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Old 10-16-2020, 04:34 PM   #1
TalonErickson7
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Default Finance department at a Dealership?

Anyone on TBH work in the finance department at a car/truck dealership?


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Old 10-16-2020, 04:46 PM   #2
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I dont but I know a guy who does. His best month ever was in aug this year. Lets just say he does well.

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Old 10-16-2020, 04:52 PM   #3
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I dont but I know a guy who does. His best month ever was in aug this year. Lets just say he does well.

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Iím looking into buying a new truck and have questions. He isnít on TBH?


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Old 10-16-2020, 04:54 PM   #4
CTR0022
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Youll do good money wise, you'll also work alot, don't expect to many Saturdays off and expect alot of late nights, youll be expected to push extended warranties and service programs
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Old 10-16-2020, 04:55 PM   #5
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Iím looking into buying a new truck and have questions. He isnít on TBH?


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Nope. And I thought you were curious about the job! Sorry I'm not help.

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Old 10-16-2020, 08:14 PM   #6
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Unless you have an extremely specific question I’m sure plenty of us here can make up some answers for you.


Go to your bank and get a pre-approval letter/rate. The dealer will 95% of the time beat it. Don’t waste your money on extended warranties or service plans.


Otherwise you are just going to sign 50 papers and call it a day...
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Old 10-16-2020, 08:40 PM   #7
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Originally Posted by scott123456789 View Post
Unless you have an extremely specific question Iím sure plenty of us here can make up some answers for you.


Go to your bank and get a pre-approval letter/rate. The dealer will 95% of the time beat it. Donít waste your money on extended warranties or service plans.


Otherwise you are just going to sign 50 papers and call it a day...


^^^^This spot on^^
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Old 10-16-2020, 08:43 PM   #8
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Originally Posted by scott123456789 View Post
Unless you have an extremely specific question Iím sure plenty of us here can make up some answers for you.


Go to your bank and get a pre-approval letter/rate. The dealer will 95% of the time beat it. Donít waste your money on extended warranties or service plans.


Otherwise you are just going to sign 50 papers and call it a day...
That's a bit backwards from what I have been taught. The banks do the financing for the dealer ships and the dealerships add some percentage points to what the bank will do the financing for. The dealers will seemingly drop the price of the vehicle low, but they are adding it back on in the financing.

The only time I got a good deal, from a dealership. Was when I went and talked to the family banker first, then went to the dealership and did not let them know I had financing lined up. The dealer came up with a nice low price, thinking the financing was going through them, I did not tell them otherwise, I did not tell them anything on the financing. I let them believe I was the typical clueless customer. Got them to agree to a low price, then went to the bank with that number, the bank called the dealer for the VIN and other info, to wire them the money. The dealer, then tried to back out of the deal. They tried all types of ways to get out of the deal. The bank got all the info they needed and wired them the money. First time I have ever walked in a dealer and not had sales people running to greet me. They would not come out and talk to me. They had a secretary bring me my keys, when I walked back in the dealer to pick up my truck.
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Old 10-16-2020, 08:44 PM   #9
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Originally Posted by scott123456789 View Post
Unless you have an extremely specific question Iím sure plenty of us here can make up some answers for you.


Go to your bank and get a pre-approval letter/rate. The dealer will 95% of the time beat it. Donít waste your money on extended warranties or service plans.


Otherwise you are just going to sign 50 papers and call it a day...
BAM! Other than go to your credit union and your dealer wonít be able to beat it.
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Old 10-16-2020, 09:19 PM   #10
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@riflebowpistol I would totally agree don’t tell them you are pre-approved until the deal is signed. I told the dealer oh don’t worry you don’t need to run my credit when we got back to financing I already got pre-approved very low and they said what rate? Ended up beating it by .5% so I was happy.

Similar to your experience, by the time the deal was over the salesperson was visually ****** about how little he made on the deal.
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Old 10-16-2020, 09:41 PM   #11
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I’m a sales manager at Austin Subaru . I also did finance, as well as sales manager at Ford Store. I can answer your questions.
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Old 10-16-2020, 09:58 PM   #12
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Iím a sales manager at Austin Subaru . I also did finance, as well as sales manager at Ford Store. I can answer your questions.
incoming PM
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Old 10-16-2020, 10:01 PM   #13
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All great advices here. With a little homework you’ll find low interest available out there without running your credit and no pre-approval needed since the dealer might even have the bank you found your low rate as one of there preferred landers. As far as products offered by the dealer it’s very important that you understand them and make you own decision if you need them or not. Yes there is profit on all of them just like anything out there that you buy.
I wouldn’t listen to anyone telling you not to buy something because I’ve learned one thing about vehicles. They all break and the new vehicles are not cheap to fix way too much technology. Just make the best decision based on your financial status. But I can definitely help with understanding a little bit about finance and help you spend the least amount of time in the store. I’ve done business with a few TBH folks and I’m confident to say that I’ve never wasted anyone’s time or played any games. Best advice I give to anyone buying a car is that if don’t few comfortable with the person or dealership you are dealing with don’t give them your business. There is plenty of good folks and stores that are transparent and wants your business.

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Old 10-16-2020, 10:07 PM   #14
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Old 10-17-2020, 07:28 AM   #15
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I just bought a new 4 door 4 wheel drive F350 and extended mileage warranty out to 125,000 miles. I can pretty much guarantee you the extended plan will pay for itself if there is one medium sized issue with the truck post expiration of the original manufactures warranty as diesel repairs are super expensive. 6 months ago I purchased a f150 single cab, 2 wheel drive work truck and never would of dreamed getting extended warranty. So to each their own and to each deal their own.

Bottom line is if your going to buy a car/ truck go into the dealerships and let them know your serious but leave (DONT BUY A CAR THAT DAY) and come back when they are begging you with cheaper prices Ect.
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Old 10-17-2020, 07:52 AM   #16
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Cheapest financing i can find for any vehicle is thru Arkansas federal credit union. I just refied my truck 18 f250. 2.00% 48 months
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Old 10-17-2020, 08:00 AM   #17
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BAM! Other than go to your credit union and your dealer wonít be able to beat it.


Credit union isnít always the lowest. My bank ended up being lower than my credit union and the dealer financing.


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Old 10-17-2020, 08:31 AM   #18
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Z7buckmaster gives solid advice.
What's your question and we can get a solid answer out here?

Side Note: I have been in the dealer for close to 8 years now and I buy the warranties. It's insurance, on most likely the 2nd most expensive purchase of your life. Why would you not have a insurance/warranty on it?
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Old 10-17-2020, 08:41 AM   #19
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Side Note: I have been in the dealer for close to 8 years now and I buy the warranties. It's insurance, on most likely the 2nd most expensive purchase of your life. Why would you not have a insurance/warranty on it?
Because the chance of you having a repair costing more than the warranty is slim.
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Old 10-17-2020, 08:44 AM   #20
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Originally Posted by Tony Gutierrez View Post
Z7buckmaster gives solid advice.
What's your question and we can get a solid answer out here?

Side Note: I have been in the dealer for close to 8 years now and I buy the warranties. It's insurance, on most likely the 2nd most expensive purchase of your life. Why would you not have a insurance/warranty on it?
Because the manufacturer provides a warranty?
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Old 10-17-2020, 08:46 AM   #21
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Originally Posted by RifleBowPistol View Post
That's a bit backwards from what I have been taught. The banks do the financing for the dealer ships and the dealerships add some percentage points to what the bank will do the financing for. The dealers will seemingly drop the price of the vehicle low, but they are adding it back on in the financing.

The only time I got a good deal, from a dealership. Was when I went and talked to the family banker first, then went to the dealership and did not let them know I had financing lined up. The dealer came up with a nice low price, thinking the financing was going through them, I did not tell them otherwise, I did not tell them anything on the financing. I let them believe I was the typical clueless customer. Got them to agree to a low price, then went to the bank with that number, the bank called the dealer for the VIN and other info, to wire them the money. The dealer, then tried to back out of the deal. They tried all types of ways to get out of the deal. The bank got all the info they needed and wired them the money. First time I have ever walked in a dealer and not had sales people running to greet me. They would not come out and talk to me. They had a secretary bring me my keys, when I walked back in the dealer to pick up my truck.
X2- I did this exact same thing. Bought a truck out of state over the phone. Spent $100 one way flight to Utah. Dealership picked me up at the airport. Test drove the truck to confirm all was good. Haggled the dealer to give me a full tank of diesel. Walked into finance and handed them a check from my bank. It got real quiet till I left!
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Old 10-17-2020, 09:11 AM   #22
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My extended warranty has spent 5K keeping my car rolling. Buy the warranty. You will get the money back..................
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Old 10-17-2020, 09:15 AM   #23
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I bought a f150 back in may. My wife works for a credit union and gets a discount on interest rates. Ford credit had some good incentives, so we financed through ford credit for 5.9%. as soon as we got the loan documents we refinanced with the credit union for 2%. The finance guy was awesome. When we walked into his office, he look at my wife and said " I see you work for a credit union, are y'all refinancing?" Then he told us if we want an extended warranty it would be better to get that through the credit union. We were in and out of his office in about 5 minutes.

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Old 10-17-2020, 09:17 AM   #24
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Never understood the no extended warranty crowd. I buy it on all vehicles. I use it most of the time.
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Old 10-17-2020, 09:27 AM   #25
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Put me in the “no extended warranty crowd”. I always get pre approved through my credit union before going in. If they can’t beat it by a full point I don’t use their financing. So far I’ve Only used the dealers financing one time and it was a cluster. Last truck I bought came from Frank Kent in Corsicana. Without a doubt the easiest truck buying experience I’ve ever had. I would HIGHLY recommend.
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Old 10-17-2020, 09:28 AM   #26
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Nobody likes to spend money on something they may or may not use. That's like saying I don't need a generator here in Houston. Then, as soon as a category 3 hurricane starts rolling into the gulf, those generators become a scarce commodity.

When I purchased my 2017 Tundra, I listened to all the add-ons the dealer was offering. I didn't say yes to them all. I did go ahead and get the extended warranty (100,000 mile). Sure, it was money out of my pocket, just like anything. Sure, I could have avoided it and took my chances. But that's exactly what it is. Risk. Everyone has to assess their own risk/reward. Is it cheaper to buy the warranty and not worry? Or perhaps your in a much better financial situation and can afford to decline that option knowing if something happens, you can pay the money to get it fixed without putting yourself in a bind.

There is never a right or wrong answer with this. Everyone's situation will be different and you just have to decide for yourself what's best for you.
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Old 10-17-2020, 09:50 AM   #27
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Originally Posted by Johnny Dangerr View Post
My extended warranty has spent 5K keeping my car rolling. Buy the warranty. You will get the money back..................
Details, Johnny. What did the extended warranty pay that the new car manufaturer's warranty not cover?


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Originally Posted by DedDuk View Post
Never understood the no extended warranty crowd. I buy it on all vehicles. I use it most of the time.
Why would you pay for an extended warranty at the time of the vehicle purchase...when the extended warranty won't even take effect until after the mfg warranty expires? Why pay in advance? You may not even own that vehicle when the extended warranty becomes effective, or you may be dead and not need it.


Quote:
Originally Posted by Blitz View Post

When I purchased my 2017 Tundra, I listened to all the add-ons the dealer was offering. I didn't say yes to them all. I did go ahead and get the extended warranty (100,000 mile). Sure, it was money out of my pocket, just like anything. Sure, I could have avoided it and took my chances. But that's exactly what it is. Risk. Everyone has to assess their own risk/reward. Is it cheaper to buy the warranty and not worry? Or perhaps your in a much better financial situation and can afford to decline that option knowing if something happens, you can pay the money to get it fixed without putting yourself in a bind.
.
Why wouldn't you wait until the mfg warranty was getting ready to expire before buyng an extended warranty? Why pay for something that is already covered?
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Old 10-17-2020, 10:00 AM   #28
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Details, Johnny. What did the extended warranty pay that the new car manufaturer's warranty not cover?




Why would you pay for an extended warranty at the time of the vehicle purchase...when the extended warranty won't even take effect until after the mfg warranty expires? Why pay in advance? You may not even own that vehicle when the extended warranty becomes effective, or you may be dead and not need it.




Why wouldn't you wait until the mfg warranty was getting ready to expire before buyng an extended warranty? Why pay for something that is already covered?

I can actually answer that question. I can build the extended warranty into the financing instead of paying later. This is a personal decision which doesnít apply to everyone. Some will choose to do just as you have suggested. I chose to purchase immediately for financial reasons.
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Old 10-17-2020, 10:01 AM   #29
Mike D
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Originally Posted by Johnny Dangerr View Post
My extended warranty has spent 5K keeping my car rolling. Buy the warranty. You will get the money back..................


Not typically. Sounds like you bought a possible lemon.


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Old 10-17-2020, 10:03 AM   #30
Mike D
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Originally Posted by DedDuk View Post
Never understood the no extended warranty crowd. I buy it on all vehicles. I use it most of the time.


Iíve owned a lot of vehicles and Iíve only used an extended warranty one time.

Iím of the opinion most vehicles these days are relatively trouble free and I typically buy vehicles with a proven reliability record. Iím not married to any manufacturer and I keep them a long time.

The only way I would consider an extended warranty would be if it came with the stipulation that if I didnít use it, I would get my money back in full.


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Old 10-17-2020, 10:14 AM   #31
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Originally Posted by blitz View Post
nobody likes to spend money on something they may or may not use. That's like saying i don't need a generator here in houston. Then, as soon as a category 3 hurricane starts rolling into the gulf, those generators become a scarce commodity.

When i purchased my 2017 tundra, i listened to all the add-ons the dealer was offering. I didn't say yes to them all. I did go ahead and get the extended warranty (100,000 mile). Sure, it was money out of my pocket, just like anything. Sure, i could have avoided it and took my chances. But that's exactly what it is. Risk. Everyone has to assess their own risk/reward. Is it cheaper to buy the warranty and not worry? Or perhaps your in a much better financial situation and can afford to decline that option knowing if something happens, you can pay the money to get it fixed without putting yourself in a bind.

There is never a right or wrong answer with this. Everyone's situation will be different and you just have to decide for yourself what's best for you.
Correct!!
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Old 10-17-2020, 10:23 AM   #32
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I can actually answer that question. I can build the extended warranty into the financing instead of paying later. This is a personal decision which doesnít apply to everyone. Some will choose to do just as you have suggested. I chose to purchase immediately for financial reasons.
But you are still paying for something in advance, that is already covered for at least 3 years, AND adding the financing costs to it. I'm sorry, I just don't understand, but for those that are fine with it after understanding the facts, then that is all that matters.
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Old 10-17-2020, 10:26 AM   #33
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What does an extended warranty on a new vehicle cost?
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Old 10-17-2020, 10:38 AM   #34
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Details, Johnny. What did the extended warranty pay that the new car manufaturer's warranty not cover?

Why would you pay for an extended warranty at the time of the vehicle purchase...when the extended warranty won't even take effect until after the mfg warranty expires? Why pay in advance? You may not even own that vehicle when the extended warranty becomes effective, or you may be dead and not need it.

Why wouldn't you wait until the mfg warranty was getting ready to expire before buyng an extended warranty? Why pay for something that is already covered?



Within your “bumper to bumper” warranty not much.
Manufacturers refer to the “bumper to bumper” as any defective manufacturer parts most likely you will never have a an issue making a claim with in that

It generally Cost less since the vehicle is new.
Great thing about extended service is that the amount you pay is prorated for the length of time and miles, so in the event you trade or die lol it’s an product that can be canceled and you have the prorated amount back to you or your lien holder.

Great question... like I said generally less expensive specially with the amount of technology being added to vehicles every year, extended services plan have been going up in a very fast pace as Parts and hourly rate have been increased. Also if the manufacturer’s warranty has expired you’ll most likely have to do a Use vehicle inspection ($150-$500) and fix any existing issues. Trust me they’ll find something.
You definitely have the option of buying after it expires, I would recommend doing it before the “bumper to bumper” expires.

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Old 10-17-2020, 10:42 AM   #35
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Originally Posted by Burnadell View Post
What does an extended warranty on a new vehicle cost?
It all depends on make, model, miles and what type of plan

Iíve seen plans costs as little as $1200 up to $8000(Land Rover)
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Old 10-17-2020, 10:51 AM   #36
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Originally Posted by Blitz View Post
I can actually answer that question. I can build the extended warranty into the financing instead of paying later. This is a personal decision which doesnít apply to everyone. Some will choose to do just as you have suggested. I chose to purchase immediately for financial reasons.
The finance part is one of the reasons why I do it at the time of the purchase.
Example: $45 a month Itís better for me to pay that for 5 or 6 yrs and cover my vehicle mechanical parts and electronics, then to save $45(it takes 6yrs to save over 3k) and hope that 1 major repair within that time.
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Old 10-17-2020, 10:52 AM   #37
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But you are still paying for something in advance, that is already covered for at least 3 years, AND adding the financing costs to it. I'm sorry, I just don't understand, but for those that are fine with it after understanding the facts, then that is all that matters.
Your right. It does add to the financing costs. But its absorbed so you don't really notice it month to month.

Think about this. How many times do you drive out of your way to save 10 cents per gallon on gas? For a 20 gallon fillup, your only saving $2. Yet, many people do it and for less than that!

Of course we can add up the total cost of things and say this is the correct decision based on the "total" cost. 99% of the time, people don't think that way. They say they do on a forum like this when your not in the moment. But most of us look at the short side of things. I venture to say, if we had our accountants with us when we made every single purchase in life, we probably would make different choices. But, we do the best we can based on our "personal" situations.
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Old 10-17-2020, 10:52 AM   #38
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We bought my wife a limited 4Runner recently and bought the extended warranty. We drive 25-30 thousand miles a year, so the 3-36k mile warranty wonít last very long. $1300 cash money for 5 years 100k mile bumper to bumper warranty is cheap insurance IMO.


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Old 10-17-2020, 10:53 AM   #39
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We bought my wife a limited 4Runner recently and bought the extended warranty. We drive 25-30 thousand miles a year, so the 3-36k mile warranty wonít last very long. $1300 cash money for 5 years 100k mile bumper to bumper warranty is cheap insurance IMO.


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That was my thinking when I bought my tundra. You almost always get that extended warranty cheaper up front then later on when you need it.
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Old 10-17-2020, 10:56 AM   #40
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Originally Posted by Blitz View Post
That was my thinking when I bought my tundra. You almost always get that extended warranty cheaper up front then later on when you need it.

With what it cost to work on cars these days, one fuel pump replacement and you have pretty much paid for the extended warranty.

Toyota replaced the fuel pump on our tundra under warranty years ago and it was $900.


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Old 10-17-2020, 11:05 AM   #41
Z7buckmaster
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We bought my wife a limited 4Runner recently and bought the extended warranty. We drive 25-30 thousand miles a year, so the 3-36k mile warranty wonít last very long. $1300 cash money for 5 years 100k mile bumper to bumper warranty is cheap insurance IMO.


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Great point I forgot about that. Itís what ever comes first miles or time. Iím out of warranty the first year of ownership.
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Old 10-17-2020, 11:09 AM   #42
Johnny Dangerr
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I buy 11 month old cars with 10K on them for 30% off what the first owner paid 11 months before. Being the second owner the manufacturer cuts their warranty in half.
I knew I wanted to keep it a year or two past the mfg's warranty. I also knew it has 21 on board computers and any other part is just stupid expensive.
In the last year the emergency brake computer and the left headlight went out.
The headlight is $3500.00 plus installation. The computer was at least $1000.00. The extended warranty coverd them. I think I paid a $50.00 deductable both times.
This has saved me on the last 2 vehicles I have owned..........
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Old 10-17-2020, 11:19 AM   #43
Z7buckmaster
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Originally Posted by Johnny Dangerr View Post
I buy 11 month old cars with 10K on them for 30% off what the first owner paid 11 months before. Being the second owner the manufacturer cuts their warranty in half.
I knew I wanted to keep it a year or two past the mfg's warranty. I also knew it has 21 on board computers and any other part is just stupid expensive.
In the last year the emergency brake computer and the left headlight went out.
The headlight is $3500.00 plus installation. The computer was at least $1000.00. The extended warranty coverd them. I think I paid a $50.00 deductable both times.
This has saved me on the last 2 vehicles I have owned..........
That’s awesome! Service advisors deal with 2 types of customers.

1- customers that is stressing out not knowing what the issue is as well as what is the cost. Not counting the facts that they still have to find liable transportation.

2- customers that hand them the key and say call me when it’s ready. Drive off on loaner/rental, and come back knowing that their out of pocket is 0-200 depending on what deductible the chose.

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Old 10-17-2020, 11:25 AM   #44
GA Bowhunter
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The headlight is $3500.00 plus installation.
You own a vehicle that has $3,500 headlights?

So if you need two headlights it's $7,000 plus labor?

What kind of vehicle is that?
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Old 10-17-2020, 11:36 AM   #45
Z7buckmaster
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You own a vehicle that has $3,500 headlights?

So if you need two headlights it's $7,000 plus labor?

What kind of vehicle is that?
Steering responsive headlight are very expensive.
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Old 10-17-2020, 11:37 AM   #46
Johnny Dangerr
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Originally Posted by GA Bowhunter View Post
You own a vehicle that has $3,500 headlights?

So if you need two headlights it's $7,000 plus labor?

What kind of vehicle is that?
Kia K900
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Old 10-17-2020, 11:43 AM   #47
TalonErickson7
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Well honestly my question is kind of personal. However, I guess it doesnít matter because we are all family here at TBH.
Back in 2016 I was working offshore in the oil field I was 23 bought a F-250 got laid off and it ended up getting repossessed unfortunately, truck after that I had somebody co-sign. Now I am looking into getting another truck in my own name. What do you suggest I do with a fairly low credit score and a repossession on record? I have good work history and current am a plant operator so I make fairly good money.


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Old 10-17-2020, 11:49 AM   #48
Z7buckmaster
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Originally Posted by TalonErickson7 View Post
Well honestly my question is kind of personal. However, I guess it doesn’t matter because we are all family here at TBH.
Back in 2016 I was working offshore in the oil field I was 23 bought a F-250 got laid off and it ended up getting repossessed unfortunately, truck after that I had somebody co-sign. Now I am looking into getting another truck in my own name. What do you suggest I do with a fairly low credit score and a repossession on record? I have good work history and current am a plant operator so I make fairly good money.


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I have experience with special finance. I’ve learned that bad things happen to good people. I can definitely guide you on this one. Without looking at your credit is a little difficult, however I can still help with a few more information from you. Pm me.
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Old 10-17-2020, 11:59 AM   #49
wes122984
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I always buy the extended warranty- and then cancel it immediately.

I negotiate the best deal i can on the cars purchase price- go into finance and decline the warranty saying it puts me over budget. they end up lowering the purchase price to put the warranty on there and get me to take it. Week later- send in the cancellation paperwork and refund goes straight back towards the loan resulting in a 1-2k discount on your agreed upon price .
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Old 10-17-2020, 12:02 PM   #50
Z7buckmaster
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Quote:
Originally Posted by TalonErickson7 View Post
Well honestly my question is kind of personal. However, I guess it doesnít matter because we are all family here at TBH.
Back in 2016 I was working offshore in the oil field I was 23 bought a F-250 got laid off and it ended up getting repossessed unfortunately, truck after that I had somebody co-sign. Now I am looking into getting another truck in my own name. What do you suggest I do with a fairly low credit score and a repossession on record? I have good work history and current am a plant operator so I make fairly good money.


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Pm sent
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