When our customers get to around 75% through their loan, they have a chance at that point to trade the vehicle in if they want to.
They bring it back to us at Russell Smith Auto and we'll take it for a test drive and do a little analysis of it. Then we put the information in our system that comes back with the amount that we should ask for the vehicle. We take that and put that amount on an estimate for a new vehicle that they're looking for and then finance the balance through our in-house financing. So that that's pretty much how that process goes. It's easy.
We also take vehicles from people who are not currently customers.
We ask that they bring their clear title to the vehicle which is in their name. It's kinda the same process that we do for our existing customers where we evaluate the car and let them know what we can give for their trade. We also give them a quote on the vehicle that they're interested in.
On occasion we have taken vehicles for cash from people who don’t want to buy a new car, truck, van or SUV. We're always looking for the types of vehicles that we sell. For example, we wouldn’t take a 1977 Bronco or anything like that because it's not something that we normally have in our inventory or sell on the lot.
If the vehicle doesn’t have real high miles, is something that we would normally sell, and they have their title and everything checks out, then we could buy the car on that on occasion.
Mostly we get our vehicles from customer trade ins, and our buyers who go to local auctions