenders love us and our customers) . If you need to accept a loan with a high interest rate, you can always refinance or buy another vehicle under better terms in a few years when you are back on your feet and your credit has improved.

“I’ve seen people go from qualifying for terms of 16 percent APR to 4 percent APR in two years,” Jim says. Again, sticking with us,  Wheels and Deals during this transition period can better your chances of graduating into more attractive terms.

And remember: The negative impact of divorce, like most things in life, does not have to last forever. In fact, the Credit.com survey found that 37 percent of respondents saw their credit score improve post-divorce.

Ask the Professional, What questions should I ask before buying a vhicle?

Ask the Professional as read in the Fredericton Daily Gleaner, Jim Gilbert President of Wheels and Deals has been the leader in the Used Vehicle Business for 36 years..

I feel asking questions is very important when making a large purchases, unfortunately people have been know to hide and mislead. The best thing to do when buying a vehicle is ask for the CarProof, read it verify it and buy from a reputable dealer Used or New..  not everyone is Huggable like us.. Hugs Jim

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At Wheels and Deals we pull, review, share and have on file for your immediate scrutiny a CarProof for every vehicle.

Heck we will not even pay for a vehicle that we purchased before we verify the CarProof History  report is a OK.

Here are just a few examples of why CarProof has earned the reputation of being the #1 trusted source in Canada.

Don’t miss out on crucial data that the other providers don’t have:

  • test-driveOnly CarProof searches for live, real-time data the moment you order a report.
  • test-driveWe’re Canadian! Our #1 priority is accurate Canadian data and we offer complete U.S. history too.
  • test-drive Only CarProof can offer live customer support. Call, email or use the Live Chat function on our website.
  • test-driveOnly our reports provide accident history, guaranteed enforceable liens from across Canada, registration and branding details and more!

The Importance of a Guaranteed Motor Vehicle Inspection…..

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Jim Gilbert Canada’s Huggable Car Dealer: Has been a Fredericton Daily Gleaner Ask A Professional for over 10 years…

Recently I was asked in my Ask A Professional Column in the Fredericton Daily Gleaner how important it is to make sure you have a proper MVI or an MVI guarantee from a selling dealer or an individual for that matter.

What I have seen over my 36 years buying and selling vehicles in Fredericton. Is when people are buying a vehicle here or there, thinking their saving money by sometimes getting a cheaper price elsewhere or buying a much higher kilometre vehicle. Usually it only only takes weeks and never more than a few months before I get a call and a hear a very sad voice that say’s “Jim, I should have bought from you, the car I bought from another dealer is only 2 months old and it already needs $1500.00 worth of work. I do not have the money to pay for the hidden repairs of Tires, brakes etc. “What can I do?”.

I think to myself we told you so, we even showed you what we do different but you were lead to believe you were saving $800. and now you are stuck shelling out $1500.00. you didn’t plan or money you do not have.  Worst part is before years end you will be spending more again.

At Wheels and Deals we give you a 20/50/365 day Guarantee, yes we guarantee all our MVI’s for 20,000 Kilometres, 50/50, for one full year (365 days). I personally make it well known through out Jim Gilberts Wheels and Deals that I want and demand all vehicles inspected 200% above industry standard. Not like other car dealers that as long as it passes to day that is ok. I demand that Canada’s Huggable Car Dealer’s vehicles  pass for a year or I will pay half of any repair you may need in your first year. Along with the fact that all our vehicles carry the balance of factor warranties, you should be pleasantly impressed with your no or low cost Wheels and Deals vehicle.

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How do I do it? It is simple, I see your car different, I want you and all our customers as repeat and referral customers, we want you back, we need your family and friends to sing our praises, enjoy their car buying experience and tell all their family and friends about how great we hugged them and looked after you. I want to spend my money on your vehicle that other dealers keep as profit, I, want to sell you again and again, we operate on way less profit but far more sales and guess what in the long run that equals more retained income for both of us. We are Happy, Huggable  and are in it for long term success and repeat, referred customers. Keep in mind we can repair our vehicles a lot less than you can repair yours once you buy. So when I spend an average of $1200.00  per vehicle extra, than the used car norm which is $200.00. You are receiving almost double that in value, yes my $1200.00 service that I do before you drive away could cost you $1600. to $1800. at a local garage or a new car dealer with-in  months if you buy else where.   Hugs JIM

What customers say about us…..

From: Betts, Jeffrey (DNR/MRN)
Sent: Monday, May 11, 2015 1:06 PM
To: Chelsea Gilbert
Subject: RE: Thank You

Hi Chelsea,

I’d be more than happy to share with you our experience at Wheels and Deals.  My wife and I came in on Saturday April 25th and went home later that day with a 2014 Ford truck, a 2014 Ford Fusion  – and 2 bears.  It was a great day – very exciting!

 We’d had experiences with various dealerships in the past and to be honest, purchasing a car was not on the top of my favorite things to do list.  This was mainly because of the impersonal way we were treated even after years of dealing with the same companies.  They barely knew who we were when we walked in the door.  Customer loyalty means nothing to them.  Plus the fact that I’d always felt I could have done better “deal-wise”.  We’d come away with a new car but a not-so-great feeling about the whole experience.

 Wheels and Deals – we came across  vehicles on your web site, which is quite well done, by the way – called to make an appointment – Justin said “none needed, just come on in”.  When we arrived he met us at the door and started the day with a tour of the facility.  It is impressive.  I appreciated hearing about the inspection process that takes place on every vehicle you sell.  The cars are cleaned spotless inside and out and under the hood.  Test drive without the salesman – good.  After purchase service on a couple of minor issues – excellent!

 Justin Roy – a likeable guy right from the start with a whole ton of knowledge about every make and model and option in a car.  You can’t stick him on anything.  I enjoy dealing with experts and Justin fits that description very well.  I’m sure I asked a lot of questions, some of them quite basic and he was always eager to share his knowledge without talking down to me.  My wife commented later how she liked that he answered her directly and didn’t practice the “sell to the man” attitude we’ve run into in the past when buying a car from other dealers.  Justin is professional, a great guy and made the day very enjoyable.

 It’s nice to see good old fashioned customer service is making a comeback and Wheels and Deals is leading the charge!

All in all, we had a great experience and have already recommended you to our friends.

 Jeff Betts   Kingsclear

Ask the Expert 2013- 12 of12 Part Credit Tips Series As read in The Daily Gleaner Newspaper, Fredericton New Brunswick, Improving and Rebuilding your credit…

Q- Jim, how can I check my credit score?  www.wheelsanddeals.ca

A…Credit Tips 12- We can do it for you at Wheels and Deals, just come on over and see one of our specially trained Financial and sales Professionals or you can contact Equifax Canada National Consumer Relations P.O. Box 190 Station Jean-Talon, Montreal, Quebec, H1S 2Z2 (1-800-465-7166)—TransUnion Canada Consumer relations Centre P.O. Box 338 LCD 1 Hamilton Ontario L8L 7W2 (1-866-525-0262)

You can also get a copy “Understanding Your Credit Report,Credit Score” by contacting  www.wheelsanddeals.ca or Financial Consumer Agency of Canada info@fcac.gc.ca…I hope the past 12 weeks of reading my credit history Tips have helped you. Hugs Jim

http://www.transunion.ca/          http://www.consumer.equifax.ca/home/

TransUnion Credit                        EfxLogo

Ask the Expert...Jim Gilbert

Ask the Expert…Jim Gilbert

Ask the Expert…. mailto:gilbert@wheelsanddeals.ca

Canada's Huggable Car Dealer Cares

Canada’s Huggable Car Dealer Cares

Ask the Expert 2013- 11 of12 Part Credit Tips Series As read in The Daily Gleaner Newspaper, Fredericton New Brunswick, Improving and Rebuilding your credit…

Q-Jim, what should I, not do that may affect my credit?   www.wheelsanddeals.ca

A..Credit Tips..11- Do not accept or use any form of credit until you understand the terms and conditions; this avoids misunderstandings between you and your credit issuer. Do not wait to report unauthorized transactions, contact your credit issuer immediately. Do not go over your credit limit on your credit cards. Your credit is your future and your responsibility. If you asked someone to trust you, stay trust worthy. Think before you spend, buying newer used vehicles from Wheels and Deals, will lower your debt, lower your monthly payment and save you money…Save your money for a rainy day…Hugs Jim..(next week Tip, how to check your credit scores)

Buy a Good Newer Used Vehicle

Buy a Good Newer Used Vehicle

Ask the Expert...Jim Gilbert

Ask the Expert…Jim Gilbert

Ask the Expert…   mailto:gilbert@wheelsanddeals.ca

Ask the Expert 2013- 10 of12 Part Credit Tips Series As read in The Daily Gleaner Newspaper, Fredericton New Brunswick, Improving and Rebuilding your credit…

Q-Jim, how can I maintain a good credit history?   www.wheelsanddeals.ca

A…Credit Tips..10- There are a number of things you can do to build and maintain a good credit history.  Do’s..Pay your bills on time. Pay your bills in full or at least pay minimum statement balances. Contact creditors if you are having trouble making payments before they contact you. Make sure your monthly statements are correct. Read your statements stay up to date on any changes in your terms and conditions. Deal with well know and trusted companies. Get a copy of your credit report and review once a year.  ..(next week Tip, what you should not do)

Don't be late

Ask the Expert...Jim Gilbert

Ask the Expert…Jim Gilbert

Ask the Expert…   mailto:gilbert@wheelsanddeals.ca

Ask the Expert 2013- 9 of12 Part Credit Tips Series As read in The Daily Gleaner Newspaper, Fredericton New Brunswick, Improving and Rebuilding your credit…

Q- Jim, how can I build a credit history besides buying a car from Wheels and Deals. www.wheelsanddeals.ca

A…Credit Tips…9- It is important to have good credit. You can begin one by using a credit card wisely. The issuer will start reporting your use and you will start building a credit history. Use it and pay it off monthly. If you are having difficulty obtaining a credit card (no credit history, new to country, bankruptcy, bad credit history) get a secured credit card you deposit up front money but you do build or rebuild credit with proper use. Once your credit history is considered satisfactory you will be eligible for a loan and standard credit card. ..(next week Tip, on maintaining Good Credit history)

It is important to have good credit

It is important to have good credit

Ask the Expert...Jim Gilbert

Ask the Expert…Jim Gilbert

Ask the Expert…   mailto:gilbert@wheelsanddeals.ca

Ask the Expert 2013- 8 of12 Part Credit Tips Series As read in The Daily Gleaner Newspaper, Fredericton New Brunswick, Improving and Rebuilding your credit…

Q- Jim, How can I improve my credit score?   www.wheelsanddeals.ca

A…Credit Tips…8- If your credit score is not as high as you like, are you paying higher interest rates or worst you cannot obtain a car loan and need to get to work! Improve your credit score, always pay your bills on time, utility bills, phone, cable, electricity, etc. Pay at least the minimum amounts on your monthly statements and reduce credit cards and loans to 35% balances. Pay your debts on time. Do not go over your credit limits on credit lines and credit cards. Reduce number of credit applications (credit hits). Make sure you have a credit history, surprisingly bad credit is better than no credit..(next week Tip, on Building Credit History)

Organize Your Bills

Organize Your Bills

Ask the Expert...Jim Gilbert

Ask the Expert…Jim Gilbert

Ask the Expert…   mailto:gilbert@wheelsanddeals.ca

Ask the Expert 2013- 7 of12 Part Credit Tips Series As read in The Daily Gleaner Newspaper, Fredericton New Brunswick, Improving and Rebuilding your credit…

Q- Jim, Do you have information on Canadian delinquency rates?  www.wheelsanddeals.ca

A…Credit Tips…7- Yes, delinquency rate or credit risk based on credit scores again 300 being low and 900 being a high credit score in Canada are: 300 to 499 has a 78% delinquency rate, 500 to 549 has 60% delinquency rate, 550 to 599 has a 39% delinquency rate, 600 to 649 has a 23% delinquency rate, 650 to 699 has a 12% delinquency rate, 700 to 749 has a 5% delinquency rate, 750 to 799 has a 2% delinquency rate, 800 plus has a 1% delinquency rate. It is simple to see why some people are paying 5% interest rate and some people 25% interest rate, it is all about how you honor your commitment. Credit Cards have high interest rates for everyone…lower or pay your balance monthly…(next week Tips, on Improving Credit Scores)

Honor Your Commitments

Honor Your Commitment

Ask the Expert...Jim Gilbert

Ask the Expert…Jim Gilbert

Ask the Expert…   mailto:gilbert@wheelsanddeals.ca

Ask the Expert 2013- 6 of12 Part Credit Tips Series As read in The Daily Gleaner Newspaper, Fredericton New Brunswick, Improving and Rebuilding your credit…

Q-Jim, where does my credit score rank me among other Canadians?   www.wheelsanddeals.ca

A…Credit Tips…6- National distribution of where Canadians are based on a 300 low and 900 high credit score is: 300 to 549 only 4% of population, 550 to 599 again is 4%, 600 to 649 is 6% of population, 650 to 699 is 11% of population, 700 to 749 of 19% of population, 750 to 799 is 27% of population, 800 to 849 is 24% of population, 850 plus is 5% of population. Your placement affects lenders polices towards you…..(next week Tip, on Delinquency rates)

Ask the Expert;  mailto:gilbert@wheelsanddeals.ca

Ask the Expert...Jim Gilbert

     Ask the Expert…Jim Gilbert

What % is Your Credit

What % is Your Credit

 

Ask the Expert 2013- 5 of12 Part Credit Tips Series As read in The Daily Gleaner Newspaper, Fredericton New Brunswick, Improving and Rebuilding your credit…

Q- Jim, what are the top factors that might lower my Credit score?     www.wheelsanddeals.ca

A…Credit Tips …5- Factors lowering your credit score are, there you have to many consumer finance accounts on your credit report, also having to much available credit can actually hurt you (close a few accounts & reduce credit limits). Your account balances are to high, you are spending more than you can afford (keep your credit cards below 35% of limits). There is not enough recent info on your credit report (You need to use credit regularly but sparingly to have a credit history). Your loan balances are to high, high debt levels signal lenders you are over spending (owing balances above 35-50% lowers your scores and worries lenders) ..(next week Tip, on your Credit Score rankings)

Ask the Expert...Jim Gilbert

Ask the Expert…Jim Gilbert

Ask the Expert: mailto:gilbert@wheelsanddeals.ca

Build Trust

Build Trust


Ask the Expert 2013- 4 of12 Part Credit Tips Series As read in The Daily Gleaner Newspaper, Fredericton New Brunswick, Improving and Rebuilding your credit…Credit Tip 4

Q- Jim, what does a Credit score look like?      www.wheelsanddeals.ca

A…Credit Tips…4- In Canada there are two Credit reporting agencies. Trans Union and Equifax both use date based of your creditworthiness again based on 300 lowest to 900 highest (credit score). This shows how your credit ranks based on Canadian population by %(credit ranking). Then, where you fit in the lenders perspective (Very poor-Poor-Fair-Good-Very Good). Lenders decide if you can have a loan, amount of loan and interest rate with this info..(next week Tip, on what factors lower credit scores).

Ask the Expert...Jim Gilbert

Ask the Expert…Jim Gilbert..

http://www.transunion.ca/          http://www.consumer.equifax.ca/home/

TransUnion Credit                        EfxLogo

Ask the Expert…. mailto:gilbert@wheelsanddeals.ca

Ask the Expert 2013- 3 of12 Part Credit Tips Series As read in The Daily Gleaner Newspaper, Fredericton New Brunswick, Improving and Rebuilding your credit…

Q- Jim, what is a Credit Score?           www.WheelsandDeals.ca

A..Credit Tips…3- Influences on your Credit Score. Your credit score is a judgment of your financial health. It ranges from 300 low is bad  to 900 high. It is a mathematical formula based on your (good payment, missed payment history), (Collections or bankruptcy),(Outstanding debts and credit card limits),(Account history and number of recent inquires about your credit), (Type of credit you have and credit mix) these factors can affect you for up to 6 years.. ..(next week Tip, what does a credit score look like?)

Ask Jim a Question… Mailto:gilbert@wheelsanddeals.ca

Ask the Expert

Ask the Expert

MSM Will

Will Venator Sales and Finance Consultant
Where there is a Will there is a Way

mailto:will.Venator@wheelsanddeals.ca

Ask the expert 2013-Part 1 of 12 Part Credit Tips Series As will be seen in The Daily Gleaner Newspaper Fredericton New Brunswick, Improving and Rebuilding your credit… Tip 1

Ask the expert January 2013- 12 Part Credit Tips Series,  The Daily Gleaner Newspaper Fredericton, Improving and Rebuilding your credit… Tip 1

Q- Jim, how could I improve or rebuild my credit?

A..Credit Tips… 1- Understand your credit report; it is a snapshot lenders use to decide (What kind of Risk you are). It contains personnel info, credit card, loan, mortgage, line of credit, info on bank accounts & if any NSF cheques, public records such as bankruptcy, judgments, lawsuits, secured loans, collection information, fraud warnings and credit inquires of you ..(next week Tip, on Credit Reports)

Have question contact Jim at        mailto:gilbert@wheelsanddeals.ca                                                                                              www.WheelsandDeals.ca

Jim Gilbert new business card photo 2013

Ask Questions

Ask the Expert 2013- 2 of12 Part Credit Tips Series As read in The Daily Gleaner Newspaper, Fredericton New Brunswick, Improving and Rebuilding your credit…

Q- Jim, what is a Credit Report?

A…Credit Tips…2- How your credit history is described; Credit agencies rate you 1 to 9 (1 you pay your bills with in 30 days, 9 you never pay your bills). A letter also appears – “I” means you have Credit on Installment basis – “O” Open Credit, buy now pay later plans, line of credit, student loans – “R” Revolving Credit, credit cards, etc. Payment charts indicate # of times you paid your bills, 30, 60, 90 days after date due. ..(next week Tip, on Credit Score) .

mailto:gilbert@wheelsanddeals.ca                                                                                                                                 www.WheelsandDeals.ca

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