In the current status of the economy, there is a new trend emerging in the luxury auto sector. As more Americans have run into credit issues, many people have found it to be difficult to obtain auto financing even with a good paying job, or steady self employed income. Even those with outstanding credit are a bit apprehensive at financing, as they are interested in preserving their DTI (debt to income ratio) to reserve their credit standings.
This market is now being served by creative financing, and no credit check programs that allow individuals that appreciate driving luxury vehicles the ability to obtain such vehicle without all the hassle. With a down payment, valid drivers license, and the ability to pay the monthly note, anyone can obtain a luxury vehicle. These programs are used to obtain Bentley, Maserati, Aston Martin, Lexus, BMW, Mercedes Benz, Escalade, Porsche, Lamborghini, and many more exotic or luxury cars and trucks.
Be sure to deal with a company that is reputable and holds customer service as a number one priority. One firm that has emerged is Luxury Whips LLC, based out of Las Vegas. We have a nationwide program, and have shown to be a reputable source for no credit check auto leasing as well as creative finance and vehicle acquisition for financially troubled luxury auto owners try to get out of their payments.
What is Luxury Whips LLC?
Luxury Whips LLC is an asset management company dedicated to helping vehicle owners or lessees who are in an undesirable financing arrangement with their vehicle. They may be upside down (owe more than the car is worth) or may have a hardship which makes it difficult for them to make the monthly payments on their vehicle. That is where we come in. Luxury Whips LLC will find a buyer for the vehicle who will make the monthly payments and maintain insurance coverage, while the original financing remains the same. We then guarantee the payments, and manage the agreement for both parties, ensuring that payments are always on time and the owner is always protected.
Why do people use our service?
Sellers use our service because it can be extremely difficult to find someone who is able to take over existing financing on a vehicle. It is in the finance companies best interests to keep someone from exiting their lease or loan; why let a good customer who has always paid on time go, only to turn the car over to a potential risk? For that reason, they make it very hard for someone else to qualify to take over a lease or loan, and the new lessee usually has to have credit equal to or better than the person who originally financed the vehicle. In todays economy, that person is getting harder to find every day. Luxury Whips LLC offers those sellers a safe alternative to traditional means of exiting a lease. Instead of paying thousands of dollars in payments while they wait for the right buyer to come along, or thousands more in upside down fees if they trade the car in, we get them out from under those payments while keeping their credit intact. Buyers use our service because a lot of great people who used to have great credit have been hit hard by this recession, and can no longer qualify for the terms they once could. With Luxury Whips LLC, their down payment is their credit, and responsible people can still drive the car of their dreams, even if circumstances have given them less than perfect credit.
How does our service work?
There are a lot of aspects to our asset management service, most of which your client services agent will go into greater detail on. Essentially, when a seller chooses to use our service, the first thing we do is place a GPS tracking device in the vehicle, which allows us to track the vehicle's location and mileage history at all time. We begin to guarantee the payments as soon as placement with a buyer is made. At that time, we also require the buyer to place full coverage insurance on the car and verify certain information we will need to manage the contract. We will then work with both the buyer and the seller to make sure that there are no late payments and that any issue that arises is handled quickly and properly.
So whose name is the car in?
The car stays in the original owners name. The reason for this is that the new buyer, while qualified by our company and able to make the payments, may not qualify with the finance company that holds the lease or loan. However, being able to work with these buyers opens up a wide market of people who can help relieve our sellers of their burden. This way, our program gives sellers the best of both areas: a guaranteed way to relieve their payments with the security of being backed by a committed company managing the buyer.
Do we charge any fees?
Yes and no. There are no fees to the seller, except in cases where their payments on the vehicle are not current. In that case, they are responsible for catching up any payments they are behind on, as well as covering the payments and insurance until placement is made (usually a 1-2 week process.) From that point on there are no further costs to the seller. We do charge buyers a down payment to take over the payments. This is generally the equivalent of 5-7 monthly payments, and allows us to make a profit for our work while also being able to ensure that payments are always paid, no matter what. It also helps to make sure we are only placing the vehicles with buyers who will take their responsibility seriously.
What makes us better than the competition?
It all starts with our innovative asset management software. We use it to track the client all the way from when we first contact them about our service through to the end of their loan or lease term. With this software we can manage all client documents, coordinate payments and insurance, and report and resolve any issues that arise. We also have a client portal to our GPS tracking system which helps give our sellers peace of mind.
Our Programs
Lease/Loan Takeover
Leases and loans are notoriously difficult to get out of, and therefore represent much of our business. If a client has an undesirable lease or, they are left with very few options. They are probably upside down on the vehicle, which means that if they trade in the vehicle they will pay thousands of dollars more for their next lease to make up the difference. If they try to sell the car, then they will probably get less money than they actually owe, leaving them with thousands of dollars to pay out of pocket to make up the difference. The last and most desperate option is to simply let the car go back to the dealership, which will ruin their credit and potentially still leave them owing huge amounts of money.
Doesn't sound like much fun? Luckily, there is one more option, which most people still dont know about: Us. Luxury Whips LLC offers an alternative which can save the average vehicle owner thousands of dollars, and our program guarantees that every payment will be made on time and their credit will not be affected. We will place the vehicle with one of our buyers, and our dedicated account managers will follow through all the way to the end of the lease or loan term. The buyers are responsible for the payments, insurance, maintenance, and any over mileage fees. With our asset management system, we ensure that these responsibilities are fulfilled or that the vehicle is recovered and placed with a buyer who will do so. This gives our buyers an unmatched level of security and protection.
Consignment Leases
Consignment leases are a fast growing and exciting program which allows us to help sellers who own their vehicles outright get the maximum value for their property. Instead of sitting around receiving lowball offers while paying hundreds or sometimes thousands of dollars to list the car for sale, we can get them 20-30% over their asking price.
If a seller is asking $100,000 for their vehicle, we can offer as much as $130,000 for the car by breaking it up into a significant amount down upon placement, monthly payments over a 3-4 year term, and a large residual payment at the end of the term. That means that they get a chunk of money now, residual income over the next several years, and a big chunk of money again after that.
Going back to our $100,000 vehicle, for example, we may offer a seller $7500 upon placement and $1871 per month for a term of 48 months, and a $40,000 residual buy out at the end of the term. That brings our total to $130,000, a lot more money than that seller could receive otherwise. This is just an example, though. The terms will vary based on the value of the car, how easily we can place it, and the preferences of the client.
The Sales Process
We find the vehicles for our program through several means of advertising, as well as cold calling sellers and introducing them to the idea of the service. Leads are provided for you, so if you make the calls, you will get the sales.
When you first contact a potential client, don't try to sell to them right off the bat. Take the time to ask questions about the car, find out why they want to sell it, and learn a little about their circumstances. This lets them get comfortable with you, and gives you the information you need to help close the sale.
Once you have had a chance to ask them a few questions, and you are feeling comfortable, that is the time to introduce them to our service. This is where you tell them a little bit about us, what we do, and how we can help them. When you are at this step, its important to be confident, and to remember that what you are calling to offer them is something that is going to save them thousands of dollars, with no catches and no cost to them!
Every sales rep will develop their own unique way of pitching the service to prospective clients, so there are no set scripts; however, there are some terms and verbiage you will definitely want to use to best explain how our service works and why we are the best company in our industry. You will want to use the attached pitch and rebuttals to help you get comfortable with using these terms and answering common customer questions.
Once you have interested someone in what we have to offer, follow up becomes the key. The first thing you will want to do is email them our information packet about the service. This information will go over many of the common questions and worries that customers have, as well as a copy of our contract for them to review. You will also want to have a clear time set up for you to call them back. This is very important, because you need to know when they will have reviewed this information, and will be ready to learn more or move forward.
When you call them to follow up, you will need to be ready to answer any other questions they may have. This is also the point where you inform reiterate to the seller that you called them because we have buyers interested in their vehicle, and that the sooner they are ready to move forward, the more quickly we can place their vehicle and relieve them of those payments.
Once the seller is ready to start saving money, we need to have them send us the necessary documents for us to verify the status of the vehicle and create the contract. All of these documents are important, and we must receive them. They are a copy of the owner's driver's license, a copy of the current registration, a copy of the current insurance policy, a copy of the lease or loan documents, and the most current lease or loan statement. These allow us to make sure that the vehicle is still insured, there are no registration problems, and that the payments on the car are not behind. Remember, we do not make up any payments the owner was late on, nor do we guarantee payments until the car has been placed with a new buyer.
Once we have verified the documents and the contract has been created, we will want to send it out to the seller to sign and send back. We will also want to schedule for delivery of the car at this time. We will either schedule for one of our transport agents or for a trusted transport company to take possession of the vehicle from the customers location and bring it to one of our location for GPS installation and placement.
When the customer sends back the contract, we will pick the car up. When the car is picked up there need to be 2 sets of keys. If the customer does not have a second set, they will need to order one for us. It is also vital that they have the Power Of Attorney notarized, and send us back the original. No deal is considered closed until the file is completed, which means a fully executed contract, all the needed documents, a notarized POA, and 2 sets of keys.
Once we have picked up the car, our accounts manager will contact the customer for an introduction call and review the file. If there is anything that is missing from the file, the accounts manager will send you a to-do to get the missing information to complete the file.
Once the file is completed to the satisfaction of your manager and the accounts manager, the car will be listed as available for placement. Placement is generally a very quick process, usually requiring less than 2 weeks. Remember, we do not guarantee any payments until the car has been placed, and during the placement period the owner is responsible for insurance coverage.
The Contract
In this section, we will go over the contract that we send to the seller. It consists of 5 parts: the Asset Management agreement, the Closed End Lease agreement, the Power of Attorney, the Lease Addendum, the Statement of Permissive Use, and the Agreement to Provide Physical Damage Insurance.
Asset Management Agreement
The Asset Management Agreement is the basic agreement between Luxury Whips LLC and the seller. It lays out our responsibilities to guarantee the payments and insurance coverage, as well as the agreements we make with the seller as to our responsibility to manage and place the car.
Closed End Lease Agreement
This portion of the contract is the 3-way agreement between Luxury Whips LLC, the Seller, and the Buyer. It lays out the Buyer's responsibilities for making payments on time, maintaining the insurance, taking care of the vehicle, and over mileage procedures. The Buyer agrees to abide by the terms of the agreement, and we agree to enforce the agreement.
Power of Attorney
Through the POA, the Seller gives us the authority to handle routine issues like registration, ordering keys, and freeing the vehicle from impoundment. This is absolutely vital for us to have, because otherwise the seller would have to handle all of these issues themselves. This must be notarized, and we must have the original copy.
Lease Addendum
The Lease Addendum lays out all the violations for which the vehicle can be repossessed from the buyer. These include failure to make payments, failure to insure, failure to inform us of or repair damage, failure to notify us of a change of address, and concealment of the vehicle. We take these issues very seriously, and have a zero-tolerance policy with our buyers.
Agreement to Provide Physical Damage Insurance
The Seller does not have to sign this page. This is the Buyer agreeing to maintain the specified insurance coverage on the vehicle (100/300/50k).
Location: LUXURY WHIPS, LAS VEGAS, LOS ANGELES, BAY AREA
Phone #: 702-206-4242
Email us at i_will_take_over_your_car_payments@luxurywhips.com
Store Hours: 6am-11pm Daily
TAKE OVER PAYMENTS ON LUXURY CARS--NO CREDIT CHECK (RENT-TO-OWN/LEASE-TO-OWN)
