Dealership Finance Managers HATE when you know these 6 things!  

sounds like they were just angry! GOOD it better to go somewhere else! if they are like that. its ok for them to rip off the consumer but when you try to do it to them they get bent all out of shape

You need to practice saying it at home and hear youself to overcome any doubt or hesitancy, it does make a big difference.

​@@blakespower No they didn't wanted to rip off the dealer because it's not possible lol , they just wanted to buy a car without being ripped too much.

Back in the recession a few years ago, my wife and I purchased a car. The interest rate wasn’t too high through capital one finance since my credit rating was so good. It was only seven point something and then I refinance it through the local credit union where I deal with interest rate is 2.9% you can’t beat that. I almost have a car paid for now. it certainly pays to belong to a credit union. They are much easier to deal with in my opinion than a namebrand bank.

Yep, always show them that you got options. Dumb for them to not even consider it.

Yea, but buying any vehicle for $35,000 is stupid to begin with. LOL.

Nothing wrong with buying 35k car. Buy what u can afford. My last 2 cars were 65k each. Don't hate on people that can afford more than you

@@salgeoffrey4435 Boy if you only knew my net worth you would feel real dumb. Can probably afford waaaay more than you but not dumb enough to blow money on stupid shit.

@@salgeoffrey4435 < --- Finances expensive vehicles and he thinks he is smart. LOL.

Had a dealership try to say our credit was in the 600's some years ago and threw around a crazy interest rate. We had apps for every credit agency and pulled a report on the spot showing we had well into the 800's. They came back with some bs that they entered the wrong social security number and came back with a report with the correct rating. That was the last time I financed a vehicle. I go in now saying I'm going to trade something or I'm going to finance then, hit em with a check at the end.

I wouldn’t mind “financing and paying it off fast if they could give a great rate which I think is still high.

We ran into a similar situation and ended up financing the car and paying it off on the first payment.

@@Ryan-rn8gk They said we had to make payments for 6 months before we could pay it off, or we'd owe them the extra $5K. I was not willing to reward them with buying a car from them under that silly game. Their rate was not great either.

@@Lg8T3 Their rate was not great, but I refused to be roped into financing. They lost a sale from us, as we ad cash in hand, but spent it on a different car at a different dealership.

I don’t blame you.

Twenty years ago I would have agreed with you. Not now. These cars are designed to be hard to work on and wear out in no time at all. My 16 Acadia is only the second car I have bought an extended warrantee on, in my life. That $2700 GM warrantee paid over $14500 in repairs in 5 years, with no hassle at all. The first one was $1900, from a third party company. It was a giant PITA to get anything covered. It still paid over 10k in the 5 years I had it.

@@griffinreitz7041 "That $2700 GM warrantee paid over $14500 in repairs in 5 years." 'Sorry, but maybe you could have bought a vehicle made by a company with a better record for reliability, and skipped the extended warranty and all those repairs (in just 5 years?). I know, we all make mistakes.

@@kenhoward3512 it was a new car. it was supposed to be reliable. Any brand of car can need all kinds of repairs. that includes Honda, Toyota and the expensive garbage like lexus. Just because you obviously think GM is junk doesn't mean it is. buy a ford. you'll think GM is great after that. can you condescend more?

@@kenhoward3512 You aren't wrong. Only thing is I've driven GM trucks for 30 years. 300 to 400k, no problems at all. I had no way of knowing that GM had gone completely to crap since 12 or so. But, considering every make, now days, is $1500 for anything, I'll buy the warrantee the next time too.

​@mgaming7 It's interesting that you refer to Lexus as expensive garbage. I recently purchased a used car(not a Lexus) from a Lexus dealership. They prominently display two charts showing that their cars are the best or among the best in reliability and cost of ownership. 🤔🤷🏾‍♂️

If you're in the US, the practice of charging you a higher interest rate because you're buying less of their products at the finance table is called "tied selling" and is very illegal.

I wish I knew this back then. @@sammysleeves33

Weak finance managers do this. REAL finance managers can actually build value in their products with out playing these games....and yes, some of their products do have value.

NEVER answer when they ask you how will you be paying till you have the PRICE for the vehicle. You know it's going to be higher if you say cash.

Yes. well said always ask for outdoor price first once u see them numbers than you can bring up a trade in never b4 and double check that paperwk very carefully because then bs add on will be on and if you don't catch them guess what that's coming out of your pocket and if that sales person or Mgr isn't willing to work with you, you go to the next dealership it's that's easy!

Exactly!

@@antoniodavid2253 the world revolves around is profit; its a job

There's a reason they don't have their finance degree diploma on the wall 😂 you don't even need a associates degree to be a finance manager

Yall mad that people make a living; you do know that how Yall get paid too by profit made by your company

Hardo

What's "sled" ? You said "for each sled still on the lot"

@@highwayhash2541 Car dealers are very sarcastic, bitter, fussy people; and they often refer to unsold cars no one wants, as "sleds" (pejorative not literal) and if a particular dealership has lots of unsold inventory (like say Ram Trucks which has like a 787 day supply) they refer to that dealership as "a sled lot" like trying to sell sleds in the summer. Good salesmen avoid sled lots, and try their hardest to land a job at a Toyota (which has 60 day supply) or some other more popular make, because they're easier to sell. Anyway, "a sled" in dealer slang, is just a car that no one really wants.

I guess thats why they keep nothing on the lot except overpriced used cars

​@@milfordcivic6755It is true that there can be a big advantage to buying at the end of the dealers month because the dealer has to refinance all of the inventory on his lot every month. He is working on borrowed money too. One problem though is knowing when the dealers month end is. They can all be different depending on their agreement with their financial lender. Some will be the 30th of every month while others might be the last business day of the month. Or some other date? If you don't know and the dealer has already refinanced the inventory yesterday you will have no advantage today.

@@milfordcivic6755I was thinking this as well. What dealership are they at that still has new Toyotas on the lot (not counting the monstrosity that is the bz4x)

If you put $40-50k in to ticker ARCC, you would get a 10% return (taxed in 1099-DIV). Average auto loans are ~7% for good-to-great credit. The car is going to go down in value while the fund is going to stay relatively flat and pay yields. You've been making a financial mistake by buying cars cash.

The majority of people can't pay cash.

Use nada values, it’s what a bank will use to determine LTV. KBB is a scam designed to lower trade-in values and raise retail values.

What an @$$hole!

What did he say? XD

Selling GAP on this transaction would be unethical....

How does it go ? Because I’m about to do the same to a 17k vehicle

I put 6 grand down on a 30,000 4runner and he told l told me straight up that I would never need it. Then my wife totaled it and I got all my down payment back.

The less you hear from those snake oil salesmen the happier you'll be. Good job paying cash!

Most legit dealerships will only take a cashiers check. Very few are taking cash….

When it comes to large sums of money, apartment managers, car dealers, realtors, mortgage companies, banks, and the government are all much happier with checks or debit/credit cards of one variety or another. It means there is a paper trail as to where those dollars came from and orders of magnitude less likely to be drug/illegal money. Also, if a cop pulls you over and finds a large amount of cash on you, he can simply confiscate it. Many people have been nailed by this. It's called 'Civil Asset Forfeiture' and they don't have to charge you with anything at all to do it. Look it up.

Was this cash transaction over 10k ? because if so, I have questions if you were still able to drive off with in the half hour.

Thought the same thing. She could be a consultant for car buyers

Eventually they would lock the doors when they saw her coming.

Thank YOU @kenarthur6253 and yes - it's certainly can be a battle, for sure.

And that's why we call them "stealerships."

I bought toyota 4 rav and took the tire,rim, is windshield warranty and it was not worth it.

I sold New toyota for over 10 years and you right on the dot. I helped an Alabama shopper save $3500. In buying a new car Advicing her what to do and what not to buy. At the end she thank me for the free advice. I didn't know her from Adam, just over a discussion over a you tube channel. 😊 I never took advantage of my customers. That's why I end up quitting. From Tampa Florida I help anyone that needs free advice if I can. FNI are pressured to sell or lose the jobs.

I can't believe I did a $3,000 extended warranty. Never used it.

I had an extended warranty that I missed on a vehicle. But I actually won, at about 85k miles I had a major engine issue and ended up getting a brand new engine for 100$ deductible 😊

*you're

@@danettewelborn5577 thanks dad

You are correct..then walk out with that price and shop it to other dealers and let them bid for your sale. I do it by email so only the winner will see me. They never get my phone number

@@danettewelborn5577Get a life.

@@bluelightguy1 😂👏

I cant wait until the dealer model is gone. Pay cash and just drop it in my driveway, leave the title on the seat and I will register it. Take that $1000 doc fee and shove it.

💯@@davids.9834

​@@davids.9834 I don't understand... explain.

I definitely wish I had this knowledge back in high school, I would have made smarter money decisions.

Well said this younger generation wants instant gratification. Make a plan and save your money!!

Because they still made money off your loan sitting there

And you still paid the interest on the money you didn't pay over that year.

Thank you so much for being here! @bwolfe2022

You lost a lot of money on that vette. Ouch

Thank you for being here and watching! @billeatson6190

Thank YOU so much! @makaeo8085 That means so very much to me! 🙏 I think it was my first video where I said, I realize dealership finance is far from an exciting topic but that hopefully I can simply help people understand the process and save them some money. Thank you again for being here and your kind words.

Excellent!! @jamesclapp6940 💪 🙌

The Chevy even last that long? 😅

I’m of the same mindset as you. I couldn’t agree more. I just think of all that money I got retain every month that passes by with no car payment. I then dump it into more stocks instead and smile into the next month.

put it on note cards and number them or color code them depending on the level the transaction is at...

Practice at a dealer(s) before you go to the actual dealer you want to buy from.

I may do this for my third and second choice actually. ​@@ForestToFarm

Ummm 10,000 of a vehicle is a lot bro. That’s not rare and special. I have 1 vehicle that only has 500. Another one has 3000 made and 5000 on my 3rd vehicle. Not too many companies sell more than 10,000 of a vehicle. Somebody has fooled you with that number. Just think first example there were only 3000 2019 ZR1 corvettes made and it’s not considered a limited run. If your car is numbered with a plague it’s not special and even some are numbered and 2000 were made and they’re not considered special it’s just the manufacturer who tried to make it feel special to try and sell for more but it only has a sticker package that makes it different from their other exact model.

I like the subscription model!

When they try to sell me an extended warranty, I tell them I buy right now when they give me a list of everything that ISN'T covered.

@@steverichdrummrdude, read what you wrote and try to make Sense of it, because, I can’t! What are you TRYING to say?

And it is the learning disabled and those who have bigger issues going on in their life (like a family member in the hospital, or a recent death) who get ripped off the most, because they don't have the brain power or energy to defend themselves. I agree there is always room for better ethics.

dr, wrote, _"I am not sure how as a society we arrived at this state."_ The simple answer is 'capitalism'. People often bristle when I mention this but it's pretty obvious to anyone who dares to take a careful look at the point. Prices are arbitrary. They're based on 'what the market will bear', rather than on anything remotely related to 'how much it costs to manufacture'. When people are doing well financially, it's the legal responsibility of corporations to maximize profits for their shareholders. Let that sink in: it's their **legal responsibility** to maximize profits. So, the car may cost the same, but if everyone's swimming in disposable income, and willing to spend it, then corporations have a *legal responsibility* to 'game' for some of that money. Not because their product or service is 'worth' it, but because they're obligated to maximize profit. In essence, a capitalism-based economy requires -- yes, it **requires** -- infinite growth. So as long as one lives and transacts in such a society, those on the selling end of the transaction will alway be looking for ways to extract the maximum amount of profit from the buyer. If this doesn't sit well with you, I understand that feeling. It doesn't sit well with me, either. But, that's how it goes.

Let the buyer beware.

@@tmo4330 Caveat emptor

Here In Louisiana our roads are horrible, so the tire, wheel and key fob protection plan is well worth it when they repair or replace your tires and wheels for 5 years unlimited miles

💯 I go over that in a few of my other videos 👍

The first time I bought a car with my own financing secured ahead of time they pulled something similar. I agreed to let them run my credit and they came back with a “better rate.” The payment was higher than I had calculated with my already secured loan. As soon as I asked them about that, they yanked the paper work back and reworked it with my own funding. I never knew how they managed to arrive at that monthly payment.

Never have I ever heard of a 3% Mark up on the buy rate. One point or a point in a half. Maybe 2 I don’t think theirs any bank that lets you markup the rate that much. You’re playing with their money. It adds risk to the bank.

@@charlescuthbertson709 Honestly, it seems like it was more… but I do not remember the exact amount. What I do remember was them displaying a good APR for those with excellent credit, me having excellent credit, and them coming back in the room proud of themself that they got me approved, albeit at a higher rate reserved for those with ok credit. It didn’t add up so I immediately did some digging, and when I found that I had indeed been approved for the best rate and that they had lied and tacked on an additional percentage, I was livid. I walked out and never returned.

@@snowcrash4286they are car salesmen… they aren’t the brightest hunch. They only know sleezebag math. I make it a game with those bozos.

I made a deal on a Toyota once with the salesman. It was tough negotiating but we agreed and I told him that the agreed to price was every penny that I was going to leave in his dealership and I wouldn't even buy a Coke out of his vending machine and that he had better tell his finance guy that because if he starts dicking around I would walk. Well the finance guy did try slipping something in and I got up from his desk and walked out and never went back. He killed the deal because he thought he was so smart that he could slip one by me. No. No sale.

Let them do the loan and then pay it off immediately. Just be sure to verify there isn't a pre-payment penalty in the paperwork you sign.

Run away.

💯💥

The root of the problem isn’t the employees or even the dealerships. It’s the government which forces this system onto us. The car manufacturers lobbied the government to create dealerships.

Almost regardless of industry, sales lives on commission. Whether it's selling vehicles to the consumer, or selling hardware to Home Depot, software to Uncle Sam, etc. No sales, no commission, no life. And the salesforce turnover rate in vehicle sales is pretty high. Go back in a year or two and it's likely most faces will be new.

That means a ton to me @johngrein3325 Thank You! It is what I hope to do 🙏

The greatest negotiating power the consumer has is the power toi leave.