NAPERVILLE, Ill. -
Potential used-car buyers can now get a little help with their down payment, thanks to a new program announced this week by social-savings website Motozuma.
By setting up a free Motozuma account to save for a down payment, prospective buyers can receive a dollar-for-dollar match of up to $200 on any used vehicle purchased from a Motozuma Preferred Used Car Dealer.
The patent-pending platform also offers an interface the company says will allow savers to receive monetary gifts from their family and friends. The used-car program will roll out first at Chicago-area dealers and will immediately expand to include a nationwide network of dealerships, the company said.
The savings program for used-car buyers marks a next-step for Motozuma; the company launched in 2009 with an emphasis on new vehicles.
“Motozuma has already made it possible for thousands of people to harness their social networks to help save for and purchase a new vehicle,” said John Morgan, founder and chief executive officer of Motozuma. “Now we are excited to offer this $200 reward, which is free money, toward a down payment on a used vehicle.”
While Motozuma reports that nearly two-thirds of its current users are younger than age 35, its savings platform is open to shoppers of all ages.
“The used-car savings match offers a tremendous value, whether it’s used toward the purchase of a buyer’s first vehicle or the replacement of an existing vehicle,” Morgan noted.
Here’s how the used-car savings program works: Prospective buyers set up a free Motozuma account, then begin fueling their savings with deposits from an existing checking or savings account.
The site also features tools for users to notify and engage their social network for contributions.
Once their down payment figure has been achieved, buyers identify a desired used vehicle at any Motozuma Preferred Used Car Dealer and initiate the transfer of the down payment funds to the dealership. Down payment savings can be applied to any make and model of used vehicle available, the company said.
All Motozuma Preferred Used Car Dealers are trained on the company’s process, officials noted.
In a special deal on the new-car side, shoppers who use Motozuma account funds for a down payment on a new Hyundai are currently eligible for a dollar-for-dollar matching incentive up to $500.
For a list of all participating Motozuma Preferred Used Car Dealers, visit Motozuma.com.