Sales staff can't draw up finance quotes.
Discussion
I was told by a dealer that as of fairly recently, standard salespeople can't produce finance quotes - they have to go through a Business Manager. They used to be able to, but they're not allowed to access the system.
Is this true? Or am I being told complete b
ks?
If it is true, any idea why?
I'm a sales manager and if every single quote had to be drawn up be me it would drive me mad... and we don't sell nearly the volume/units of a car showroom!
Is this true? Or am I being told complete b
ks? If it is true, any idea why?
I'm a sales manager and if every single quote had to be drawn up be me it would drive me mad... and we don't sell nearly the volume/units of a car showroom!
Depends on the company that you are dealing with. Most dealers these days run a structure where only the business manager or sales manager can create/give finance quotes.
One reason for this is that they will be the only poeple in the dealership authorised to do so by the fsa. The other is because it gives a manger an opportunity to see the customer also and help close the deal.
I would rather speak to the organ grinder rather than the monkey anyway!
James
One reason for this is that they will be the only poeple in the dealership authorised to do so by the fsa. The other is because it gives a manger an opportunity to see the customer also and help close the deal.
I would rather speak to the organ grinder rather than the monkey anyway!
James
Some companies refer the customer to finance guys during the sale so they aren't tied up doing all that paperwork side of things.
Plus in my experience because some of them genuinely haven't got a grasp of finance and cannot cope with figures and number crunching. I recall a day when a salesman I worked with was dealing with a customer (who it turns out was an accountant) and was taken apart strip by strip over finance that he was insisting worked out at one rate yet the customer did the figures and maths for him in a matter of minutes and proved it was about 12% lol.
Plus in my experience because some of them genuinely haven't got a grasp of finance and cannot cope with figures and number crunching. I recall a day when a salesman I worked with was dealing with a customer (who it turns out was an accountant) and was taken apart strip by strip over finance that he was insisting worked out at one rate yet the customer did the figures and maths for him in a matter of minutes and proved it was about 12% lol.
I thought that anyone who deals with finance and/or insurance had to be suitably qualified and registered with the FSA.
When I was in the trade and the FSA rules came out we were told that we could no longer discuss these items with the customer and had to refer them to the Business Manager who was qualified/registered.
When I was in the trade and the FSA rules came out we were told that we could no longer discuss these items with the customer and had to refer them to the Business Manager who was qualified/registered.
Also helps keep the sales person honest.... ie the finance manager draws up the offer in writing, which you only sign with them - so any "promises" made by the sales person are really really clear.
Also in my experience (as in on Wednesday) gives them a chance to heavily sell you GAP insurance.
Also in my experience (as in on Wednesday) gives them a chance to heavily sell you GAP insurance.
PLUS, it moves the sale to the next stage before you have time to object.
for example
"the new car you're looking at is £23K, you car we have valued at £8K, now heres George to talk to you about financing that"
So all of a sudden the price for their car and your car has been closed off, and its down to getting the payments to within your budget.
for example
"the new car you're looking at is £23K, you car we have valued at £8K, now heres George to talk to you about financing that"
So all of a sudden the price for their car and your car has been closed off, and its down to getting the payments to within your budget.
Yep - control is important - the sales mgr gets to do the more complex bits of the negotiation.
Well... I was going to buy a car today/this weekend but I don't feel I can get the deal on it.
List price £25,900
Discounted to £25,700
I got them to throw in GAP/Shortfall - £400
They're also including road tax (£?)
Financed with BMW select - APR 11.7%
I just walked away. Great car/spec but I don't feel I'm getting the deal, really. A discount of £600-£800 (depending on what that tax disc is worth) amounts to just 3% discount.
Not exactly setting my pulse racing.
Plus I have £700 remaining to pay on the old car.
No rush, eh? Get something next month. I assume prices aren't going up any time soon.
Well... I was going to buy a car today/this weekend but I don't feel I can get the deal on it.
List price £25,900
Discounted to £25,700
I got them to throw in GAP/Shortfall - £400
They're also including road tax (£?)
Financed with BMW select - APR 11.7%
I just walked away. Great car/spec but I don't feel I'm getting the deal, really. A discount of £600-£800 (depending on what that tax disc is worth) amounts to just 3% discount.
Not exactly setting my pulse racing.
Plus I have £700 remaining to pay on the old car.
No rush, eh? Get something next month. I assume prices aren't going up any time soon.
TheCaseAce said:
Yep - control is important - the sales mgr gets to do the more complex bits of the negotiation.
Well... I was going to buy a car today/this weekend but I don't feel I can get the deal on it.
List price £25,900
Discounted to £25,700
I got them to throw in GAP/Shortfall - £400
They're also including road tax (£?)
Financed with BMW select - APR 11.7%
I just walked away. Great car/spec but I don't feel I'm getting the deal, really. A discount of £600-£800 (depending on what that tax disc is worth) amounts to just 3% discount.
Not exactly setting my pulse racing.
Plus I have £700 remaining to pay on the old car.
No rush, eh? Get something next month. I assume prices aren't going up any time soon.
You may well of walked away from the best deal ever?Well... I was going to buy a car today/this weekend but I don't feel I can get the deal on it.
List price £25,900
Discounted to £25,700
I got them to throw in GAP/Shortfall - £400
They're also including road tax (£?)
Financed with BMW select - APR 11.7%
I just walked away. Great car/spec but I don't feel I'm getting the deal, really. A discount of £600-£800 (depending on what that tax disc is worth) amounts to just 3% discount.
Not exactly setting my pulse racing.
Plus I have £700 remaining to pay on the old car.
No rush, eh? Get something next month. I assume prices aren't going up any time soon.
Don't just look at the size of discount to determine the strength of a deal, compare the car to the market place.
TheCaseAce said:
Donut said:
You may well of walked away from the best deal ever?
Aaah don't say that! I'm already pissed off that I can't have a new car!'07 plate 330i with loads of spec... it's not a BAD price. It's just not a GREAT price.
Bah!
Donut said:
TheCaseAce said:
Donut said:
You may well of walked away from the best deal ever?
Aaah don't say that! I'm already pissed off that I can't have a new car!'07 plate 330i with loads of spec... it's not a BAD price. It's just not a GREAT price.
Bah!
YHM
Donut said:
Donut said:
TheCaseAce said:
Donut said:
You may well of walked away from the best deal ever?
Aaah don't say that! I'm already pissed off that I can't have a new car!'07 plate 330i with loads of spec... it's not a BAD price. It's just not a GREAT price.
Bah!
YHM
TheCaseAce said:
Donut said:
You may well of walked away from the best deal ever?
Aaah don't say that! I'm already pissed off that I can't have a new car!'07 plate 330i with loads of spec... it's not a BAD price. It's just not a GREAT price.
Bah!
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