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


 
 
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 4 years ago '16        #101
MarloStanTrill 8 heat pts
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 nitetrain8601 said
As someone with bad credit, I get what you're saying, but the dealerships/finance people are simply trying to protect themselves.
Nah, im not saying they SHOULDnT check credit- Im saying maybe they should prequalify you before you can even start shopping for cars.

You wanna buy a car- you walk in they immediately run your credit, then TELL you what you can afford- rather than walk in- chat up a salesman, fall in love with a car i cant afford, do 2 hours of haggling and paperwork then go- OH your credit is bad

Gotta be a better way- as it is I refuse to deal with dealerships at all. My last 4 cars ncluding my current have been: craigslist, buys from family, and auction

I refuse to even play the game at a delaership period.

 4 years ago '04        #102
nitetrain8601 26 heat pts26
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 MarloStanTrill said
Nah, im not saying they SHOULDnT check credit- Im saying maybe they should prequalify you before you can even start shopping for cars.

You wanna buy a car- you walk in they immediately run your credit, then TELL you what you can afford- rather than walk in- chat up a salesman, fall in love with a car i cant afford, do 2 hours of haggling and paperwork then go- OH your credit is bad

Gotta be a better way- as it is I refuse to deal with dealerships at all. My last 4 cars ncluding my current have been: craigslist, buys from family, and auction

I refuse to even play the game at a delaership period.
Well technically you can. Most dealerships now allow you to get approved online. You can also walk into a bank or credit union. Hell I got my approval through capital one and they sent me the check before I even walked into the dealership.

 3 years ago '04        #103
mrjam7 4 heat pts
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Would some of the advice here apply if I wanted to get a off road unit like a Polaris rzr or can am Mav

 3 years ago '08        #104
Keith504 42 heat pts42
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Bx, I just recently went to a used car dealer triying to get financing on a vehicle and it didn't work out as planned. A little about me: I'm in my early 20's with virtually no credit at all. I have one credit card with a $500 limit and it's completely maxed because i pay just the bare minimum monthly. Anyway, I went to the dealer and tried to get financing on a Honda Cr-V for 15k but I was denied for that and instead they tried to put me in a 2011 Rogue with 92k miles for $10k. However, I was hit with a 22% APR rate which was like $7,000 in interest. After much thought I opted out of it because it just didn't sound logical to close on it. So my question for the Bx fam is would my APR get better if I was to pay this CC off and come with a larger down payment? Or would I still be in the same situation since my credit limit isn't that much to begin with?

 3 years ago '05        #105
danny|M 8 heat pts
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 Keith504 said
Bx, I just recently went to a used car dealer triying to get financing on a vehicle and it didn't work out as planned. A little about me: I'm in my early 20's with virtually no credit at all. I have one credit card with a $500 limit and it's completely maxed because i pay just the bare minimum monthly. Anyway, I went to the dealer and tried to get financing on a Honda Cr-V for 15k but I was denied for that and instead they tried to put me in a 2011 Rogue with 92k miles for $10k. However, I was hit with a 22% APR rate which was like $7,000 in interest. After much thought I opted out of it because it just didn't sound logical to close on it. So my question for the Bx fam is would my APR get better if I was to pay this CC off and come with a larger down payment? Or would I still be in the same situation since my credit limit isn't that much to begin with?
Is your credit card your only line of credit (open or closed)? If it is, then your credit score is unlikely to improve much even if you pay it off. Also, your credit score will take a while to make any significant improvements with just one credit line even if you keep it paid off every month. It is a good idea to pay it off, though. Most people I've heard from say that you shouldn't have any more than ~30% of your total credit used at any one time. Now that's not talking about using more than that and then paying it off before the interest kicks in because that's fine. What hurts you is keeping a balance month after month. That's where those interest charges come in. I don't know your financial situation, but if you can pay off your credit card before your due date each month then that's the best route to take. If you can't, pay as much as you can before your due date.

To answer your question, though, if you pay off your card and put down more for the down payment then, yes, the rate you get should be better, but don't expect a huge improvement. The more money you put down, though, the better your deal will be in the end. It also depends on what credit agency the dealership uses to check your credit worthiness. All 3 can show 3 different scores so I would check what one they use and then go get your score. You can get a free full credit check once per year to monitor any serious issues.

This is backed by the FTC. Check this link out for more information and if you want to get your score:

Although your credit limit does play a part in your credit score, that isn't the only factor, but in order to get a credit line increase you normally need to show whatever institution you're getting your card from that you deserve the increase (pay off your debt on time and in full, don't have too many credit inquiries, keep your credit lines open even if you don't use them because the longer they are open the more they will impact your score).

Now, I'm no expert, but these are just things I've picked up dealing with credit cards, school loans, car loans, and so on. Hopefully that was some sort of help and good luck with getting a vehicle. I just went through that a couple of years ago for my first one so I understand how it is.

 3 years ago '12        #106
SBiggady 12 heat pts12
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Great read...

I just started sellin Hyundai's and its working better than anything Ive ever done. I wanna make it work and climb this ladder one step at a time

 3 years ago '12        #107
Bravo Golf 12 heat pts12
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 MarloStanTrill said
Nah, im not saying they SHOULDnT check credit- Im saying maybe they should prequalify you before you can even start shopping for cars.

You wanna buy a car- you walk in they immediately run your credit, then TELL you what you can afford- rather than walk in- chat up a salesman, fall in love with a car i cant afford, do 2 hours of haggling and paperwork then go- OH your credit is bad
When I worked in car sales, we would do this if a customer came in looking to test drive a Corvette, for example. To prevent people from test driving one just to say they drove one, those customers got their credit ran first before anything. The sales managers wanted to make sure that they could actually afford the car first instead of wasting the salesmen's time for a simple joyride.


I wish they did that for every car, though. I remember during my first week in car sales, this lady came in wanting a pick up truck. We test drove several options before she found the one she wanted. We sat down at my desk to get the paperwork started. Not only did this chick have bad credit, but she didn't have a job either. Her only income was child support, which was only a couple hundred a month. I wasted an hour with her because I didn't ask those questions beforehand. I learned my lesson that day.


Last edited by Bravo Golf; 01-10-2017 at 01:07 AM..

 3 years ago '12        #108
Bravo Golf 12 heat pts12
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 SBiggady said
Great read...

I just started sellin Hyundai's and its working better than anything Ive ever done. I wanna make it work and climb this ladder one step at a time
Best of luck. You're at a good spot because Hyundais are more popular now than they were 10 years ago when I was doing car sales. Also, you have the internet to your advantage. If you haven't already, get yourself a YouTube channel and start making car demo videos of some of your best-selling models. Try to use social media to attract customers in your local market.

The old sales model for car sales is sitting back and waiting for customers to visit the lot, but you have to be more proactive to be competitive in this field. I didn't have that mindset in me when I did it. I wish I did because car sales can be a very lucrative field. The hours suck, though -- no way around that.

 3 years ago '12        #109
SBiggady 12 heat pts12
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 Bravo Golf said
When I worked in car sales, we would do this if a customer came in looking to test drive a Corvette, for example. To prevent people from test driving one just to say they drove one, those customers got their credit ran first before anything. The sales managers wanted to make sure that they could actually afford the car first instead of wasting the salesmen's time for a simple joyride.


I wish they did that for every car, though. I remember during my first week in car sales, this lady came in wanting a pick up truck. We test drove several options before she found the one she wanted. We sat down at my desk to get the paperwork started. Not only did this chick have bad credit, but she didn't have a job either. Her only income was child support, which was only a couple hundred a month. I wasted an hour with her because I didn't ask those questions beforehand. I learned my lesson that day.
Called Managing Expectations...

Cant have Champagne with Beer Money

 3 years ago '12        #110
SBiggady 12 heat pts12
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 Bravo Golf said
Best of luck. You're at a good spot because Hyundais are more popular now than they were 10 years ago when I was doing car sales. Also, you have the internet to your advantage. If you haven't already, get yourself a YouTube channel and start making car demo videos of some of your best-selling models. Try to use social media to attract customers in your local market.

The old sales model for car sales is sitting back and waiting for customers to visit the lot, but you have to be more proactive to be competitive in this field. I didn't have that mindset in me when I did it. I wish I did because car sales can be a very lucrative field. The hours suck, though -- no way around that.
Its some things i wanna get comfortable before promoting on my FB page. Im in quite a few groups thats gonna pick my #s up quick. But I wanna go through the trials and tribulations of this learning curb first.
Its good quick money from the deals i been apart of so far tho

 3 years ago '12        #111
Bravo Golf 12 heat pts12
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 SBiggady said
Its some things i wanna get comfortable before promoting on my FB page. Im in quite a few groups thats gonna pick my #s up quick. But I wanna go through the trials and tribulations of this learning curb first.
Its good quick money from the deals i been apart of so far tho
Good stuff. If you can, try to pick the brain of whomever the senior salesman is. I had this one cat schooling me. He had been at the dealership the longest and was always first in sales each month. He gave me a few good gems, but I didn't have the patience to put them to use. Our dealership got very little traffic, and I got tired of working long hours just to sit around. Social media wasn't really popping yet when I was doing it.

The best advice I got from him was scoping the car the "up" pulls up in. Look for bumper stickers, rental car stickers, anything that can be used to spark a casual conversation. This same advice helped me when I was called back into the military for recruiting duty a couple of years later. That helps break the ice and puts people at ease. As you're having a conversation with them, ask them questions here and there to uncover some of their buying motivations. But don't ask the questions in rapid succession like an interview. Instead, sprinkle a question here and there so that the conversation flows naturally. Even if they don't buy a car that day, if they do decide to come back to look again in the future, they'll remember you and ask for you if another salesman should approach them first.

 3 years ago '12        #112
SBiggady 12 heat pts12
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 Bravo Golf said
Good stuff. If you can, try to pick the brain of whomever the senior salesman is. I had this one cat schooling me. He had been at the dealership the longest and was always first in sales each month. He gave me a few good gems, but I didn't have the patience to put them to use. Our dealership got very little traffic, and I got tired of working long hours just to sit around. Social media wasn't really popping yet when I was doing it.

The best advice I got from him was scoping the car the "up" pulls up in. Look for bumper stickers, rental car stickers, anything that can be used to spark a casual conversation. This same advice helped me when I was called back into the military for recruiting duty a couple of years later. That helps break the ice and puts people at ease. As you're having a conversation with them, ask them questions here and there to uncover some of their buying motivations. But don't ask the questions in rapid succession like an interview. Instead, sprinkle a question here and there so that the conversation flows naturally. Even if they don't buy a car that day, if they do decide to come back to look again in the future, they'll remember you and ask for you if another salesman should approach them first.
Fa sho

I gravitate to any of our managers for advice. But the one the most been in the business for 30+ years. Gives out advice to folks who wants to listen and coachable. Been gettin me together. Hell I even met Rick Case and his Wife when they came in to check on things.

 3 years ago '12        #113
bpw5009 1 heat pts
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 Bravo Golf said
When I worked in car sales, we would do this if a customer came in looking to test drive a Corvette, for example. To prevent people from test driving one just to say they drove one, those customers got their credit ran first before anything. The sales managers wanted to make sure that they could actually afford the car first instead of wasting the salesmen's time for a simple joyride.


I wish they did that for every car, though. I remember during my first week in car sales, this lady came in wanting a pick up truck. We test drove several options before she found the one she wanted. We sat down at my desk to get the paperwork started. Not only did this chick have bad credit, but she didn't have a job either. Her only income was child support, which was only a couple hundred a month. I wasted an hour with her because I didn't ask those questions beforehand. I learned my lesson that day.
I'm in the business so I see where you are coming from but when you are selling affordable sedans (Civic Camry Altima etc) trying to get credit before a test drive Just wouldn't work. Most customers would have an issue about filling out a credit app to drive cars like that. Now on a performance model it makes perfect sense because alot of people come in to try to just beat the balls off the car and have no intention of buying the car. I sell Fords, anyone coming in to drive say a Mustang GT I wont even take them on a test drive if they arent atleast in there late 20s. Not worth some kid coming in to drive like a maniac and getting into a accident to risk getting hurt. I remember about a year ago a salesman getting k*lled on a Corvette test drive.

 2 weeks ago '19        #114
jlem 
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I'm currently in the market for a new vehicle. Jaguar XJL. I've done my research. and know what I'm willing to pay for a car. Here are some tips I would recommend.

1. Have your own financing in place before you go. Never use dealership financing. They may say things like, "you have to use our financing" or the "price is based on financing through us". If that is the case walk away. Having your own financing allows you to be in control of the negotiations. However, some dealers will not budge. Then it boils down to how bad do you want the car. 9 times out of 10 if you found that car you can find another. Always be willing to walk away.

2. Look out for excessive fees. Dealer prep fees and delivery fees are big ones to look out for. It's listed in a manner that makes it look like it's something that you have to pay. You don't. Also, don't fall for things such as paint protection or door lining that protects against chips or scrapes. It's nonsense. Paint protection is already built into the new painting processes and paints have come a long way in the last decade. Even if you are buying a used car no more than 10 years old.

3. Know that dealerships don't make a great deal of money off new cars. Generally, what you see is what you pay unless there are incentives and rebates. Most money comes from used car sales.

4. Never buy a warranty from the dealership. It's BS and laid out in a manner that looks like it covers you in the event of an unforeseen breakdown but they don't. The fine print often states that only certain parts are covered. You may think the transmission is covered but it may only cover the gaskets or tubing. Find your own reputable warranty company that's back by BBB and has real reviews from actual people.

5. Never take a car home. Dealerships use this tactic to get you to "fall in love" with the car. They will tell you the deal is made and they just need to check some things but its all good. Then when you come back, they hit you with the" "something has happened with financing and we have to add $$$ to the deal". If this happens to you tell them that they have to honor the contract that was signed and agreed upon. If they don't get your vehicle back (if you traded in) and tell them that you are going to report them to your state attorney general. It's called a yo-yo financing scheme and it's illegal. Most top dealerships don't do this but smaller one tends to so be careful if you need financing.

I know its a long read but I just wanted to give some advice due to my past experiences with buying cars.
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