How to Negotiate the Finance Manager and Save Thousands - Car Buying Tips
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- Опубликовано: 9 окт 2022
- Pay 💰cash for your next car and have the upper hand in Finance  Negotiations.
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Do you want to know how to negotiate a car deal properly? Car buying tips are great. But the finance manager is who really takes all your money. Rate markup, extended warranty, and other crap products they sell you are simply to make money for themselves. a FAIR profit is necessary for any business. In this video, I show you my 500 IQ strategy to negotiate with the finance manager that will save you thousands of dollars on your next car purchase.
Do you want an extended Warranty? I highly recommend them. We sell them all at $500 over cost to save you money. lvillechevydude.com/extended-...
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Georgetown, In. 47122
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Best tactic I have found to deal with the finance manager is to say no to everything they offer. They are the absolute worst people in the whole process.
"Yes, but we can get financing for anyone, even YOU!"
Yeah they don’t like me because i say no everything but that gap insurance 😂
Its best to play along for a short while until you make them hunt for a better rate% they will not work to get you a better rate as hard as they will if they think you might buy some of their BS
@@KingLouOG me too but gap from the dealership is BS. Last purchased back in 2019, dealership added $800 for gap. I called Liberty Mutual and they added it for $40/year. So I went with Liberty. Damn crooks!
@@twinnmann I’m gonna keep that in mind for my next car purchase!
I loath buying a car. Last one I bought (2020) after the 3rd time of saying NO to the extended warranty, he pulled it up again. I very firmly and politely told him if he mentions extended warranty or any other add ons, HE would have the pleasure of explaining to the sales manager why I'm getting in my old car and driving away. He already had GAP (which I didn't need, I was putting over 50% down), Extended Warranty and some bogus flashing brake light written in the contract. I did use the timer trick you mentioned. I set my timer for 10 minutes and told him to come out to the customer lounge area when he had the contracts reprinted without those items on them. When the alarm goes off, I'm walking out of the dealership. At about the 4 minute mark the sales rep came over and asked me if everything was OK. I said "sure is, but tell your finance guy he has 6 minutes left. Finance guy came back after 8 minutes and I congratulated him on having 2 minutes to spare. I really hate being a jerk. It hacks me off that I sometimes have to be that way but the guys who play these games are not our friends.
Tell the finance guy you will not pay for anything but the car, the tax, and the license. Then tell him he has 10 minutes to write this up or you are out the door. And do not sign anything until the deal and finance has been settled and written up completely.
Does telling the finance guy that work?
@@gabrielvalentin4509 finance guy does not want the deal to fall through once it has been set up with the sales staff. If the deal does fall through it makes the finance guy look like an idiot
Will this tactic work if you’re ultimately trying to buy the car cash?
@@rush33n It shouldn't matter which payment method you're using. They want to move cars. But they try to break the buyer down first, so the buyer makes hasty decisions that wind up better for the dealership.
Pulling credit multiple times doesn’t hurt your score… BUT.. its still inquiries on your credit and shows risk to future lenders! Truth. Ex finance
Hey Mike, I want to thank you for these videos. As a single female without any help or support, your videos are a life savor. I wish I lived closer, and I'd purchase from you.
Mike your gonna be the one and only used car salesmen in heaven for always telling the truth to people!!! Thank you for that!
Mike, it's too bad I couldn't just bring you with to negotiate my next vehicle purchase, lol. It would make things so much easier.
I always trade every year for new vehicles. With different dealers. Never spent an hour in out paperwork done. After buyingatleast 100 vehicles in my 73 years. I well know the game. Got some great deals.
Thanks Mike, great advice, but this is the reason I don’t want to go check out any new cars, because I dread this part so much !!!! They just think I’m a dumb female that will be suckered into anything they try and sell me , but little do they know my dad was a car dealership manager for most of my life , so I know a lot of the b.s. they pull , wish he was still alive to go with me, but your tips really help me a lot also, so thanks again ! 😊
I bought a new 2023 Toyota Rav LE Fwd at the dealer in 90 mins, I negotiated the out the door price with the salesman online and on the phone before I went to the dealer. When arrived at the dealer I told then that I have to leave at a certain time and they hurried up ,with the test drive and financed office ,I didn't purchase zero warranties and I got my Gap insurance through my auto insurance for 200 dollars, dealer couldn't match, I was in and out in 90 mins!
When some one is selling to you the best negotiating tactic is saying this dosent work for me and walk away.
Extended warranty: unless you plan to keep the car beyond the original warranty (depending on car brand/model), many manufactures allow you to buy it 1-2 months before the original one expires. And you don't need to buy from the dealer that sold your car, you can even buy it from another state. Unless the dealer you're buying a car from has a darn good price, skip that.
These techniques might’ve worked before. Now the excuse is there are not enough cars and the dealer doesn’t care if you walk away.
My favorite thing to do to throw them off there game is negotiate with no trade, tell them you need to think about it, come back the next day and renegotiate with your trade. It's difficult for them to get a customer to agree to a worse deal with a trade. Seems like it works great, just takes a bit more time.
Honest and direct. Great video
Awesome video, you’re the best Mr Chevydude. Thank You for all knowledge that u provide us. :)
Great video! Thanks
Thank you for your ethics!
Your awesome, thank you for sharing this knowledge.
I have always foung that NO works like magic. If you really need GAP insuranse you can get it from your own insuranse company much cheaper than a dealership.
One thing that I learned about the gap insurance... You can get gap insurance from your insurance if the vehicle is new. If it's a used car then you can get the gap insurance from a bank or Credit Union.. even better if you can get the car financed through a bank before even getting to the dealership after I think if they provide gap insurance and buy it through them
Here we go again…. multiple credit pulling is ONLY bucketed into one when it comes to dinging your score. Other credit providers can and will view them as the multiple enquires that they actually are. YOU WILL STILL SEE EVERY INDIVIDUAL PULL in your credit report.
and you will be dinged for everyone. I had a dealership do it to me. 11 inquires and a 65 point reduction in my FICO score. I did not buy from the FMer's.
Yes, running your credit multiple times is bad.....dealership did it to me and while they may not affect your score a ton it does effect how other lenders see you and credit bureaus still report every single one individually......its not good and totally un necessary
I get approved thru my own bank and give em 1 chance to beat it thru captive lender....and they have a couple of times
Typically multiple pulls are for people with bad credit (mine was at that time)....if your credit is solid it only takes 1 time
They shotguned you. Slang team when they submit you to banks etc. I went too 2 dealership and they did that. Now got 40+ pulls on my credit. Smh
Great video!
Thank you
Mike
wow!. This is pure gold. The value of these cheat codes is tremendous.
Uh, Thanks. Really. I like these strategies.
As he said best thing to do if you don’t like what any salesman or finance guy is saying to get up from chair and act like you are walking out, in some cases you have to walk.
Can you please go over or direct us to a video where you talk about customer that is paying straight out cash does any financing doesn’t have a trade-in and has horrible credit, so just wants to cut the middleman and just go straight for Cash by out.
They try to trick you that you must pick one from the list. Just say "None on the list". Trust me!!! once you said these... you will 100% loose their friendliness and they will either stopped talking to you or try to ignore you.
Most people are bad at negotiating and it's reason they hate the dealerships so much....I was too but learned the game buying multiple vehicles last few years.....doesn't bother me anymore
If you don't sign nothing gets sold to you.....
Take as much time as you need to read thru contract....they try and rush you thru it so you won't catch anything....
Whatever their selling you can buy later....
And you can just buy the car from home, idk why this isn't talked about more.....super simple, you can have vehicle delivered or just go in to sign papers and take delivery...its only way I will purchase a vehicle
Do you do this for new vehicles or are you talking about used?
@@dingdong5601 I bought new as used market didn't make sense for prices they sell them at
Everything is same as far as transaction however on used you will want to see the vehicle especially the older it is....on new its not an issue
woot!!!!!! 💪💪👏👏
ATP WYA I’m tied!!!! 😂
When you say don't pay anything over say..Invoice or don't pay anything over MSRP that is not including the legitimate taxes, and fees that are then added to that correct? Or does that statement mean one shouldn't pay a dime over MSRP "OTD" w/ all taxes, title, doc, tags, 1st year registration, (all fees) OTD and with all those still not going over MSRP?
The thing u mentioned about pulling ur credit that it won't have any effect. I was approved for a credit card and my score took a hit because of the hard pull. I think it will effect your credit score, and if its just for a dealer quote, there isn't any reason for your credit to be pulled. You can tell them to assume good credit.
He’s saying that pulling it multiple times within a short window does not affect your credit which is 100% true.
The financial manager In Honda here in tampa Fl, wasn’t listening. Kept trying to put me in every other car but what I wanted. Talking bout the TTV at 115%. Like bro non of these payments not working for me
The whole process is torture,,, the way big dealerships do business is old and outdated,, I never had issues with time for mom and pop places, but the big ones hold your hostage as long as possible. Getting a new car soon, I am planning on cutting out the finance team as much as possible, they are going to waste their time trying to get me to add more crap.
Hey Mike, congratulations! You are right on with everything you mention in your videos, period!. There are other youtubers that say they know it all implying that most of the sales practices are illegal and that the FTC is just waiting to get customers tips against the dealer. I have been in the car business over 40 years at all levels and I have seen an FTC gall once. She did not find anything against the law (with window edging by the way) Keep making good videos, a lot of people are in the market for new and used cars in this country right now.
I bought a Toyota,32650 otd, after finance manager the otd price was 38740.
I've bought 11 cars and never allowed any additions in the finance office.
Bro it’s my first time buying a car wondering how should I come to the dealership pretty much not knowing what questions to ask
Car dealerships really hate me. I’m always a cash buyer, and I stiff arm all the extras. I’m one of the few people on the planet rolling around in a fully loaded Bronco Raptor for under 80k after taxes and fees.
I just had a guy come at me with a 9% intrest rate when i was preapproved for a 5.75. Get my key, I'm out. He cines back without my key and offers a 7%. I told him get my key, he left, i walked to the door, he kept the 7 and toon off 2k of the price. Nope, you have my number if you decide tonget serious.
Do you know who else is a big problem at the dealership that over charges and who actually works on commission is the service department and beware of those charges I work for Kia I can’t tell you which one but it’s here in Georgia and I watch them ripped a hole in customers coming in for service
Probably Kia of Perry.
You must have recorded this a long time ago, the sign the wall is blank!
True OG's notice that. LOL
I bought a new car and got the extended warranty. I traded my car in before the factory warranty ended, I asked for a refund on the extended warranty but I only got around 50% of the cost of the warranty refunded. If the extended doesn’t start till after the factory one ends why wouldn’t I get 100% of what I paid refunded ?
So youre saying there is no such thing as a buy rate and sell rate when it comes to interest? FI guys do lower rates because banks allow them to add points on loans and in turn they will take fewer percentage points over gaining the pure profit of the add ons.
I have a question. If the vehicle has a dealer warranty is it a violation of the truth in lending to sell the customer extended warranty plan
What do you think of 3 year old car with 10,000 miles on it. That has had 2 owners ?
jeez in canada it works the same way
What’s are Non Tax Fees?
Buying a car will always suck
Good video, isn’t it a repeat though? Nothing wrong with that but I’m sure I saw it before and the signature wall only has a few on it.
Definitely a repost, look at the signature wall. This is old, but that doesn't matter, it's good information to be reminded of.
we had it on the main channel and we are transitioning the car buying tips over to this channel. We are just playing with the algorithm at the moment. We have about 30 new videos coming.
@@MikesCarStore ah okay that makes sense. Will probably be easier to search that way. Looking forward to more tips!
I got a tire and rim warranty for 1k when I bought new volvo. Best thing I did cause my wife dent all four rims and flat tires on 2. Replaced all 4 tires and 4 rims on that 1k warranty. Yea well worth warranty.
just say no in that office
What if you just don't buy anything the finance manager is offering?
Sir, why does a car dealer "need" to make a profit on an extended warranty?
Hmmm...Recently with both a Brother-in-law and Sister-in-law they are married to two different siblings but all looking as a group.😀
Never get extended warranty
Tell me about your extended warranty. What is covered, for how long is the coverage, where can it be repaired, and what is the deductable?
Just don’t buy anything from the finance office that will keep you in charge
This guy is a 10 car a month guy gone mad!!!!
If you got the check from your bank I wouldn't talk to their finance manager period 😂😂
The more I see these videos, the more I want to buy a motorcycle instead.
Buying a car is anxiety inducing and I hate it.
But no point if you use the bank you recommend they will not put a lien against your vehicle? How do they protect themselves from people who default? Is this another Collective Club of people that can use that type of Bank?
They cut dealership a check if it's your bank....if you default your bank will come after you
Dealership already been paid, they don't care
"What do you want to buy from the finance office?" ...the car.
Of course I watch this after I buy a car 😅😅😅
The dealer fee scam is horrible.
You refuse to pay it and let them know it's bogus
I currently own a 2020 Chevy Camaro that has a value of $27000. However, I still need to pay off $12800 for it. My intention is to trade it for a 2023 Cadillac CT5. Can you advise me on what to do based on your experience?
I don't care for most add-ons, but sometimes equipment add-ons appeal to me, I just negotiate those along with the price. Once we agree on a price and move to finance, I pull out the checkbook and just pay cash. I'll listen to their finance products pitches so as to be polite and not sound like a dick, but I respectfully decline them. I don't buy annuities or such things from a car dealer, that's all these products are is various forms of insurance. I don't want them.
Everything I have read says a hard pull will be on your record for 1 year and can decrease your score by 5 points, multiple pulls by 10 points-I just received a trans union report with a credit score of 746 but
listed multiple pulls as a negative. Can you direct me to the article that says hard pulls should not be considered
you are seeing the Advantage score. They still do ding you for a credit pull. FICO doesn't. Banks don't use advantage score to lend you money. Credit karma, and other services like that sell your data. That's how they make money. Pull your credit at a car dealership and look how fast you get an email from Capitol one, Carvana, asking you if you are buying a car and they can save you money.
@@MikesCarStore Thank you for teaching us
Couldn’t make money selling cars so he has to do this
Why in the world would you be “loyal “ to your bank ? That’s asinine
Negotiate? It’s not a negotiation, it’s a sales pitch. No works really well.
I have gone to not one, not two, but three different dealerships within the last 5 weeks, and they WOULD NOT SELL TO ME unless they had all the add-ons, warranties, insurance, tint and dent protection, blah, blah, blah.......PLUS the trade-in value for my car (calculated via CarFax, the lowest values ) wanted EVEN LOWER than the dealership wanted.
Look at the Google, Yelp, reviews........the " 5 stars customers" are sold by younger women and men......the suckers..... sold by the add-ons ......adding $3,000 to 4,000 go their costs..... but THEY WILL BUY this junk. The "1 stars customers" are, because the F & I a--holes are having you leave and/or, you are leaving because they will not sell to you they junk.
I wanted, and need a car.......what can I do how!!??
This is a SICK INDUSTRY!! I hate these people !!!!!!!!!!!!!!!!!!!!!!!!!!!!!
You were probably a decent salesman because you’re selling people without them even knowing. Please people… don’t treat anyone like what this man is saying. If you can’t tell he’s trying to make a profit. Go to a reputable dealer, (read reviews and make sure they have a good service department because they’re the ones who inspect and work on the used vehicles) find a sales person who isn’t push and that you feel comfortable with. If the vehicle is out of your budget ask if they can lower it to a price you’re comfortable with. If they can’t and there isn’t another car that is in your budget, you can leave.
Salesman, like the guy in this video, can be some of the worst people in the business. Take some of his advice sure but please don’t go into a dealership acting like they owe you money. That’s a good way to get a good dealership to say no to your money and you’ll lose their service.
TERRIBLE ADVISE
This is insanity. At this point just buy a Tesla
I sell cars and it drives me crazy when someone negotiates with me for two hours and has the nerve to ask me "how long is this going to take?" It's like oh cool, now you're in a hurry, got it.
Sht up and sell car do ur job...nobody cares about you..ur just a worker...now.go.make ur boss and owners some money
😂
Taking car buying tips from a dealership owner snake himself huh?? lol I think ill just stick to my method of researching good dealers rather than taking the advice of this guys verbal vomit.. also I always finance my cars.. I don't know a single CPA or Financial advisor that would recommend investing liquid cash into a guaranteed depreciating liability like a car or truck, my investments gains alone exceed any finance charge I would pay!
This guy's drink so much coffee it's just a state of confusion like nothing more than a screaming used car salesman Nickel Dime circus act