Introduction To Special Finance

Have you had trouble sleeping lately? They were watching any "trash TV" commercial or night? So, no doubt, was flooded with "Mania Bad Credit". It seems that every time you connect to your television, there is someone saying that, regardless of how bad your credit might be, you can get approved for a loan with no money down, so that the top line of beautiful imported sports car, or as on this beautiful luxury SUV. And the payments are so low, hardly have made them. Just come and they will send you home to your dream vehicle of your choice with no problems.

If you are a car dealer or manager, you wonder how people can actually believe all this nonsense. No money down financing for bad credit customers is just a fantasy of another. But the business of the street is flooded with ups, while their faces get around drinking coffee and desarrumar his used car lot with the butt of his cigarette. Meanwhile, other dealers may be busy all day and night ... because they are still emerging in the sun when you are ready to close.

If this sounds like your business, then you probably never heard of Special Finance. Maybe you have, but also all heard the horror stories that go along with it. The "skuzzy" clients, their garbage trade-ins, bad checks prepaid, and all the lies you have to try and get approved for a loan. And banks, oh banks have to deal with these people. They take forever to finance a deal, in fact the business is financed at all. It seems that the guy just to make money with these businesses is their "Repo Man", you can find these people and get your car back! Why would anyone in their right mind wants to hold this kind of aggravation?

But what if I could show you that by ignoring these clients effectively remove up to half of the customers within a radius of 30 miles of your grant. Imagine that over 50% of people living around your dealership suddenly to pack and go overnight. You want to build there first? Probably not, but since it is already there, why even think of removing these people from your company? Contrary to what you might think, this aspect of business can be profitable and clean, and these clients prove yourself again and again to some of your most loyal customers than ever. They consider you and your business as a friend who helped during some difficult times, and refer friends and family with great vigor, especially those in the same circumstances. They will meet their vehicles in their service department, and enjoy your body shop, if you have one. They will return again and again and will continue to do business with your dealership during the time that will leave them. They are undoubtedly the best word of mouth advertising you can get!

So who is your shop in the grand scheme of dealers? You openly embrace sub-prime customers, and make this business your primary goal? Do your people run for cover when a customer reaches special finance the lot, knowing that his department F & I have no interest in these clients. Engage outside of special financing, making only those companies that require little effort?

Research shows that when it comes to Finance Sub-prime or special (SFI), dealers traditionally fall into four categories. We like to call it "The Four Square business":

The Bold business is exactly that. He is known as the king of special finance. All your advertising dollars go to the sub prime market, and may well assume that someone driving one of their cars probably have a credit problem. The dealership meets the sub-prime business, and as such, customers of good credit may be reluctant to go there. A light 750 enters the door, he probably made a wrong turn!

The enthusiastic business is willing to do special finance, but usually is not done no proactive marketing of Finance Special, well, business is generated from limited traffic too, "Get Me" Done and F & I turn primary Downs. The dispensation of F & I are typical when the sales booth has a strong agreement on a vehicle and delivered to the customer post sales of "OK to spot." These agreements have been purchased for every major creditor, without success. It is at this time (often two days later) that the manager receives the Special Finance business and is tasked with saving a deal that was never treated properly from the beginning. These stores see the potential of sub-prime, but can not figure out how to store the street can deliver their low turn. They tend to take only the easy business, and those who require a work usually released after the initial round of rejections.

The business makes necessary special finance, but not consciously. The director of F & I know something about the sub-prime, and can reach an agreement approved with some effort. Your payment plan usually not worth it sub-prime, so it gives little attention to it. His attitude is special funding that these customers do not deserve a loan, but when you get them approved, is the best! This company is concerned with the image you can conjure sub prime. This business is not interested in being known as a "dealer sub prime", and do not want to damage their relationships with existing customers. This merchant is only interested in sub prime, if it could be done only with the banker knowing!

Unwilling The business has no desire to be in the business of sub-prime. This store is usually one of the top businesses in the market, selling hundreds of vehicles per month. Most funding goes through the origin in captivity, and they tend to buy so deep, much of what would be considered sub-prime in another shop can do this as the main store. Management philosophy regarding sub-prime is simply not worth the headaches, and the extra business per month not offset the previous nightmares you can try this shop.

What category does your business fall?

If my business needs a special finance department?

You may be already in the business of financing special and not even know. If the department of F & I is that good, did not hear a lot of complaining about the business could not be bought. Although it is highly unlikely that your team closes every customer who enters your lot, odds are you're probably seeing some of these sub-prime customers for their primary source. But we live in a world of maxima and super sizes, so why not have both of these businesses?

We know that over 50% of the population around your company has some sort of credit deficiency. Why would you want to delete that many potential buyers of your business? Even if you're a mega-dealer making hundreds of units per month, would not it be nice to have another 25 to 50 sales on top of you already doing? Keep in mind that we are not talking to abandon the business you already have, but by expanding it.

Remember, customers special financing not only to stay home and watch Jerry Springer all day, trying to figure out where they can change their next welfare check or unemployment. They can be doctors or lawyers or any other professional who has just had some bad luck. As the saying goes, "bad things happen to good people." These customers want to do business with a professional, not the operation some fly-by-night they pass along the way. Moreover, these customers will provide additional business for their parts, and service Body Shop. And the business that can bring Referral could be worth in the long run.

Remember when everyone is saying how bad the company, the quality of customers coming into your business has not changed, and the circumstances that these people face, which is different

1.The effects of the subprime crisis of subprime mortgages to its customers. More! Many of them are "victims" of these subprime mortgages and are not sure that your mortgage payment will be when your rate goes up!
2.This same people who were counting on the equity in your home continues to rise and many took equity lines or second mortgages and now have no capital left to support these loans.
3.The property market is low, and many of the people who work in it are feeling the pain. The construction worker, carpenter, frame, electrician, plumber, etc. all were riding high when the new housing market was in full swing. Now, many of them, if they are still employed, were of 70-80 hours a week doing extra large hours or less for 40 hours per week without overtime. Income is out of shape, many of them do not have down payments available.




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