This guy is great really helped me when I got thrown into F&I in the dealership I work at. The convenience close is a strong one listen really carefully this a bull, experienced F&I expert
What would you say to a Customer who says something along the lines of "No thank you. I bought something similar on the last vehicle and I got burned. The coverage was NOT as advertised."
I wouldn't ever want one of my customers to purchase a protection that they didn't fully understand. That's how you end up with a bad online review and lose a customer, along with anyone they tell their story to. Tell them that. Then explain the benefits, and don't oversell. If you don't truly believe in the products you're offering, your customers won't, either.
@@TheSpectre2300 Right, which would lead me to believe that the F&I manager who helped them choose those options either didn’t know enough about the products, or they intentionally misrepresented them. I’d assure the customer that neither of those things will happen this time, and help them choose the options that are best for them.
First, agree. Yeah, some companies are still those shady fly by night places that do stuff like that. Here at abc motors we own x amount of dealerships and our primary business comes from social media these days. We wouldnt survive if we did things like that. Then print out the contract, go over what is and isnt covered in writing. See everything I said is covered and heres my personal cell number, if someone tells you something isnt covered that I said is you call me. Ill make sure it gets covered.
Why I should buy a 6 year warranty that runs concurrently with the manufacturer's warranty for the first 3 years? What does a 3 year warranty that starts after the manufacturer's end cost? Oh, you don't have one of those?
@FinanceManagerTraining Take care of your car and trade it in when your 3 year is up. Once a FM said im giving you pain protection for $100 great deal right? Got home it showed where I paid $1000. She was a crook!
This shyster isn't talking about letting the buyer read the actual contract to verify the words coming out of his mouth. Talk is cheap. "A verbal contract isn't worth the paper it's written on". Samuel Goldwyn
We don't have to explain papers except for a few important lines outlined by regulations. It's not up to the dealership or F&I guy/gal to explain and break it down. We are not your attorneys. Take your time and read it
The primary essence of F&I selling is to not have the customer actually read the contract. Reading and understanding a full ESC contract would take a lot of time. No F&I manager and few customers are willing to sit together in the Box for hours while the customer reads every work of every document. The second essence of F&I selling is obfuscation. Personally, I cannot imagine any knowledgable car buyer actually sitting across the table and putting up with all the blah, blah, blah from the F&I sales person.
Geez Scott what FI manager took advantage of you ? The car business is in its prime days of ethics and guest experience. You get a survey for the last survey you filled out 😂😂 F&I managers still purchase products when we buy cars whether new used or cpo.
@@bigwob10 Geez, let me think? OK, I got it. I have never beet taken advantage of by a car dealer F&I manager. I know enough about math, finance, the tricks of the trade to ensure I never get taken advantage of by a car dealer F&I manager. Many have tried, all have failed. Personally I enjoy working with self-proclaimed F&I experts. I often let them play their games and use their word tracks and then spring the trap. Great fun particularly the look on their faces when they realize they have been played. I always tell people who ask the most dangerous and unethical person they will encounter at a car dealer is the F&I manager. I have been proven right on many occasions, These days I do not think most F&I managers are criminal but no F&I manager is a friend of the car buyer and no F&I manager should be believed. Customers, not guests, should be professional but always skeptical when engaging with a F&I manager. Example, Honda dealer F&I manager presents a rate of 4.4 percent. I demanded he reveal the buy rate. Guy refused stating 4.4 percent was the financing the dealer was offering and he educated me I could refinance at a later date (comical). I said, good bye. Guy quickly asked me to wait bit. I grinned and waited. Guy came back with a rate of 2.4 percent which, of course was the buy rate. Example, BMW dealer sales person hands me a tablet after we agreed on price. It was clear the tablet was the F&I managers inquiry for information he would use to tailor his presentation. I considered playing a game to answer in a manner which would lead him to believe I was an easy mark. But I was in a hurry to leave so I answered all questions in a manner which would lead him to believe I would not buy anything. One question was "how long do I intend to keep the vehicle" looking for an ESC. I answered no more than four years. Another "do you garage the vehicle" looking for paint protection. I answered, yes. There were many of these all easily answered. When I got to the Box the F&I manager said, just as I had planned, he had no products other than a maintenance plan for me to consider. I actually give this F&I manager credit for not trying to sell me products I did not want. I suspect this was more due to the dealer being a high end brand dealer, as opposed to a more mainline brand, which has more sophisticated buyers less likely to engage in blah, blah, blah with a smarmy F&I manager. Guest? LOL No we are not guests we are customers. Only car dealer people use the word guest. Just another attempt at obfuscation. I really cannot recall ever getting a survey for a prior survey I filled out. Is this something new in the F&I world? I do get surveys and I always fill them out with 10s. The reason is I would not buy from any car dealer who did not negotiate in good faith. I do think car manufacturers should send surveys to people who visiting a dealer but need not buy. That information would give a much better view of each dealer. But your comment does imply you understand one reality. These days car dealer F&I manager operations are under increasing scrutiny from government agencies, including the FTC. Recently the Passport Automotive Group, in Maryland, agreed to a $3.4 million fine for charging illegal fees and discrimination against certain racial groups related to dealer arranged financing. So if the prime goal of you F&I managers is ethics and guest experience why are you guys getting fined for cheating customers?
They are literally in the process of purchasing a new vehicle that has a comprehensive bumper-to-bumper warranty. Why on earth do they need service contract?????
There is no such thing as a "bumper to bumper" warranty. Every manufacturer's warranty is limited which is why it is called a limited warranty. There are exclusions.
Price the 100k Extended Warranty at $900 and more people will buy it. When F&I Manager offers the 100k Extended Warranty for $6000, the customer realizes it is too over priced and says no.
Have you ever had a dealership actually ask for $6,000? We have F&I Students in 46 states and hundreds of dealerships and we don’t recall ever seeing such an expensive VSC.
@@FinanceManagerTraining I have never seen a PT warranty for that much. It's true, some highline, exotic or luxury cars can have very expensive cost. I have sold Fords and Hondas and the prices never exceeded $2,500 in average for used or new. Everyone bitches about car dealers. But the same people have car insurance, house insurance, health and phone insurances and they never use it.
Even if it was 6,000$, which is more budget friendly? 6000$ you pay on monthly to do nothing…or coming out of pocket 14g’s for a 2019 ram engine replacement?
38 YEARS F/I HERE....DUDES FANTASTIC
@@toddanderson5066 Love the positivity Todd!
These are wonderful F&I closes in nice bite sized segments. Good job!
This guy is great really helped me when I got thrown into F&I in the dealership I work at. The convenience close is a strong one listen really carefully this a bull, experienced F&I expert
Thanks Richard. Glad you enjoy our videos.
Finishing up with ADI and using your skills and techniques to help me be strong in F&I.
thank you so much for making this available!
What would you say to a Customer who says something along the lines of "No thank you. I bought something similar on the last vehicle and I got burned. The coverage was NOT as advertised."
I wouldn't ever want one of my customers to purchase a protection that they didn't fully understand. That's how you end up with a bad online review and lose a customer, along with anyone they tell their story to. Tell them that. Then explain the benefits, and don't oversell. If you don't truly believe in the products you're offering, your customers won't, either.
@@Billahh92 Fair enough.....but I didn't say I didn't understand the product. I said "the coverage was not as advertised."
@@TheSpectre2300 Right, which would lead me to believe that the F&I manager who helped them choose those options either didn’t know enough about the products, or they intentionally misrepresented them. I’d assure the customer that neither of those things will happen this time, and help them choose the options that are best for them.
@@Billahh92 All right. I can respect that one.
First, agree. Yeah, some companies are still those shady fly by night places that do stuff like that. Here at abc motors we own x amount of dealerships and our primary business comes from social media these days. We wouldnt survive if we did things like that. Then print out the contract, go over what is and isnt covered in writing. See everything I said is covered and heres my personal cell number, if someone tells you something isnt covered that I said is you call me. Ill make sure it gets covered.
very helpfull Thank you
Why I should buy a 6 year warranty that runs concurrently with the manufacturer's warranty for the first 3 years? What does a 3 year warranty that starts after the manufacturer's end cost? Oh, you don't have one of those?
Best case scenario, it costs the same amount. More likely, it costs more. Every mile you drive the price will increase.
@FinanceManagerTraining Take care of your car and trade it in when your 3 year is up. Once a FM said im giving you pain protection for $100 great deal right? Got home it showed where I paid $1000. She was a crook!
This shyster isn't talking about letting the buyer read the actual contract to verify the words coming out of his mouth. Talk is cheap.
"A verbal contract isn't worth the paper it's written on". Samuel Goldwyn
Any customer is welcome to read the contract. We do business ethically. We are more than happy to go over every line with you.
We don't have to explain papers except for a few important lines outlined by regulations. It's not up to the dealership or F&I guy/gal to explain and break it down. We are not your attorneys. Take your time and read it
The primary essence of F&I selling is to not have the customer actually read the contract. Reading and understanding a full ESC contract would take a lot of time. No F&I manager and few customers are willing to sit together in the Box for hours while the customer reads every work of every document.
The second essence of F&I selling is obfuscation.
Personally, I cannot imagine any knowledgable car buyer actually sitting across the table and putting up with all the blah, blah, blah from the F&I sales person.
Geez Scott what FI manager took advantage of you ? The car business is in its prime days of ethics and guest experience. You get a survey for the last survey you filled out 😂😂 F&I managers still purchase products when we buy cars whether new used or cpo.
@@bigwob10 Geez, let me think? OK, I got it. I have never beet taken advantage of by a car dealer F&I manager. I know enough about math, finance, the tricks of the trade to ensure I never get taken advantage of by a car dealer F&I manager. Many have tried, all have failed.
Personally I enjoy working with self-proclaimed F&I experts. I often let them play their games and use their word tracks and then spring the trap. Great fun particularly the look on their faces when they realize they have been played.
I always tell people who ask the most dangerous and unethical person they will encounter at a car dealer is the F&I manager. I have been proven right on many occasions, These days I do not think most F&I managers are criminal but no F&I manager is a friend of the car buyer and no F&I manager should be believed. Customers, not guests, should be professional but always skeptical when engaging with a F&I manager.
Example, Honda dealer F&I manager presents a rate of 4.4 percent. I demanded he reveal the buy rate. Guy refused stating 4.4 percent was the financing the dealer was offering and he educated me I could refinance at a later date (comical). I said, good bye. Guy quickly asked me to wait bit. I grinned and waited. Guy came back with a rate of 2.4 percent which, of course was the buy rate.
Example, BMW dealer sales person hands me a tablet after we agreed on price. It was clear the tablet was the F&I managers inquiry for information he would use to tailor his presentation. I considered playing a game to answer in a manner which would lead him to believe I was an easy mark. But I was in a hurry to leave so I answered all questions in a manner which would lead him to believe I would not buy anything.
One question was "how long do I intend to keep the vehicle" looking for an ESC. I answered no more than four years. Another "do you garage the vehicle" looking for paint protection. I answered, yes. There were many of these all easily answered. When I got to the Box the F&I manager said, just as I had planned, he had no products other than a maintenance plan for me to consider. I actually give this F&I manager credit for not trying to sell me products I did not want. I suspect this was more due to the dealer being a high end brand dealer, as opposed to a more mainline brand, which has more sophisticated buyers less likely to engage in blah, blah, blah with a smarmy F&I manager.
Guest? LOL No we are not guests we are customers. Only car dealer people use the word guest. Just another attempt at obfuscation.
I really cannot recall ever getting a survey for a prior survey I filled out. Is this something new in the F&I world?
I do get surveys and I always fill them out with 10s. The reason is I would not buy from any car dealer who did not negotiate in good faith. I do think car manufacturers should send surveys to people who visiting a dealer but need not buy. That information would give a much better view of each dealer.
But your comment does imply you understand one reality. These days car dealer F&I manager operations are under increasing scrutiny from government agencies, including the FTC. Recently the Passport Automotive Group, in Maryland, agreed to a $3.4 million fine for charging illegal fees and discrimination against certain racial groups related to dealer arranged financing. So if the prime goal of you F&I managers is ethics and guest experience why are you guys getting fined for cheating customers?
They are literally in the process of purchasing a new vehicle that has a comprehensive bumper-to-bumper warranty. Why on earth do they need service contract?????
Best of luck on your purchase!
There is no such thing as a "bumper to bumper" warranty. Every manufacturer's warranty is limited which is why it is called a limited warranty. There are exclusions.
Wegmans?? Jersey boy let's make it rain in the box brother
Price the 100k Extended Warranty at $900 and more people will buy it. When F&I Manager offers the 100k Extended Warranty for $6000, the customer realizes it is too over priced and says no.
Have you ever had a dealership actually ask for $6,000? We have F&I Students in 46 states and hundreds of dealerships and we don’t recall ever seeing such an expensive VSC.
@@FinanceManagerTraining I have never seen a PT warranty for that much. It's true, some highline, exotic or luxury cars can have very expensive cost. I have sold Fords and Hondas and the prices never exceeded $2,500 in average for used or new.
Everyone bitches about car dealers. But the same people have car insurance, house insurance, health and phone insurances and they never use it.
Even if it was 6,000$, which is more budget friendly? 6000$ you pay on monthly to do nothing…or coming out of pocket 14g’s for a 2019 ram engine replacement?
I bet the guy’s name isn’t even Mr Customer…. You guys are shady!