- Report: #1507341
Complaint Review: All Approved Auto Works - Fort Pierce FL
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Past Customer -
Port St. Lucie, FL, United States
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Updated:
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All Approved Auto Works
2777 S US 1 Fort Pierce, 34982 FL, United States
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All Approved Auto Works You need FULL coverage to finance a car there. Could be more than your payment Fort Pierce FL
They have cars, yes, and they are lower priced for sure. I am not here to bash the quality or fitness of them. TEST DRIVE every car, anytime you are buying one. No matter from whom.
My complaint? You can finance at car there at what was described to me as the "legal maxium" in interest charges. Okay, so they cater to people with no or bad credit. At least you can get a car. The problem is if you are financing a car they make you get full coverage on your insurance for the car. BEFORE you sign anything or give them ANY money (it's non refundable, even if it was 2 seconds ago) call your insurance company and ask them how much for full coverage. It's going to be a lot. Keep in mind, when a car is totalled, the give you the wholesale price for it.
For example. Let's say you buy a car for $4000. The wholesale price you would get for the car would only be about $1500, if that. You'd still owe All Approved the balance, even IF you had full coverage. They do not sell GAP. So you spend over $100 extra a month for car insurance, instead of using that money to pay the car off, and it's actually no good. You're never going to be paid the amount you're buying the car for. Of course, if you are closer to paying it off, you're okay.
But the reason you go there is for a cheap car. Yes, the cars are inexpensive. Yes, if you are in a pinch it's a place to buy a car. But the insurance payment each month might cause you to actually overpay outside your budget. So please heed my words. Call you insurance company BEFORE YOU SIGN or GIVE THEM MONEY. Get the VIN, year, make and model of the car and find out how much to insure it. All Approved requires a $500 deductable, which makes the price of insurance even higher.
1 Updates & Rebuttals
Robert
Irvine,California,
United States
Pretty Standard
#2Consumer Comment
Sat, April 24, 2021
Apparently, you have never financed a car before. There is not a single finance company that will finance a car without you getting FULL COVERAGE insurance, which of course is going to be more than the State Required MINIMUM Liability only coverage. This is to protect THEIR investment..yes until you pay off the loan they still hold the title to the car.
If the insurance cost is a factor in your budget, then, of course, you should call them BEFORE you buy the car. It doesn't matter where you go to buy it. Oh, and $1200/year for FULL COVERAGE insurance with a $500 deductible is a very good price especially if you have bad credit and a short(or bad) driving history.
As for getting wholesale value, that is between you and the insurance company. If you want to be paid replacement cost or enough to pay off the loan then you need to find a policy that has that...but that will of course be a higher cost because you will be claiming more.
If you want GAP then go out on your own and find a company to sell it. Just realize that GAP only covers your expected deficiency. If you are ever late or delinquent that adds to your balance, you will still have to make up that difference.
