03-24-2009, 12:56 PM | #1 |
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Confessions of an Auto Finance Manager (You have to read this!)
Hi Everyone,
While googling for a way to finance my own customer's purchases for our software, I came across this : Confessions of an Auto Finance Manager: In the Back Rooms of America's Car Dealerships It is written from someone who used to be a car salesman and Finance Manager at a car dealer, and its a real eye-opener as to the tricks that car salesmen and especially, the "loader" as I like to call them, do to take more money out of each car buyer. It's several pages long but well worth the time. Some of the older folk like me probably already know most of these things, but if there are any youngin's reading this who are about to buy their first Camaro, READ THIS FIRST. It may save you thousands. http://www.edmunds.com/advice/buying...8/article.html |
03-24-2009, 01:16 PM | #2 |
Drives: 08 SS trailblazer,08 Silverado Join Date: Mar 2009
Location: stanley va
Posts: 6,268
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Good read!
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03-24-2009, 01:36 PM | #3 | |
Drives: ... Join Date: Jan 2008
Location: WI
Posts: 175
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Very good read! Here are the key points of the article:
Quote:
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03-24-2009, 01:51 PM | #4 |
SoCal MAYHEM
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nice i will print this out and keep it in my pocket when im going in great find and thanks for the honesty, its nice knowing there's good salesmen out there still.
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03-24-2009, 01:53 PM | #5 |
Banned
Drives: 2010 Camaro SS Join Date: Nov 2008
Location: Tavares, Fl
Posts: 255
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Enjoyed reading that.
Think I'm going to read my Bears jersey and see if he says "How bout them bears?" My reply is: "Im a Jags fan, dont ask me another question." |
03-24-2009, 01:54 PM | #6 |
Drives: 08 SS trailblazer,08 Silverado Join Date: Mar 2009
Location: stanley va
Posts: 6,268
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i was looking for the "confessions of a car salesman" on there but couldn't find it... I printed it out and gave it to my sales guy and he hasn't worn a white shirt or "bling" since...lol...
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03-24-2009, 01:56 PM | #7 |
Voice Of The Voiceless
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great find!! this article was very informative and i'm sure it will be helpful in the near future. Thanks for the post!!
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03-24-2009, 02:02 PM | #8 |
Drives: 2005 SilveradoSS AWD Join Date: Jan 2009
Location: Orange County -CA
Posts: 426
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That was a very good read, the part about the guy jumping over the desk and choking out the manager had me lmao! You dont know how many times Ive wanted to do that at my local dealership.
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03-24-2009, 02:04 PM | #9 |
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Here in FL we don't get to negotiate on extended warranties. Everyone gets the same rip-off price to make it "fair" to everyone. :(
Be careful about #7 though. When we bought our Honda Pilot, the dealer offered gap insurance for about $5.95/month over the life of the loan. I got it through my car insurance company for about $12/year. After reading this whole thing, I had to laugh. I guess I was one of those prepared customers that didn't contribute a dime to the Fin Manager's commission at my local Honda dealer. I already had financing done before I came in. I got gap insurance though Progressive. I didn't buy any alarms, wheels, paint protectant, scotchguard, clearbras, nothing because they are marked up so high. Like I said before, since we can't negotiate extended warranty prices in FL, I offered to buy one if he'd take the difference between their price and the wholesale prices available in other states off the price of the truck. He didn't, so I didn't buy one. He didn't seem happy, but I enjoyed it.
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1100- 2/18/09; 3800- 6/15/09 VIN#18308; Delivered 6/29/09!!!!! 2014 CTS-V Sedan, Black/Black, Auto, Recaros, Ultra-view, Red Brembos. Stock Last edited by carfansince73; 03-24-2009 at 02:45 PM. |
03-24-2009, 02:06 PM | #10 |
Drives: 2010 Camaro Join Date: Mar 2009
Location: Goodyear AZ
Posts: 255
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Read it all, good insight
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03-24-2009, 02:40 PM | #11 |
Drives: chevy Join Date: Mar 2009
Location: NC
Posts: 28
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While I think it is a good read like anything else it is only one persons experience. Not to say what I read wasn't true to some extent. But take it with a grain of salt.
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03-24-2009, 02:44 PM | #12 | |
Booooosted.
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Quote:
The part about educating yourself on the price of the vehicle is kinda moot with this car though. Most of the rest I was well aware of. Problem is, I didn't read this article 20 yrs ago when I bought my first new car. The monthly payment thing and them filling it up in the F&I office is a perfect descrition of back then with me. I remember him asking me what I wanted my payments to be and I remember telling him 450.00 and I can remember him saying something like, "Wow, you're in luck we were able to get it done for 449.67. lol What a dumb a$$ I was. Hell I thought they did me a favor. Good time for a facepalm on myself. And great post right about now for this forum. |
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03-24-2009, 03:00 PM | #13 |
Drives: 2010 2SS/Black Join Date: Mar 2009
Location: Tucson, AZ
Posts: 608
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My Experiance
My closer experiance with my last car purchase was kind of fun. Yes, he told me all the things I needed to buy, and tried to raise the interest rate on me with creative financing. The car I was buying had a Karr security system installed which he said he would only charge about $400 or $600 for. I said I didn't want it, and to remove it. He said it would cost alot to have it removed so he included it for free. Go figure...........
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03-24-2009, 05:44 PM | #14 |
Drives: 2010 2LT/RS auto IBM Join Date: Mar 2009
Location: Denver, CO
Posts: 1,259
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1. Don't agree to be a monthly payment buyer. If you do, you'll quickly lose control of negotiations as they pack payments and hide the real cost of the car.
Could someone explain to me what I should do instead? This will be my first new car since college, when I had the luxury of letting Colonel Dad handle all the negotiating. |
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