A Look At Various Aspects Of ‘tote the note’ Type Transactions

In the previous article we have already discussed about what the tote the note system is and how the market encourages it. We’ve discussed the driving force behind the flourishing of this system and how it continues to be prevalent not just in the automobile sector but roughly in quite a few other sectors. However there is another advantage to it, once you have purchased a second hand product it does not mean that your money has gone down the drain and all you are left with is the product. Why can’t the same cycle be repeated again? Of course it can! You can go ahead and sell the second hand product and demand a price for it again. However, with successive cycles the price and market value of the product (be it your car or your cell phone) goes down significantly and its demand too decreases as the product quality gets reduced significantly.

While making the purchase under the buy here pay here system, you aren’t required to have a past reputation with the dealers or much credit to your name in the past. You can be someone completely new to the market and still avail all of their facilities. This system, unlike banks, doesn’t rate its customers based on various aspects and sees all customers as equals. Another advantage of this system is that you needn’t show your assets or bank balance to convince them of your capacity to repay the loans at a later point of time. The process is quite simple. You are supplied with an application form which you have to fill. You’ll be asked mundane details about your life like where you work, how much you earn, your house address, your telephone number, your nearest relatives, etc. This is done to make sure deceitful people are kept in check. If you are a genuine customer and are in for fair play then you needn’t both yourselves with these details. Give them the right information and the car is all yours to drive where you want to take it.

Most of the automobiles you buy under the buy here pay here scheme do not come with a warranty as they are not very much reliable as compared to the brand new products, though high emphasis is laid upon providing the customers nothing less than cent percent quality with maximum performance. In case of break down or wreckage, the liability is on the customer or the owner to get the car repaired and the car dealers are not obliged to help you out. Thus most of the products under the ‘tote the note’ banner are sold as it is and are a onetime take or drop package.

On the other hand, unlike in branded products where delayed payments means you have to end up paying a little more than usual as interest, in this you aren’t required to pay any interest. The amount you pay is the amount at which you make the purchase whether you pay upfront or you pay in small but regular instalments. Most of such automobiles are paid in a period lasting for about a year to two.

A few people might still not find such schemes and offers to be reliable but the truth is they have been tried and tested and have been proven to be extremely successful for both parties in the market. Not just in our country but the world over the system has caught steam and is now attracting more customers than the original retail market. So next time you want to own a car of your own, you know it is not much difficult to purchase one as you have alternate buy here pay here options available at your disposal.