Imagine you're at a restaurant and you tell the waiter you only want water for a drink. The waiter says, "ok that's fine, i'll bring you water but first I'd like to go over the entire wine list and mixed drink menu and beers-on-tap list because most of our customers enjoy their dinners this way. It should only take a half hour or so, They I'll take your dinner order..." Would you F&I managers ever eat here again?
That’s a pretty dumb comment. A drink is $4 and a vehicle is $30k+. We have discrimination laws to abide by as finance managers. We have to offer coverage to every customer. The very least you could do is allow us to do our job.
@@itskeagan3004 "We have to offer coverage to every customer" Are you implying that if a customer refuses to hear the menu, that you are subject to some legal action? This is just another example of a "word track" that might work on weak minds, but I could really care less. "The very least you could do is allow us to do our job." If I tell you that I don't want to hear the menu, since time is money, you should be grateful that I am actually saving you money so that you can wrap things up and move on the next customer that may be interested. By the way, you should also be mindful of when I tell you that I'm not interested, and you insist, you are not only wasting your time, but my time too. I don't care if you don't value your time, but I get perturbed when you don't value mine and if I'm having a bad day, I might just walk away, and you can explain to the salesperson and sales manager why the deal just fell apart.
@@kennethsouthard6042 yes, I have compliance laws to follow. If you leave and get a cracked windshield you could easily say coverage was never offered. I work with people of all personalities and types. You’re the type of person I would speed through the menu and get out of my office because you’re so unreasonable. I’m okay with that, I’ll let you get on your way.
@@EchozTV Of course they do. That is how car dealer F&I managers are taught. They can never go wrong attempting to overestimate the stupidity of the general public.
@@EchozTV I cannot fully agree. The sad thing is far too many Americans are simply not well educated or cannot comprehend the relatively simple math involved in car dealer selling games. But, certainly, naivety and an incorrect assumption of car dealer honesty plays a part.
What did you say when the customer says that the issuer of that warranty is betting that they will take in more money from me than they will pay out for me plus you guys make a profit on top of the issuer's profit?
@@Srode1999 “Mr. Customer, you raise a great point. Every business, including those offering VSCs, needs to make a profit in order to operate. But isn't that true for almost any purchase we make? For example - The grocery store makes a profit, but that doesn't change the value of the food we buy - right? And the gas station profits every time we stop at the pump, yet we still need the fuel. Profit is simply part of business. It’s important to remember that profit is not a 4 letter word - but ‘risk’ is. Why take the chance? With a VSC, you’re not just paying for a promise- you’re buying peace of mind, knowing that unexpected repair costs won’t catch you off guard. The value comes not only from the potential savings, but also from the financial security and piece of mind, ensuring that you are covered when you need it most.”
@@FinanceManagerTraining I admire your chutzpah and resilience. It won't work on a highly educated consumer, but you don't quit. That'll get you places! Thanks for the reply!
Good video. I’ve been watching some of your videos and I have not been able to find a common issue I have. Today for example, I had a customer take out his calculator and calculated the difference between the original payment and the new one over the 6 years. This comes up often. Do you have a video for a scenario like that? I’m a newbie who could use some good help!
With these type of customer I’ve noticed breaking it down to daily expenses works quite well… $2500 5 yr warranty down to about $1.6 daily cost for peace of mind
Here’s something to think about without any sales BS. On average, these plans collect more in premiums than they pay in claims, but there are certain vehicles and drivers that will be the exception. I sell a luxury European brand. I kid you not, 100% of customers that buy the genuine manufacturer extended warranty come out ahead. Some cars are just downright expensive to fix and aren’t particularly reliable. I never think a customer is making a poor decision to buy the brand, until they decline the warranty. Think a $6k 2 year warranty sounds expensive? The service department averages 1-3 $20-30k repair estimates per week.
I’m new to car sales. My current managers suck and Infeel I can do a better job…being more personable, friendly and willing to help individuals…How quickly can I become a F&I manager being new to the industry? What steps do I need to take in order to achieve this goal, accrue 1.4M in 13 yrs and retire at 45 yrs of age?
First step. Not saying your managers “suck.” Find common ground, see how THEY see things. It’s car sales. Managers will treat you like shit until they respect you. I’ve been selling for 4 years. Finished top 5 of 20 salesman at my dealership in 2022 and was just promoted to Finance Manager. It takes time. It takes a commitment to success and the will to learn. That’s a big part. Know your product. Learn how to close. Etc
@@DCOZ61 Hey Congrats, currently on the floor after a year selling Toyota. Top 3 of my high volume store. Moving out of state in the next month. How’s the F&I lifestyle suiting you? I realized aside from the director, I’m making 150k clean and F&I close to that as well. Has it the transition been worth it?
@@firstlast_x So I've only been in training for about a week ahah. Did my first deal yesterday and sold 2 products on a cash deal. It's been fun, but a lot of learning to do still
![[Sub Thai] APT. - ROSÉ & Bruno Mars](http://i.ytimg.com/vi/bYjhzP8x_uc/mqdefault.jpg)
Excellent approach says 40 year negotiator for HP
Thank you!
4:44 - $1.35 per day is almost $3000 over the life of this loan. 🙄 no way.
1 infotainment screen replacement is 4k... so... new cars do not have the same repair bills as they used to.
MONEY !!!! The free manufacturer warranties !!
Imagine you're at a restaurant and you tell the waiter you only want water for a drink. The waiter says, "ok that's fine, i'll bring you water but first I'd like to go over the entire wine list and mixed drink menu and beers-on-tap list because most of our customers enjoy their dinners this way. It should only take a half hour or so, They I'll take your dinner order..." Would you F&I managers ever eat here again?
Except that’s not a thing because servers don’t get commission for upselling dummy lol
Terrible comparison. Since you truly believe this, will you be tipping the finance manager that helped you 20% of the entire cost?
That’s a pretty dumb comment. A drink is $4 and a vehicle is $30k+. We have discrimination laws to abide by as finance managers. We have to offer coverage to every customer. The very least you could do is allow us to do our job.
@@itskeagan3004 "We have to offer coverage to every customer"
Are you implying that if a customer refuses to hear the menu, that you are subject to some legal action? This is just another example of a "word track" that might work on weak minds, but I could really care less.
"The very least you could do is allow us to do our job."
If I tell you that I don't want to hear the menu, since time is money, you should be grateful that I am actually saving you money so that you can wrap things up and move on the next customer that may be interested. By the way, you should also be mindful of when I tell you that I'm not interested, and you insist, you are not only wasting your time, but my time too.
I don't care if you don't value your time, but I get perturbed when you don't value mine and if I'm having a bad day, I might just walk away, and you can explain to the salesperson and sales manager why the deal just fell apart.
@@kennethsouthard6042 yes, I have compliance laws to follow. If you leave and get a cracked windshield you could easily say coverage was never offered.
I work with people of all personalities and types. You’re the type of person I would speed through the menu and get out of my office because you’re so unreasonable. I’m okay with that, I’ll let you get on your way.
Wow! A 1.70 cents a day! That's awesome! I will be using this line!
Wow, $1.70 a day is $620 a year. No thanks.
@@jerrylundegaard2592 Smaller numbers feel more comfortable to people instead of saying the full amount added to the loan. It's smart tactics.
@@EchozTV Of course they do. That is how car dealer F&I managers are taught. They can never go wrong attempting to overestimate the stupidity of the general public.
@@jerrylundegaard2592 I wouldn’t contribute it to stupidity, but naivety.
@@EchozTV I cannot fully agree. The sad thing is far too many Americans are simply not well educated or cannot comprehend the relatively simple math involved in car dealer selling games.
But, certainly, naivety and an incorrect assumption of car dealer honesty plays a part.
Excellent video
Thank you Eric!
What did you say when the customer says that the issuer of that warranty is betting that they will take in more money from me than they will pay out for me plus you guys make a profit on top of the issuer's profit?
@@Srode1999 “Mr. Customer, you raise a great point. Every business, including those offering VSCs, needs to make a profit in order to operate. But isn't that true for almost any purchase we make? For example - The grocery store makes a profit, but that doesn't change the value of the food we buy - right? And the gas station profits every time we stop at the pump, yet we still need the fuel. Profit is simply part of business.
It’s important to remember that profit is not a 4 letter word - but ‘risk’ is. Why take the chance? With a VSC, you’re not just paying for a promise- you’re buying peace of mind, knowing that unexpected repair costs won’t catch you off guard. The value comes not only from the potential savings, but also from the financial security and piece of mind, ensuring that you are covered when you need it most.”
@@FinanceManagerTraining I admire your chutzpah and resilience. It won't work on a highly educated consumer, but you don't quit. That'll get you places! Thanks for the reply!
Good video. I’ve been watching some of your videos and I have not been able to find a common issue I have. Today for example, I had a customer take out his calculator and calculated the difference between the original payment and the new one over the 6 years. This comes up often. Do you have a video for a scenario like that? I’m a newbie who could use some good help!
No one lends money for free
With these type of customer I’ve noticed breaking it down to daily expenses works quite well… $2500 5 yr warranty down to about $1.6 daily cost for peace of mind
Interest free financing so it doesn’t go in to the deal, tons of companies out there that can accommodate you. Paylink or budco are two that we use
Kindly advise…
lol bird droppings
As a consumer, just deny everything. A finance manager will never get a cent from me, guaranteed.
Here’s something to think about without any sales BS. On average, these plans collect more in premiums than they pay in claims, but there are certain vehicles and drivers that will be the exception. I sell a luxury European brand. I kid you not, 100% of customers that buy the genuine manufacturer extended warranty come out ahead. Some cars are just downright expensive to fix and aren’t particularly reliable. I never think a customer is making a poor decision to buy the brand, until they decline the warranty. Think a $6k 2 year warranty sounds expensive? The service department averages 1-3 $20-30k repair estimates per week.
I’m new to car sales. My current managers suck and Infeel I can do a better job…being more personable, friendly and willing to help individuals…How quickly can I become a F&I manager being new to the industry? What steps do I need to take in order to achieve this goal, accrue 1.4M in 13 yrs and retire at 45 yrs of age?
First step. Not saying your managers “suck.” Find common ground, see how THEY see things. It’s car sales. Managers will treat you like shit until they respect you. I’ve been selling for 4 years. Finished top 5 of 20 salesman at my dealership in 2022 and was just promoted to Finance Manager. It takes time. It takes a commitment to success and the will to learn. That’s a big part. Know your product. Learn how to close. Etc
@@DCOZ61 Hey Congrats, currently on the floor after a year selling Toyota. Top 3 of my high volume store. Moving out of state in the next month. How’s the F&I lifestyle suiting you? I realized aside from the director, I’m making 150k clean and F&I close to that as well. Has it the transition been worth it?
@@firstlast_x So I've only been in training for about a week ahah. Did my first deal yesterday and sold 2 products on a cash deal. It's been fun, but a lot of learning to do still