Carey Frennier
Well-Known Member
So this morning I got schooled.
I got beat by another dealer.
I also discovered a level of salesmanship that I can never dream of reaching.
I had a young customer yesterday. After HOURS and HOURS making calls to banks I finally got him approved on a new Kia and a used Kia. He really wanted the new Kia but his co-signer would have to be the primary on the loan instead of him. The used Kia was the same exact car only with a few thousand miles on it. It was cheap enough, that it lowered the percent advance to a point where it was less risk and he, the young buyer, could be the primary on the loan.
He was stipulated for proof of income. He is 19 years old. Said he had been at the job 1 year and that he made just under $3500 a month net.
He brought me his pay stub. According to the stub, he has been employed for 1 month and makes a gross of $2500 a month. I confronted him. He admitted he lied and he said he was tired of getting turned down. He asked me to get it done without the POI. I said that I couldnt do that.
I then called the bank that approved him, as primary buyer, on the used Kia and gave them an updated accounting of his POI. They re-approved him with a small down payment stipulation and the real POI. We decided to help him out. I moved up $500 on his trade and asked him for $500 out of pocket. No one can compete with me on his trade allowance. He said he would have the money down on next Friday and that he would take the used Kia.
He gives me his title. With a signed title and approved credit, we commit to holding the car for him for an entire week.
After all that, he tells me that he wants the new car instead. I told him that I needed to hear from his co-signerfrom his lipsthat he is ok with being the loan primary on the new vehicle. He said, I will get him in contact with you again and in the meantimeIll be in to pickup the new car tomorrow morning at 8am (this morning).
We get the car ready for him (last night).
He called me last night at about 8pm, on my cell, and asked if he could go back to plan A and get the used car next Friday. He also wanted to pick up his title because he felt better having it on him. I told him that was ok as I would probably feel the same if I had just met a dealership or person.
He came in at 8am this morning to get it. He seemed very odd. I knew as soon as he gave me this idiotic smile, the same smile I got when I confronted him about his POI, that he was lying to me again.
I said to him; I know youre not coming back to get this car next Friday. I also know, from your credit report, that you submitted your credit to another dealership after you spoke with me yesterday. Before I send this to my busy office and recon team, why dont you just tell me the truthsince I wont see you again.
Again with his stupid grin.
He tells me that this known sleezeball dealership chain in VT got him approved by himself. He said that he was stipped for POI and they told him: that is what photoshop is for and then they told him to bring $1000 outside the deal for their compensation!
So this kid was all excited that he got approved on a car, by himself, for $75 more a month and 12 months longer than my new car deal with his co-buyer as primary buyer.
I was absolutely blown away. Thenas Im looking at this kidI mutter to him; do you know what they are doing? they are going to edit your paystub to look like you make more than you do and that you have time at jobthe person doing your F&I there is putting your $1,000 in his bank account but you cant give me $500 to get you a legit deal on a used car for less money?
Then he said; Yeah so.maybe you guys dont want to sell a car bad enough. After all that work I did for this punk..this is what he said to me!!!!!!!!! I almost lost it! First time in 5 years.I almost lost my cool. I said; I will not sacrifice my integrity for you. I would never do this as it is illegal and unethical. He shrugged and replied; you should just lie, they submitted me at $4000 net a month and 5 years on the job. I replied; 5 years on the job selling cell phones? Youre 19 years oldyouve been selling cell phones since you were 14? What bank is going to believe that? I guess sub-prime lenders dont do any real math.
During this whole bit I kept thinking about how I sold my SCT X3 to someone else after agreeing to sell it to Lasik for less. It just kept going over and over in my mind. I felt so bad about it after the fact. Id never do it again and I was very sorry I did it. I cant imagine how Id feel about myself had I done this for any customer. The thoughts had never crossed my mind. Not even once.
That has been my day so far.
I just cant believe that this is going on in the industry.
I got beat by another dealer.
I also discovered a level of salesmanship that I can never dream of reaching.
I had a young customer yesterday. After HOURS and HOURS making calls to banks I finally got him approved on a new Kia and a used Kia. He really wanted the new Kia but his co-signer would have to be the primary on the loan instead of him. The used Kia was the same exact car only with a few thousand miles on it. It was cheap enough, that it lowered the percent advance to a point where it was less risk and he, the young buyer, could be the primary on the loan.
He was stipulated for proof of income. He is 19 years old. Said he had been at the job 1 year and that he made just under $3500 a month net.
He brought me his pay stub. According to the stub, he has been employed for 1 month and makes a gross of $2500 a month. I confronted him. He admitted he lied and he said he was tired of getting turned down. He asked me to get it done without the POI. I said that I couldnt do that.
I then called the bank that approved him, as primary buyer, on the used Kia and gave them an updated accounting of his POI. They re-approved him with a small down payment stipulation and the real POI. We decided to help him out. I moved up $500 on his trade and asked him for $500 out of pocket. No one can compete with me on his trade allowance. He said he would have the money down on next Friday and that he would take the used Kia.
He gives me his title. With a signed title and approved credit, we commit to holding the car for him for an entire week.
After all that, he tells me that he wants the new car instead. I told him that I needed to hear from his co-signerfrom his lipsthat he is ok with being the loan primary on the new vehicle. He said, I will get him in contact with you again and in the meantimeIll be in to pickup the new car tomorrow morning at 8am (this morning).
We get the car ready for him (last night).
He called me last night at about 8pm, on my cell, and asked if he could go back to plan A and get the used car next Friday. He also wanted to pick up his title because he felt better having it on him. I told him that was ok as I would probably feel the same if I had just met a dealership or person.
He came in at 8am this morning to get it. He seemed very odd. I knew as soon as he gave me this idiotic smile, the same smile I got when I confronted him about his POI, that he was lying to me again.
I said to him; I know youre not coming back to get this car next Friday. I also know, from your credit report, that you submitted your credit to another dealership after you spoke with me yesterday. Before I send this to my busy office and recon team, why dont you just tell me the truthsince I wont see you again.
Again with his stupid grin.
He tells me that this known sleezeball dealership chain in VT got him approved by himself. He said that he was stipped for POI and they told him: that is what photoshop is for and then they told him to bring $1000 outside the deal for their compensation!
So this kid was all excited that he got approved on a car, by himself, for $75 more a month and 12 months longer than my new car deal with his co-buyer as primary buyer.
I was absolutely blown away. Thenas Im looking at this kidI mutter to him; do you know what they are doing? they are going to edit your paystub to look like you make more than you do and that you have time at jobthe person doing your F&I there is putting your $1,000 in his bank account but you cant give me $500 to get you a legit deal on a used car for less money?
Then he said; Yeah so.maybe you guys dont want to sell a car bad enough. After all that work I did for this punk..this is what he said to me!!!!!!!!! I almost lost it! First time in 5 years.I almost lost my cool. I said; I will not sacrifice my integrity for you. I would never do this as it is illegal and unethical. He shrugged and replied; you should just lie, they submitted me at $4000 net a month and 5 years on the job. I replied; 5 years on the job selling cell phones? Youre 19 years oldyouve been selling cell phones since you were 14? What bank is going to believe that? I guess sub-prime lenders dont do any real math.
During this whole bit I kept thinking about how I sold my SCT X3 to someone else after agreeing to sell it to Lasik for less. It just kept going over and over in my mind. I felt so bad about it after the fact. Id never do it again and I was very sorry I did it. I cant imagine how Id feel about myself had I done this for any customer. The thoughts had never crossed my mind. Not even once.
That has been my day so far.
I just cant believe that this is going on in the industry.
