Finance 101 - Young Buyers
#1
Finance 101 - Young Buyers
I've got over 25 years experience in direct, indirect, and high-risk auto lending experience (although I am no longer involved in auto finance). I've got a feeling there are a few folks who could benefit from my experience, as the rollout of the new F-150's nears. I am particularly sensitive to the young buyers who could make an emotional purchase decision and regret it later.
I have worked for one of the Big Three automakers and understand the process. If you have questions about the buying/finance process, I will help if I can. There will be those who disagree with my opinions - but thats all I offer, my opinion - do your homework, but most of all, trust your instincts!
I have worked for one of the Big Three automakers and understand the process. If you have questions about the buying/finance process, I will help if I can. There will be those who disagree with my opinions - but thats all I offer, my opinion - do your homework, but most of all, trust your instincts!
#4
#6
How can we get a hold of you if we did want some advice? I could probably use some, so you could get a hold of me at valdezford@hotmail.com Thanks for the offer
#7
Offer withdrawn due to Lack Of Interest
Man. 583 views of this post. Not one taker. 583 people who know how to buy a truck at invoice, finance it at the dealer's buy rate, buy an extended purchase plan at cost, get ACV (y'all know what that is!) plus $1000 for your trade, and negotiate your credit tier. In all my time in the car bid'ness, I never met even one of y'all.
No problem, good luck!
...{big sigh of relief from Ford dealers...}
No problem, good luck!
...{big sigh of relief from Ford dealers...}
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#8
#9
You work for Ford, or a Ford dealer?, a dealer, my guess. Perhaps you could start your own thread and help more people than I was able to. My original post was directed toward young buyers, or others, who have no idea about the buying process, or how dealelers make money, or how much. I know what holdback is, how much it is, and when it is paid; as well as Ford volume incentives and bonuses. I know what rate spread is, average service contract profit is, what credit life and disability commisions are; I know PVR, average new and used gross, and what aftermarket really means. And I know pay plans as well.
I have no interest in getting into the dealers holdback or reasonable profits-I buy my trucks at invoice and everyone is happy.
Ford and Ford dealers are in business to make money, and are a huge part of our economy, and I support that. I just remember the high 5's I've seen when an ignorant buyer got his 'head ripped off' by a dealer's personell. ($4000 back-end?) I am more interested in a growing legion of satisfied Ford truck owners, because I believe Ford builds the best truck ever.
Ford Motor Company is dedicated to customer satisfaction like no other (CSI?) And, I believe the vast majority of dealer principals are, too.
As for verbal agreements?? You've got to be kidding. And your other questions? I could answer those, too.
This is my last post on this subject! Good luck with your new thread!
I have no interest in getting into the dealers holdback or reasonable profits-I buy my trucks at invoice and everyone is happy.
Ford and Ford dealers are in business to make money, and are a huge part of our economy, and I support that. I just remember the high 5's I've seen when an ignorant buyer got his 'head ripped off' by a dealer's personell. ($4000 back-end?) I am more interested in a growing legion of satisfied Ford truck owners, because I believe Ford builds the best truck ever.
Ford Motor Company is dedicated to customer satisfaction like no other (CSI?) And, I believe the vast majority of dealer principals are, too.
As for verbal agreements?? You've got to be kidding. And your other questions? I could answer those, too.
This is my last post on this subject! Good luck with your new thread!
#10
Re: Offer withdrawn due to Lack Of Interest
Originally posted by Buzzzzter
Man. 583 views of this post. Not one taker. 583 people who know how to buy a truck at invoice, finance it at the dealer's buy rate, buy an extended purchase plan at cost, get ACV (y'all know what that is!) plus $1000 for your trade, and negotiate your credit tier. In all my time in the car bid'ness, I never met even one of y'all.
No problem, good luck!
...{big sigh of relief from Ford dealers...}
Man. 583 views of this post. Not one taker. 583 people who know how to buy a truck at invoice, finance it at the dealer's buy rate, buy an extended purchase plan at cost, get ACV (y'all know what that is!) plus $1000 for your trade, and negotiate your credit tier. In all my time in the car bid'ness, I never met even one of y'all.
No problem, good luck!
...{big sigh of relief from Ford dealers...}
I think some of the problem, especially those you are trying to target don’t have a good idea of what to even ask you in order for some sound advice. Rather then waiting for someone to ask you a question in which you can respond give us some basics to help us get started in the right direction to get the discussion started.
I’ll start by asking:
1. What do I do or can I do to help get the best price on a new truck?
2. Why is it if I go to one dealer and see a truck the sticker on the window has one price, yet I can go to another dealer look at a very similar truck and the price is $1,500 less? Both window stickers look like they are from Ford but the prices seem so different.
3. Why does one dealer offer so much more for my trade-in then does another dealer?
I think you can offer some real good advice I just think it may be better if you help lead the path, or at least get the discussion going so others like me can ask questions after thinking about something you posted about…
#11
Originally posted by deep6blue
Shoot, I'll ask questions.
How much under invoice do most dealers actually pay? What are these discounts? Could you explain what dealer holdback really is?
Is a verbal agreement legally binding at car dealerships?
Thanks
I'm sure I'll have more
Shoot, I'll ask questions.
How much under invoice do most dealers actually pay? What are these discounts? Could you explain what dealer holdback really is?
Is a verbal agreement legally binding at car dealerships?
Thanks
I'm sure I'll have more
No, a verbal contract is not legally binding as far as a vehicle sales go. To top that off, at least in New Hampshire and Calif you can sign all the paper work and contracts and as long as you do not take delivery of the vehicle (drive it off the lot) you are not obligated to take passion of the car nor have any obligation to the contract in which you just signed.
#12
I am a young buyer planning on getting an '04. I didn't respond to the post because I didn't want to be discouraged from getting this truck since I've been preparing to buy it for so long. Plus I got the feeling the guy would be one of those dude's who thinks he knows it all just because he has some knowledge in specific areas....(and be an A-hole about it). I think I was right.
#13
Originally posted by Buzzzzter
You work for Ford, or a Ford dealer?, a dealer, my guess.
You work for Ford, or a Ford dealer?, a dealer, my guess.
Perhaps you could start your own thread and help more people than I was able to. My original post was directed toward young buyers, or others, who have no idea about the buying process, or how dealelers make money, or how much. I know what holdback is, how much it is, and when it is paid; as well as Ford volume incentives and bonuses. I know what rate spread is, average service contract profit is, what credit life and disability commisions are; I know PVR, average new and used gross, and what aftermarket really means. And I know pay plans as well.
I have no interest in getting into the dealers holdback or reasonable profits-I buy my trucks at invoice and everyone is happy.
Ford and Ford dealers are in business to make money, and are a huge part of our economy, and I support that. I just remember the high 5's I've seen when an ignorant buyer got his 'head ripped off' by a dealer's personell. ($4000 back-end?) I am more interested in a growing legion of satisfied Ford truck owners, because I believe Ford builds the best truck ever.
Ford Motor Company is dedicated to customer satisfaction like no other (CSI?) And, I believe the vast majority of dealer principals are, too.
This is my last post on this subject! Good luck with your new thread!
#15
I tend to agree.
Holdback is important for buyers to understand.
I don't know much at all but I believe I know what holdback is.
Even when a dealer sells a vehicle at or below invoice don't feel sorry for them. They are still given a small amount of money from the manufacture. It's called hold back. The last time I bought a new truck for work which cost me $23,000.00 it had a $1250.00 holdback.
Obviously the more they make the better off they are, but when they sale at or below invoice they are still paying the light bill.
Remember that anyone who takes in trade ins and then turns around and sales them is making money.
Another thing to do is to take your time. Do not, I repeat Do Not buy on your first visit. The dealerships especially now are hurting like a duck out of water. Hell there playing you, so play them back. Even ones who give you the opinion of not being pushy and slimy are really just extremly good at their job. The bottom line is that a salesman of any kind (i should know i am one) has a job to do and that is to make the sale.
I hope this helps you out and purty I apologize, but I have been swamped at work and haven't had a chance to shoot any pics of that truck.
freddy
Holdback is important for buyers to understand.
I don't know much at all but I believe I know what holdback is.
Even when a dealer sells a vehicle at or below invoice don't feel sorry for them. They are still given a small amount of money from the manufacture. It's called hold back. The last time I bought a new truck for work which cost me $23,000.00 it had a $1250.00 holdback.
Obviously the more they make the better off they are, but when they sale at or below invoice they are still paying the light bill.
Remember that anyone who takes in trade ins and then turns around and sales them is making money.
Another thing to do is to take your time. Do not, I repeat Do Not buy on your first visit. The dealerships especially now are hurting like a duck out of water. Hell there playing you, so play them back. Even ones who give you the opinion of not being pushy and slimy are really just extremly good at their job. The bottom line is that a salesman of any kind (i should know i am one) has a job to do and that is to make the sale.
I hope this helps you out and purty I apologize, but I have been swamped at work and haven't had a chance to shoot any pics of that truck.
freddy