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Straight from a Car Salesman (tips on buying, etc.) (Q/A)


 
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 7 years ago '06        #26
Bman409 20 heat pts20
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 EscoNore said
The finance guy has to deal with the banks, get approvals, buy down rates, sell warranties, etc.

It may not sound like much, but it is.
 trey2cool said
yeah they have alot of state/federal guidelines to follow to make sure paperwork is done correctly, i seen a book someone had to study to move from sales to F&I, thicker than the bible
Really? So how would one become a finance person?

 7 years ago '06        #27
trey2cool 
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 Bman409 said
Really? So how would one become a finance person?
when i was at a dealership, they are gonna make u a salesman and say that you have to earn your way up by selling cars and they will approach you if u are making good numbers after a few years.

because of the high turnover in the business, it shouldnt be hard if you stick around and move units.

now if u got prior experience, you might be able to jump right into it.

there was a guy i worked with recently that has been a salesman for 15 years, was making serious bank, and he was asked numerous times to move up to manager or finance, and he declined everytime cuz of how much he can make in sales.

 03-12-2012, 08:53 AM         #28
KrayzieCMB  OP
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I guess I have it good being both the salesman and finance officer. No one else is in the way taking part of my commission :) It does take a lot longer to deal with individual deals but is worth it in the long run.

 7 years ago '06        #29
Bman409 20 heat pts20
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Ok.. so do y'all have to take a class on being a salesman or something?

 7 years ago '06        #30
trey2cool 
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 Bman409 said
Ok.. so do y'all have to take a class on being a salesman or something?
a large dealership will train you for a week or 2, mainly on how to deal with customers and their objections, going thru the entire process from the greeting to having them drive off the lot in a new car.

using call scripts

show you how to use the various documents.

training videos from a sales guru.

and product knowledge training.

 7 years ago '07        #31
Optimus Crime 5 heat pts
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 EscoNore said
The finance guy has to deal with the banks, get approvals, buy down rates, sell warranties, etc.

It may not sound like much, but it is.
Not to mention they can directly make money off of bumping interest rates...

They get a approval from a credit Union for 4.5%... and then when they tell you what you got... "He good news! We were able to get you an approval at a 6.7% interest rate...

A $30k loan at 4.5 interest rate [@ 60 months] will have you paying roughly $33.5k (total)

Adding that 6.7% interest rate will have you paying total roughly $35.4. They just straight up made the dealership $2k... and most people wouldn't even realize they got jerked...

 7 years ago '09        #32
Jacc Blacc 59 heat pts59
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 Optimus Crime said
Not to mention they can directly make money off of bumping interest rates...

They get a approval from a credit Union for 4.5%... and then when they tell you what you got... "He good news! We were able to get you an approval at a 6.7% interest rate...

A $30k loan at 4.5 interest rate [@ 60 months] will have you paying roughly $33.5k (total)

Adding that 6.7% interest rate will have you paying total roughly $35.4. They just straight up made the dealership $2k... and most people wouldn't even realize they got jerked...
wouldnt that be illegal to lie about the interest rate from a bank.......

 03-16-2012, 11:27 PM         #33
tregan2149  OP
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 Krayziecmb said
Big city dealers do bait-and-switch very often. Don't be suckered in by the price u see in the paper. There is always 2 blocks of fine print that u can barely see.
This is a good tip. There is a psychological theory called the lowball technique which car dealers use often, it involves advertising the car at a discounted, too good to be true price. After the customers come in for the deal, the dealer then removes the original discount and presents the actual price (several thousand higher). The dealer does this at the last minute because, by this point, the customer has basically verbally and publicly committed to buying the car, like coming in to the showroom, signing stuff, handshakes, etc. They create their own reasons in their head why the car is good, and end up buying it at the higher price.

So if a dealer does the bait and switch, remind yourself that you only came in for the advertised deal and haggle to get that deal.

 7 years ago '07        #34
Optimus Crime 5 heat pts
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 Jacc Blacc said
wouldnt that be illegal to lie about the interest rate from a bank.......
Lol no... Because it's not lying about an interest rate because that's not how interest rates work. In fact there are laws and whatnot regulating how much they can bump an interest rate from what got approved (I think it's 3 percent or something like that... I been out the game a minute). It's not lying per se. It's not like they're telling you you got 6 and actually charged uou 9.

They really get away with it because a lot of people have a note in mind.. And as long as that number gets hit... They're good

 7 years ago '04        #35
franchise 62 heat pts62
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lease new, buy used

 7 years ago '08        #36
Calamari Pasta 
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im feelin all of this. im workin on this certified pre owned sonata at rick case in atl...

 04-12-2012, 11:57 PM         #37
KrayzieCMB  OP
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We just did a 2 day sale and it worked out awesome for everyone but me lol. Every customer I got had bad enough credit I couldn't do anything. We only have 4 people in the sales department including the sales manager and dealer principle/owner. We sold 15 units in 2 days... that is really damn good for us. If anyone else is in the industry and wants a sales boost I have a personal contact that can give you a huge boost.

 04-13-2012, 12:09 AM         #38
KrayzieCMB  OP
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 tregan2149 said
This is a good tip. There is a psychological theory called the lowball technique which car dealers use often, it involves advertising the car at a discounted, too good to be true price. After the customers come in for the deal, the dealer then removes the original discount and presents the actual price (several thousand higher). The dealer does this at the last minute because, by this point, the customer has basically verbally and publicly committed to buying the car, like coming in to the showroom, signing stuff, handshakes, etc. They create their own reasons in their head why the car is good, and end up buying it at the higher price.

So if a dealer does the bait and switch, remind yourself that you only came in for the advertised deal and haggle to get that deal.
My place works completely different than this. We are in a small town and compete with city dealers that low ball us for volume bonuses.

We have been in business for 80+ years because we are honest from the start in my opinion. If a customer comes in with an national advertised price I won't even show them the vehicle until they have the ad explained to them.

No point in hyping someone up just to come at them with a much higher number.

 04-14-2012, 06:42 PM         #39
KrayzieCMB  OP
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I am still fairly new at it but my best month so far is 12. I will do more this month by the looks of it though. 12 for me is good because I have to handle the F+I part as well so each sale takes considerably longer. My older brother on the other hand usually averages 15-20 a month.

 7 years ago '04        #40
cold_young_thug 41 heat pts41
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 stargod said


Couple of years ago I test drove and the salesman just handed me the keys.I was like wtf You guys do that?


That made me real comfortable dealing with him

what u didnt know is they had already tagged the vehicle. Yo a.ss wasnt going nowhere.

 7 years ago '09        #41
Inamix 3 heat pts
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i sell cars..acura. most affordable luxury on the road

 7 years ago '07        #42
stargod 
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 cold_young_thug said
what u didnt know is they had already tagged the vehicle. Yo a.ss wasnt going nowhere.
cmon man i knew.

thought about it tho

 7 years ago '05        #43
arabofthechi 8 heat pts
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I been thinking of buying a new a barely used grand Cherokee or Audi Q7, but don't feel like dealing with the salesman and their bs especially when I try to get extras added to the car. Any advice on how to get Stuff like a sun roof, leather seats heated seats, etc in addition to a low price ?

 6 years ago '04        #44
NYCNYCNYC 
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so I have a 350z that I'm going to trade in when I go to the dealership..if u know 350z's, the front end gets all messed up everytime..what i mean is..its so low to the ground..it gets rock chips and knicks

should I get the front end fixed? I found a shop that will do it for a good price or should I just bring it into the dealer and let them handle it when i trade it in..whats a better way to handle it to max my $$

 6 years ago '08        #45
iPunish901 12 heat pts12
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i just bought a 2008 infiniti g35, i love it. i wanted the g35xS, but i could only find one and it had way too many miles on it for the price. and dude wouldnt budge cause the sports package made it worth the price regardless of the mileage. which is bs....

but i officially despise car salesmen.

i understand these guys gotta play up a vehicle to get someone to fall in love with it and buy it, but they gotta chill with the lies. Within one week, i cant tell you how many times i heard "a married couple were looking at this vehicle yesterday, im pretty sure they are either coming back today or tomorrow to buy it". i mean, really? i find it hard to believe that every vehicle i happen to want to look at, a couple looked at it right before me.

then the other day, i went to look at a car. car salesman gives me this story of how the car was a trade in from a guy who was a recruiter for the military and how he need a SUV to carry stuff around. i wasnt in love with the car, so i told him i wanted to go look at other places. he brings in his manager to try to convince me to stay. his manager then goes to tell me that the car was a trade in from a executive at a company and he wanted a sportier car.



i mean, can you n*ggas atleast get your lies straight before telling them to me?

 6 years ago '04        #46
1nonly 15 heat pts15
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Thanks KrayzieCMB for starting this thread. a lot of good info here.

One question I have? what about buying a used car outright? no finance or anything? can you get an extra discount because of it.

do you ever have these kind of purchases, used or new?

Or only the savings are from not getting a loan?

thanks again

 6 years ago '07        #47
Itzike 
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New car salesman checkin in.. Nissan dealearship... just been thru my first 2 weeks of training. so much sh*t to learn but im ready

 6 years ago '05        #48
yunsta 28 heat pts28
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I'm thinking of buying a genesis coupe rspec 11 or 12. What price would be considered a good/fair deal for me. Just wondering since they had a redesign for 2013...

 6 years ago '12        #49
bpw5009 1 heat pts
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I sell new and used cars so if any of you BX members have any questions on anything I can help you guys out.

 11-24-2012, 10:11 AM         #50
elferoz  OP
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how much will a dealership settle for making on a used car? say they paid 12,000 for it. they'll probably list it for say 17-18. can you get them down to maybe 13?

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