What information do I need to gather before approaching Mahindra First Choice Wheels to buy a used car?
Our store professionals are experts and are trained to guide you through the buying process. However we recommend that you consider the following factors before selecting the car of your dreams:
- Approximate budget
- Vehicle usage (distance)
- Top 3/4 cars in the mind
- Primary vehicle utility (Work, College, Weekend travel, long distance outing etc)
- Brand preference
- Style preference
This will only help us in serving you better by recommending the right cars that match your as well as your familys expectations.
- What kind of a used car should I go for?
We recommend a vehicle that you and your family will enjoy and will feel a sense of pride in owning. A planned budget will go a long way in narrowing down your search for the right used car without putting a limitation on the brand. For example it is possible to choose among a Hyundai Santro, a Maruti WagonR , a Ford Ikon or even a Honda City within a single price range.
- How Old is “Old”?
Typically the engine life of a new car is 150,000 kms*. Assuming the average run of a car in Indian conditions to be approximately 12,000/- kms* per annum. So the year of registration and mileage both help you to get a fair idea on the actual age of a car.
- What Justifies the price of buying a “Pre Owned Car”?
Irrespective of usage, new cars undergo a significantly high rate of depreciation in the initial few years . This percentage goes down subsequently, which in turns justifies the decision to choose a used car. This also justifies why a low run pre owned car is significantly cheaper than the "new" version of the same car.
- Why should one go for a certified used car?
A certified used car gives you the assurance of a hassle-free ownership experience. With a 118 point quality inspection and subsequent refurbishment process, the cars are conditioned to give you only the best performance possible.
- Are there any additional measures/precautions that I need to take?
There are some basic guidelines which we feel will go a long way in ensuring that you choose the right car for you and for your family.
- Visit the showroom preferably during daytime
- Insist on a test ride every time
- Check whether all features in the car are functioning correctly or not
- Check if all documentation is in place or not
- Spend time in evaluating all your options before choosing the car of your dreams
- What things should I check during vehicle inspection?
It is our commitment to offer you only the best in quality of used cars. For complete peace of mind, we recommend that you check the following aspects before making the final decision to buy a used car from us.
- Look for signs of an accident, such as dents or new paint or chrome. Check the body for rust or fill. Look under the car to check for cracks, rusting or welding.
- Check the condition of the muffler, tailpipe and exhaust components. Look for signs of fluids leaking from the car, including oil, brake or transmission fluid.
- Lift the hood and check the condition of the belts and hoses. Check the battery to see if it is cracked. Pull out the dipstick to see the oil level, and whether its dirty. Make sure the hood shuts properly.
- Check all parts and accessories such as lights, horn, mirrors, seatbelts, music system, heater and windows. Make sure they are all in working condition. Have a friend check the outside lights for you. Make sure doors open and close easily, and that handles and locks work well. Check the dimmer switch, headlights and windshield washer.
- Are all your used-cars inspected?
Yes. Each & every vehicle we sell passes through a stringent 118 point Certification Process from our qualified technicians. This comprehensive and detailed inspection also ensures that the vehicle is free from any flood or frame damage. In addition, we back every car with warranty and 24x7 roadside assistance.
- What are my payment options?
You can pay total value in cash / pay order / demand draft / credit card / cheque. You can also avail loans on used cars from various financial institutions.
- How do I contact someone at Mahindra First Choice Wheels?
To get an immediate answer to your question, reach us at corp_enquiry@mahindra.com or +91-9987102376. You can also visit your nearest Mahindra First Choice Wheels store.
Buyers
- How do I search for used cars on Mahindrafirstchoicewheels.com website?
Please visit http://www.mahindrafirstchoice.com/search-certified-car.aspx.
- Does Mahindra First Choice Wheels charge any brokerage fees?
No. We do not charge any brokerage fee for matching buyers and sellers.
- What if I do not find a car that meets my requirements?
We recommend that you contact us and leave your requirements with our executive. We will try our best to find the perfect car that matches your search criteria.
- Does Mahindra First Choice Wheels help me in getting finance for my purchase?
Yes. Mahindra First Choice Wheels will help you in financing a car. Just visit a store near you and our sales executive will do the needful. You can avail finance from various finance companies. Also, you can apply online in "Finance" section.
- Does Mahindra First Choice Wheels help me find Insurance for my purchase?
Yes. Mahindra First Choice Wheels will help you in insuring a car. You can visit our store in your city; our sales executive will do the needful. You can avail insurance from our all India preferred insurance companies. In fact, we will also help you in getting your car insured.
Sellers
- Do you accept trade-ins?
Yes. However once you sell your old car to Mahindra First Choice Wheels, you are under no obligation to buy a car from us.
- How can I get my car evaluated?
You can either bring your car to a Mahindra First Choice Wheels outlet or ask us for a free evaluation at your doorstep. Our evaluator will check the documents, inspect the car and might need to take a test drive to arrive at the price of your car. Our final quotation will be valid for 7days from the time of evaluation.
- Do I need an appointment for an evaluation to check my car’s worth?
No appointment is necessary for evaluating your car. Just visit your nearest Mahindra First Choice Wheels Store. For doorstep evaluations, you need to contact us and we will fix up an appointment with you absolutely free. The evaluation process usually takes 15 to 20 minutes.
- How do you determine the value of my car?
First, we inspect the outer part of the vehicle for signs of previous body repair and frame or flood damage, paint and body for paint lines, overspray, body putty, dents and scratches. Then we check your cars interior, mileage, and age. Lastly, we test drive your car to determine its mechanical condition. We also check if all the documentation for the car is in order or not. Excessive mileage, ownership and wear and tear may lower your cars overall value and decrease its resale value.
- Will you explain how you evaluate my car?
If you have any questions about the evaluation of your car, our executives are well trained to explain the entire evaluation process in detail and the factors that impacted the worth of your old car.
- What if car is hypothecated with finance company & I owe more on my car than the amount of your offer?
If car is hypothecated with finance company, it can’t be sold until full loan amount is paid back to said company. You need to collect Foreclosure Statement from finance company to know about the pay-off amount at the time of selling the car. Either you pay the pay-off amount or Mahindra First Choice Wheels will pay on your behalf & balance amount of the car will be given to you against the delivery of the car along with relevant original documents. Also, Mahindra First Choice Wheels will hold a small amount for the NOC, which will be given to you against the NOC issued from finance company.
If your pay-off amount is more than our offer for your car, you will need to pay the difference to us (cash or demand draft in favor of finance company) while we will pay the pay-off amount to the finance company. Please note that you might be asked to visit to finance company office once along with our evaluator to close the loan as this is a requirement by financier.
- What happens to my car, once I sell it to Mahindra First Choice Wheels?
As part of our promise to offer you complete peace of mind, we ensure that your car goes through a standard procedure and ends up in safe hands.
After purchasing the car from you, we refurbish it on a 118 point checklist and get it in an immaculate condition before displaying in our outlet. While selling your vehicle, we also verify the background of the buyer & ensure that the ownership is transferred properly. Proof of transferred RC is kept in our records & can be sent to you for your reference on demand.
- Can I trade in my leased car?
In most cases, you can trade in your leased vehicle in almost the same way as any other financed vehicle. Please note that some leasing companies will not allow you to sell the vehicle prior to the expiration of the lease.
Finance
- What are the steps involved in availing a loan on used car?
The following steps are involved in securing a used car loan:
- Select the used car
- Fill up the application form
- Submit the documents to Mahindra First Choice
- Background investigation will be carried out by the financial institution
- Loan approval by financial institution
- Submission of PDC’s & post approval documents
- Disbursement of loan amount
- Delivery of car
- Who can avail used Car Loans?
Any individual who satisfies one or more of the following criteria is eligible for a loan on used cars.
- Salaried individuals in the age group of 21 to 60 years (at the end of the tenure)
- Self-employed individuals in the age group of 21 to 65 years (at the end of the tenure)
- Partnership Firms
- Public & Private Ltd. companies
- HUFs and Trusts
- What documentation is required for loan on a used car?
Having the following documents in order will go a long way in speeding up the loan approval process.
- Identity proof with photograph
- Address Proof
- Income related documents
- Latest Bank Account Statement
- Photographs
- Which cars can be financed?
This depends on the model (year of manufacture) of the car. Mahindra First Choice Wheels will assist you in choosing a car which can be financed.
However, the final decision to grant a loan is at the discretion of the financing company..
- How much finance can I avail on a used car?
You can get up to 80% of the car value on the discretion of the financier.
- What are the loan tenure options?
Pre - owned cars can be financed for 12 to 60 months
- How is the interest calculated?
Interest is calculated on a monthly reducing balance basis
- Do I have to pay any additional charges?
Yes, all financial institutional charge a “Processing fee”, which varies across companies.
- What is the loan approval period?
Loan approvals take approximately 72 hours from the time of submission of requisite documents.
- Who can be the co-applicants for the loan?
Your spouse or any blood relative staying in the same residence can be a co-applicant. This is required in case the income of the applicant is not justifying the loan amount.
- Do I require any guarantor against the loan?
No, it is not mandatory. However, a few financers do extend loan facility subject to the guarantor provided.
- What is the Loan Repayment process?
Loan is to be repaid through equal monthly installment (EMI’s) either through post dated cheques (PDC’s) or through ECS facility if available.
- Can I foreclose my loan before completion of full tenure?
Yes, but only after completion of first 6 months. Foreclosure fee varies from 3-6% of outstanding principal.
- Do I require any security against the loan?
- Hypothecation on the vehicle
- Noting of the hypothecation charges in the books of the RTO
Website FAQs
- Tell me more about Mahindra First Choice Wheels?
Please visit http://www.mahindrafirstchoice.com/business-streams.aspx
- Do I have to register for buying or selling used car at Mahindrafirstchoice.com?
No, not necessarily you can BUY/ SELL car just by visiting the respective sections on our website. In case you get registered at our site we will update you with all new cars added in our stock/ products/ different offers available.
- Do I need to register separately as a buyer and a seller?
No. Individual buyers and sellers can use the same login ID for both.
- What if I forget my user ID?
Kindly write to us at help.mfcw@mahindra.com with your contact details.
- What if I forgot my password?
Use the forgot password link in the login form.
- How do I update my account information?
ogon to your account and go to the Members section. Click on Home & then Edit Profile.
- What if I don’t have email address?
Please sign-up for a free web-based email address that is easily available. Emails are a convenient way for us to send you updates and information on our special offers on a regular basis.
- What geographical area Mahindrafirstchoice.com serve?
Look up the “Find a Store” section on our website. We currently are located in 125 stores across 80 cities with plans to expand to 300 outlets by 2015.
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