Jimmy Sotolongo knows that a recession can severely impact a used car business, unless you stay ahead of the curve.  As America feels the credit crunch, and more and more people lose jobs and fall behind on their bills, their credit is impacted as well.  At his dealership, Century Motors Financial, Jimmy Sotolongo said a typical credit score was in the high 600’s.  Now, the most common scores are in the 500’s or lower!  What does this mean for used car buyers?  Forget bank financing!  Jimmy Sotolongo began his car business years ago focusing on the Buy Here Pay Here model.  Now, that is seeing a huge comeback during this credit crunch.  This provides an opportunity for car buyers to purchase a car with an affordable, often bimonthly payment.  Another change that Jimmy Sotolongo is seeing now is a large increase in the number of all cash purchases.  Again, probably related to the tightened credit markets, and damaged credit of individuals.  So, if you are struggling now, you can still get a great car, with the help of your local Buy Here Pay Dealer.

Jimmy Sotolongo has seen the changes in the car business over the last decade.  Now, the fastest growing sector is used cars as the new auto dealers are suffering.  With credit tight, and larger auto makers either closing or in bankruptcy, used cars are the affordable alternative.  Jimmy Sotolongo has seen auctions increasing in popularity, and prices actually increasing.  Jimmy’s advice to used car buyers is simple “do your research and keep looking, a good deal can be found, it just takes longer now!”  At his dealership, Jimmy Sotolongo has switched from a luxury resale inventory to the lower price resales to meet demand.  Jimmy Sotolongo knows that changes are always coming, and as credit loosens (hopefully!), more used car buyers will be able to afford the cheaper resales that are still available.