Tony Malito--Dealer for the People

[BankerCat12]

He is now running a commercial on cars that have had hail damage from recent storms. I have not worked on car loans in over 10yrs since my personal finance days, but how could someone find financing for a damaged car like this? Is the insurance company notified of it being a damaged vehicle as well as the lender?

 

[trueblujr2]

Most of the damage is minor and cosmetic, I can't see why they wouldn't extend financing any differently than they would for a used car. Insurance might be another issue. They will likely put a rider on it stating they won't cover certain damage.

 

[TruBluCatFan]

I recall seeing ads for hail damaged vehicles for years. No idea who Tony Malito is but he isn't doing anything that hasn't been done for years.

 

[gobigblue812]

He has obnoxious car commercials for people with bad or no credit. In one commercial he belches. Real classy guy.

 

[TruBluCatFan]

He has obnoxious car commercials for people with bad or no credit. In one commercial he belches. Real classy guy.

LOL. Glad he's not in my market. I'll trade you Morgan and Morgan for Malito.

 

[trueblujr2]

LOL. Glad he's not in my market. I'll trade you Morgan and Morgan for Malito.

He's not nearly as bad as the "IT'S HUGE!!" Guy that we see all over tv when we go down to Fort Myers for vacation. I think he's big up and in Jersey and New York too. Annoying to say the least.

 

[MegaBlue05]

I'VE GOT 75 CARS ON THE LOT AND IF I DON'T SELL 78 BY SUNDOWN TUESDAY, THEY'LL CUT OFF MY TESTICLES!!! COME ON DOWN TO BUDGET CAR SALES!!

 

[BlueKel]

If the car had a hail loss paid on it, and the vehicle was considered a total loss....in Kentucky it can have a "Hail Damage" title. This automatically happens as part of the claim process. The insurer either takes possession and sells it for salvage, or "sells" it back to the owner with the modified title. This title indicates that there is cosmetic damage that resulted in repairs exceeding 75% of the value of the vehicle, but it is otherwise it is fit for legal operation on the highway. (My son's car meets these definitions, we essentially came out ahead on the deal.)

Insurers will still insure the vehicle, for liability only. They won't cover physical damage coverage on them though. So, yes, financing through standard means could be difficult, as the loan couldn't be secured through the value of the vehicle without an insurer willing to insure it. That means higher rate unsecured loans.

 

[Tannerdad]

He's a UL fan and Jurich pal. What do you expect.

 

[bigblueinsanity]

LOL. Glad he's not in my market. I'll trade you Morgan and Morgan for Malito.

In Louisville we get both. As much as both drive me nuts, Malito is immeasurably worse.

If the car had a hail loss paid on it, and the vehicle was considered a total loss....in Kentucky it can have a "Hail Damage" title. This automatically happens as part of the claim process. The insurer either takes possession and sells it for salvage, or "sells" it back to the owner with the modified title. This title indicates that there is cosmetic damage that resulted in repairs exceeding 75% of the value of the vehicle, but it is otherwise it is fit for legal operation on the highway. (My son's car meets these definitions, we essentially came out ahead on the deal.)

Insurers will still insure the vehicle, for liability only. They won't cover physical damage coverage on them though. So, yes, financing through standard means could be difficult, as the loan couldn't be secured through the value of the vehicle without an insurer willing to insure it. That means higher rate unsecured loans.

Interesting. Good info. I had no idea.

 

[BankerCat12]

If the car had a hail loss paid on it, and the vehicle was considered a total loss....in Kentucky it can have a "Hail Damage" title. This automatically happens as part of the claim process. The insurer either takes possession and sells it for salvage, or "sells" it back to the owner with the modified title. This title indicates that there is cosmetic damage that resulted in repairs exceeding 75% of the value of the vehicle, but it is otherwise it is fit for legal operation on the highway. (My son's car meets these definitions, we essentially came out ahead on the deal.)

Insurers will still insure the vehicle, for liability only. They won't cover physical damage coverage on them though. So, yes, financing through standard means could be difficult, as the loan couldn't be secured through the value of the vehicle without an insurer willing to insure it. That means higher rate unsecured loans.

Thanks for the response..good info. I know he is in some legal trouble as well due to the fact one specific lender in town has caught on to him for stating the cars he is selling have more add-ons than what it really has, driving up the value of the vehicle for loan-to-value purposes.

 

[TruBluCatFan]

Thanks for the response..good info. I know he is in some legal trouble as well due to the fact one specific lender in town has caught on to him for stating the cars he is selling have more add-ons than what it really has, driving up the value of the vehicle for loan-to-value purposes.

Are you really suggesting that a used car dealer would be untruthful? Boy you got a lot of nerve.

 

[BernieSadori]

Tony looks like a guy at the lake wearing cut off jeans shorts pounding bud heavy.

 

[KyCatFan]

I'm surprised he isn't sued over his commercials. He clearly is trying to profit off of the intellectual property of other people with his stupid gimmicks. That is if you can trademark words used in certain ways. He is acting like Lil Jon with his you've been "turned down for what" and yelling "ooookkkkaaaaaay" in his commercial. He also throws in a "woooooooo" at the end like Ric Flair. Regardless he is a douchebag UL fan. Guy looks like he should be a wrestling manager.