Consumer Car Buying Advice Blog

Latest move from the Experian AutoCheck program now indicates if the vehicle you are thinking of buying was traded in under Cash for Clunkers and should help many bad credit car loan buyers

Used cars and bad credit auto loans

At Auto Credit Express, we’ve spent close to twenty years focusing on consumers with bad credit and helping these customers raise their FICO scores and reestablish their car credit by financing a vehicle with a bad credit auto loan. Along the way, we try to educate our applicants on the loan process, since these very same consumers can find themselves trapped in a loan they can’t afford if they’re not careful.

We know that most of these bad credit auto loan applicants will end up purchasing a used car. But unlike when we first established our company, this is not necessarily a bad thing. In the past twenty or so years, vehicle quality has improved and reliability has reached a point where even the average car can be expected to last at least 100,000 miles, with many vehicles capable of lasting much longer.

What hasn’t changed

But in that twenty year time span, some things haven’t changed. There are still unscrupulous sellers who will try anything to make a quick buck and, unfortunately, the recent “cash for clunkers” program offers these individuals the opportunity to re-sell a vehicle that, according to federal law, must either be disassembled and parted out (except for the engine and drivetrain) or sent to the crusher.

Experian adds an indicator

In anticipation of this scenario, Experian’s AutoCheck® vehicle history reports now feature a specific designation to warn used-car buyers against buying a Cash for Clunkers scrap vehicle.

“Whenever there is the chance that the used car one hopes to buy isn’t reliable or safe, all trust in the sale is lost,” said Scott Waldron, president of Experian Automotive. “That is why we’ve made it quick and easy to identify if a vehicle was one of the nearly 700,000 meant to be scrapped under the CARS program, so buyers can feel more confident and informed about their used-car purchase.”

The new indicator on AutoCheck vehicle history reports clearly calls out if a vehicle was “Traded in to be scrapped under CARS (Cash for Clunkers) program.” When combined with AutoCheck’s numerous information points, industry-leading accident information and unique reporting features, the new Cash for Clunkers designation marks AutoCheck’s continued dedication to educate and protect used-car buyers.

“The addition of the Cash for Clunkers designation on our AutoCheck reports is a great example of our commitment to constantly invest and improve our product to meet the needs of our customers,” Waldron continued.

The Bottom Line

At Auto Credit Express, we realize that with the high cost of bad credit car loans, bad credit car loan shoppers need to be extra careful when choosing a vehicle. By including the “cash for clunkers” information in their database, Experian’s AutoCheck program will help insure that the used vehicles customers buy are not those that should, instead, be in a junk yard.

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