BAILOUT FALLOUT
The nations auto makers have announced today that this was the worst month since 1993 for new auto sales. The blame for this rests squarely on the lenders in the auto finance industry, so says the dealers. I would have to disagree.
Much like the Mortgage Lenders putting people into homes they could not afford, the auto dealers not to be left out, raked their customers over the very same coals. For years the mantra in almost every dealership in the U.S. was "Pounder".
For those of you not familiar with the term "Pounder" it is a derogatory term in the auto industry to describe how much the deal was worth to the dealership. Salesman prance around out of your earshot bragging that the car they just sold you was a "four pounder" or, four thousand dollar profit for the dealership. It gets worse, because the term is most often used BEFORE you go into the Finance Manager's office or the "vacuum", so called because of his desire to suck even more money out of your pocket.
In my book "When Bad Credit Happens To Good People" I discuss many tricks dealers use to make your visit benefit them, not YOU. In it, you will find the secrets to keeping the MOST money in YOUR pocket, and away from the dealer. Let me share some of them with you right now.
DO NOT tell anyone you are trading in a vehicle OR paying CASH for a vehicle at any time before making your deal on the new car or truck. You will surely be asked, so LIE if you have to and tell them you are donating it to widows and orphans, or giving it to a family member. It does not behoove you to show your hand, and you will get a far better deal on the new. I tell you why in more detail in the book, but trust me here until you get it.
Do your research BEFORE you ever arrive, and get a recommendation from a friend on the salesman you will deal with NOT the dealership. This is critical, the honest salesman wants to make a lifelong customer, the dealership could care less.
Know what car you want before you even arrive, and have your financing pre-arranged. This will save you tons of time and money on your next purchase, and help prevent you from being tens of thousands upside down once you roll off the lot.
ASK FOR THE INVOICE... That's right, ask to see the invoice before agreeing on any amount. If one is not forthcoming, RUN do not walk out of there. Offer what YOU think is a fair amount over the invoice. Depending on the make or model, this could mean $100.00 over invoice to $10,000 over MSRP. Let me repeat... Make them show you the invoice on the vehicle you are purchasing. You might want to check the VIN numbers to make certain.
Then and only then do you make your deal on the vehicle. A word of caution here, this is far from over so do not relax!!!! We will continue this in the near future, but if you want to know how this story ends, drop me an email.
I love this story because it has a very happy ending!! If you are a more visual person I made a YOUTUBE video of this in HD.. You can see it here.
God Bless,
Wayne Altman
www.givemegreatcredit.com
Much like the Mortgage Lenders putting people into homes they could not afford, the auto dealers not to be left out, raked their customers over the very same coals. For years the mantra in almost every dealership in the U.S. was "Pounder".
For those of you not familiar with the term "Pounder" it is a derogatory term in the auto industry to describe how much the deal was worth to the dealership. Salesman prance around out of your earshot bragging that the car they just sold you was a "four pounder" or, four thousand dollar profit for the dealership. It gets worse, because the term is most often used BEFORE you go into the Finance Manager's office or the "vacuum", so called because of his desire to suck even more money out of your pocket.
In my book "When Bad Credit Happens To Good People" I discuss many tricks dealers use to make your visit benefit them, not YOU. In it, you will find the secrets to keeping the MOST money in YOUR pocket, and away from the dealer. Let me share some of them with you right now.
DO NOT tell anyone you are trading in a vehicle OR paying CASH for a vehicle at any time before making your deal on the new car or truck. You will surely be asked, so LIE if you have to and tell them you are donating it to widows and orphans, or giving it to a family member. It does not behoove you to show your hand, and you will get a far better deal on the new. I tell you why in more detail in the book, but trust me here until you get it.
Do your research BEFORE you ever arrive, and get a recommendation from a friend on the salesman you will deal with NOT the dealership. This is critical, the honest salesman wants to make a lifelong customer, the dealership could care less.
Know what car you want before you even arrive, and have your financing pre-arranged. This will save you tons of time and money on your next purchase, and help prevent you from being tens of thousands upside down once you roll off the lot.
ASK FOR THE INVOICE... That's right, ask to see the invoice before agreeing on any amount. If one is not forthcoming, RUN do not walk out of there. Offer what YOU think is a fair amount over the invoice. Depending on the make or model, this could mean $100.00 over invoice to $10,000 over MSRP. Let me repeat... Make them show you the invoice on the vehicle you are purchasing. You might want to check the VIN numbers to make certain.
Then and only then do you make your deal on the vehicle. A word of caution here, this is far from over so do not relax!!!! We will continue this in the near future, but if you want to know how this story ends, drop me an email.
I love this story because it has a very happy ending!! If you are a more visual person I made a YOUTUBE video of this in HD.. You can see it here.
God Bless,
Wayne Altman
www.givemegreatcredit.com
Posted by Wayne Altman at 4/28/2009 12:39 AM 
Categories: Bailout Auto Purchase
Tags: auto purchase givemegreatcredit buying car
Categories: Bailout Auto Purchase
Tags: auto purchase givemegreatcredit buying car
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