Introduction To Special Finance

You had problems sleeping lately? Watching for any "trash TV" or late night infomercials? Then, without a doubt, you are inundated with "bad credit Mania". It seems that every turn of your TV, here is someone telling you that no matter how bad credit will not be approved for a loan you that money does not go down that beautiful line of high import sports car, how about a nice luxury SUV . And taxes that are so low, you barely have made them. Just come on and they send you home in your dream car is a hassle.

If you have a car dealer, or manager, you will wonder how you could actually believe this nonsense. No money down financing for bad credit customers is another fantasy. But the dealership down the street constantly flooded with the ups, the guys are standing around while you drink your coffee and cigarette butts littering your used vehicles, many of them. Meanwhile, the other dealership is busy all day and night ... Therefore, they still have a lot of ups when you are getting ready to close.

If this sounds like your dealership, then you probably have not heard of the Special Finance. Maybe you have, but all you have heard Horror stories that go along with it. "Skuzzy" customers, Latest mobile their trade-ins, bad checks, and each installment is to say, to try and get approved for a loan. And banks, the banks will have to deal with these people. They will finance the transaction, if the transaction is being financed by all. Apparently, the boy any money on this deal is your "repo-man", if he can find these people and your car back! Why is no one right mind would subject themselves to such aggravation?

But if I show that ignoring these customers, you effectively eliminate up to half of the customers within 30 miles radius of your dealership. Imagine that 50% of people living around the dealership suddenly Pack and move at night. If they have built there in the first place? Probably not, but since you are already there, why do you think of this FOLKS your dealership? In contrast, if I may, I think this aspect of business can be both profitable and safe, and these customers prove themselves time and again has to be some of your most loyal customers for ever. They think you and your dealership as a friend, who helped them during some tough times and distributed to friends and family with great force, especially in the same circumstances. They service their vehicles at your service, and use your body shop or one. They will come back time and will continue doing business with your dealership for you as you give them. They are undoubtedly the best advertising you can chat!

So, who is the great scheme of dealerships in your shop? You open the affected sub-prime customers, and this business is your goal? Your people will take cover when a user hits a lot of finance, when it is known that the F and I department is not interested in your customers. You dabble in the vicinity of Finance is doing a special deal only with those that require little effort?

The study found that, when it comes to Sub Prime or Special Finance (SFI), a dealer, and traditionally falls on the four categories. We like to call "Dealership Four Square"

Dealership bold only that. It is known as the king of finance. All of its advertising dollars to go towards the sub prime market, you may well surmise, that somebody driving one's car, perhaps, has credit problems. Dealership caters sub-prime business, and as such, the user may want to have good credit. In the case of 750 beacon goes to the door, he might have made a Wrong Turn!

Dealership wants to make a special enthusiasm of Finance, but, as a rule, is not ready to have a pro active marketing of Finance, which is limited to the business generated a lot of traffic, "Get ME Dones" and the F & I turn Downs. F and I Turndowns characteristic, when the sales table will be delivered to customers on the sales desk, and a strong agreement on the car's "OK to SPoT". It has been prepared to deal with all the major lenders have success. It is at this stage (usually two days later) that the financial manager of the transaction and the remaining task of salvaging the deal, which was never handled properly from the beginning. These stores see the potential of sub-prime, but I can not figure out how to shop down the street can supply all of the Downs. They are often just simple transactions, and that requires some work will usually get after the first round of rejections.

Special Finance Dealership is not necessary, but not intentionally. F and I manager is aware of any sub-prime, and some effort to get the deal approved. The pay plan, as a rule, do not pay the sub-prime, so it pays little attention to it. Its position on the issue of finance is that the user does not deserve credit, but when he gets to claim that he is the best! This dealership is concerned about the image of the Sub-Prime can conjure up. This dealership is not interested, which is known as a "sub-prime dealer" and did not want to jeopardize his relationship with current customers. This dealer is only interested in the Sub-Prime can be done only if the dealer knows it!

Dealership did not want to be a sub-prime business. This store, as a rule, one of the finest dealerships in the market to sell hundreds of cars a month. Most of its funding through its captive sources, and they often buy so deep, many of which are considered sub-prime market here is another, as the primary store. Management philosophy of the sub-prime is just not worth the headache, and a few more deals to make up for the previous month, nightmares, that the shop may have suffered.

What category does your dealership personnel?

I need a Special Finance Department DEALERSHIP?

You may have special finance business, and I do not even know. If your F and I of it is that good, you do not hear a lot of problems that can not be purchased by the transaction. Although it is highly unlikely that your employees close to all the customers that you go to a lot of chances that you might have to sell some of your main sources of sub-prime customers. But we live in a world of maximums and super sizes, why not have a deal?

We know that 50% of the population surrounding your dealership have a credit impairment. Why do you want to exclude the possibility that many potential buyers to your dealership? Even if you are mega - dealer doing hundreds of units per month, it will be nice not to have a 25 to 50 sales on top of what has already been done? Note that we are not talking about a rejection of the business you already have, but adding to it.

Remember, special finance customers, not just those who sit home and watch Jerry Springer all day, trying to figure out where they can withdraw their future welfare or unemployment check. They may be doctors or lawyers or any other professional who only had a bit of bad luck. As the saying goes, "bad things to good people." I want the user to the business, professional, not a fly-by-night operations, they will pass on the way. In addition, these customers will provide additional business for your parts, service and body shop. And referral business, they may be well worth the long term.

Remember, when everyone says how bad business is, the quality of customers coming into your dealership has not changed, this fact in his face, which is different

1 subprime mortgage crisis in the subprime effects on your best customers. Many of them are "victims" of these subprime mortgages and did not know what their mortgage repayments will be, when the rate goes up!
2.These same people who are banking on the continued growth of the equity in their house and took out a second mortgage or equity line, and now have no equity to support the loans.
3 real estate market is down and many people who work in it you feel pain. Construction Worker, Carpenter, framer, electrician, plumber, etc. All were riding high when a new real estate market was in full swing. Now, many of them, if they are employed, have gone 70-80 hours a week in the Big 40 or fewer hours of overtime a week, no overtime. The way off, so many of them can not have down payments.


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