Riches Rides - Southern California

Frequently Asked Questions (FAQ)

How does an auto broker conduct a transaction?

An auto broker acts as a buyer’s agent in the car-buying process. The broker negotiates – or ideally, dictates – the final price with the dealer and forwards the savings to the consumer.

What if I already have a current lease and want to get a new vehicle?

Knowing and exercising all of your options when it comes to your lease can be confusing at times. We hope to simplify this process for you as much as possible by explaining the following. The meaning of a lease is to pay the forecasted depreciation of a vehicle along with the bank’s interest and fees. The manufacturer’s bank will then most likely sell your car to a third party thereafter. With that said, most manufacturers’ banks allow you to get an appraisal for your current vehicle, and compare that value to the current payoff. If your vehicle’s value is higher than the payoff, you can be entitled to that equity. This process would have to be fulfilled before the lease expires. Our lease return department will gladly assist you in this process. Contact us for more details.

Why use an auto broker for your next auto lease or purchase?

The concept behind hiring an auto broker is pretty straight forward: Chances are that you are not a professional car buyer, so why go up against a professional car seller at a dealer alone? With the confusion of financing, fees, add-ons/services, taxes, “Sell-sell-sell” nature of the dealership, it only makes sense to leave the bargaining to someone who won’t be phased by the deals and pitches.

What should you look for in an auto broker?

  • Make sure the broker is licensed to legally sell cars in your state.
  • Ask questions to the company or individual about how they find deals on cars, what background they have in the car business and if they receive any money from dealerships or carmakers for making deals.
  • Look for feedback about other customers’ experiences with the broker online or through media (i.e. Yelp, FaceBook, etc.).