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Smart Shopper Questions About Financing New Vehicles
2253 messages, Last post on Nov 18, 2009 at 12:07 PM
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Replying to: cccompson (Aug 09, 2007 4:38 pm) FMCC pays a % of the amount financed. For example if you finance $30K on 0% FMCC would pay the dealer $$160.65, on my pay plan my part would be $3.14. Not exactly a wind fall, but we don't really depend on finance reserve for income any more. It will soon be a thing of the past any how IMO, with banks paying straight flats. Where I earn my income is through the sale of Service Contracts, GAP, Lojack, and Tire and Wheel warranties. 0% helps me to sell those plans because it does not effect the payment as much and the folks who usually wait to buy the ESP just before there factory warranty runs will buy it at point of sale so they can include it in there 0% loan. It took me awhile to embrace the low rates but I like them now, and they help me do my job better.
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Replying to: joel0622 (Aug 10, 2007 5:01 am) Curious - In the past, I have had the F&I guy offer to reduce the vehicle price I had already agreed to with the salesman, if I would agree to buy an extended warranty from him. When F&I guys do things like this, does it hurt the sales guy? In other words, I assume you would make the commission off the warranty, but the sales guy's commission would suffer from you having lowered the price to entice me to buy the warranty. If my assumption is correct, doesn't this cause a rift between sales and finance?
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Replying to: 1racefan (Aug 10, 2007 5:27 am) That F&I guy should be fired, or the management team that is telling him to do it needs to take a long hard look in the mirror. Yes he is stealing from the sales person and obviously sucks at what he does if he has to resort to to that to sell a Service Contract. Management teams that don't get the fact that we are nothing with out our sales force never cease to amaze me.
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Replying to: joel0622 (Aug 10, 2007 5:31 am) The only benefit of the doubt I was giving the F&I guy was that maybe there was more total gross in the deal with the warranty, and that the sales guy got a little bit of a kick back from that as well, but I doubted it. |
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I bought a vehicle on Friday 8/03. I had arranged financing myself, but the dealer offered to match my interest rate if I just went through them so I did (I realize now this was a mistake). I took care of all the paperwork at that time. On Wednesday 8/08 the dealership called me and said I needed to come back and sign some new paperwork. They told me it was because they could not get me the interest rate we had agreed upon. I was in another state and told them there was no way I could come there and that I was not resigning for a higher rate. They have not paid off my trade in yet. Can the dealer make me come in and resign my contract (I live in Georgia)? The purchase price wound up $1000 higher than what I was approved for on my own so I cannot use the "check". 
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Replying to: hmeadows (Aug 12, 2007 4:37 pm) |
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Replying to: hmeadows (Aug 12, 2007 4:37 pm) have a Lawyer, hell it don't even have to be a lawyer, just let one of your friends who can pull it off call and tell them that they represent the law firm of Jones and Jackson and that have been retained by you, blah blah blah, you want a copy of the signed subject to form blah blah blah. Now with that being said, if you signed a Subject To form you may have a problem. Why can't you just take them the check from your bank like you originally planned?
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Replying to: hmeadows (Aug 12, 2007 4:37 pm) if you tell them, "fine. i will drive the car back to you. it will have 3000 miles on it by the time i get there, and please have my trade-in ready for me to drive back home." I BET they will find a way to make the deal stick as is and you will have nothing to worry about. They don't want a new car back with that many miles because they will take a bath trying to resell it to someone else. So stick to your guns and they will make the deal happen.
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