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5 Reasons You Aren't Driving The Car You Want To Drive
In my career, I have observed that there are only 5 reasons why people aren't driving the vehicle they want to drive. For most people, only 1 or 2 of the reasons apply to their situation. I feel that my role as a car dealer is to be committed to helping people just like you overcome whichever of the 5 roadblocks are standing in your way.
I know, I know. You think it sounds too simple. Just 5 things? That's right. And when you break the problem down into little pieces like I have for you here, you see that whatever the problem is preventing you from getting the car you want is not really as big as it initially seemed.
The five reasons, in no particular order, are: Price, Payment, Credit, Down Payment, Trade. These 5 problems can remain problems if left up to the wrong dealership. Some salespeople and sales managers - in fact, some entire dealerships - are only interested in the slam-bam deals that don't require effort, concentration, or skill. Some people in the industry are only interested in banging you over the head with the highest possible profit in the least amount of time.
But when you find the right dealer, you will find the opposite to be true. You can complete your transaction in a professional environment and be taken care of by a caring person who is less concerned with the profit from your purchase and more concerned about earning a customer for life. When choosing a dealer, always go with the expert. A dealer who is an expert has a lot of education and information that he gives freely with no expectations in returns.
The First Problem Keeping You From Your Dream Car: Price
For some Americans, price is the primary concern when shopping for a vehicle. They may have arranged financing through a personal source, like a bank or a relative, or they may be paying cash. Their mission is to find the vehicle they want at the lowest price possible. In order to be successful in their mission, a person in this category must clear their minds of all the extraneous car buying information. They need not be concerned with their trade in. They shouldn't be worried about low interest rates. They don't need to be talking about payments.
All of these issues confuse the car buying negotiation process. A dealer will be more willing to lower the price of a vehicle if she knows that the deal will be simple and seamless. No financing to deal with, no trade in to appraise. Just prep the vehicle, deposit the check, and transfer the title. Easy deal. So if you're a price buyer with outside financing or cash, be upfront about your situation and ask for a speedy transaction and a low price.
The Second Problem Keeping You From Your Dream Car: Payment
Many Americans will be financing their vehicle through the dealership they buy the car from. This is the often times the easiest arrangement for the customer because you can have all the details ironed out at one time in one place. If you are arranging financing through the dealer, and aren't concerned about your credit or the state of your trade in, you're likely to be primarily concerned with the payment. You may feel that you don't really care what the price is, as long as the monthly payment is equal to or less than what you're paying now.
Or maybe you're willing to step up in payment, but don't want to go over a certain amount. If that's your situation, you should explain your goal to the salesperson. Ultimately, a professional automobile sales person will be highly interested in quickly completing a transaction.
If you've chosen a professional and courteous dealership, by presenting your goals you can join forces to find the best solution. Leave the haggling out of the equation, and instead examine all the options that will allow you to arrive at the payment you have in mind.
The Third Problem Keeping You From Your Dream Car: Credit
An estimated 70% of Americans have bad credit. Don't be embarrassed. Good things happen to bad people. Most people with bad credit incorrectly ASSUME they can't buy a car. Perhaps they've been turned down in the past. But bad credit isn't enough to keep a professional, caring, and courteous dealership from placing you into the proper vehicle you and your family deserve.
A savvy dealer with appropriate experience and relationships will be able to connect you with a number of different financing sources and options regardless of your credit situation. Options range from buy here pay here - where dealers finance your purchase personally and you pay them weekly - to special finance options through major banks.
Banks are generally looking for a diverse lending portfolio. That means that while they love to make loans to people with good credit, they also need to make loans to people with bad credit. So if you've had credit problems in the past or have been turned down before, don't let that be a deterrent.
If you have concerns about your credit, call a few dealerships and ask to speak with a special financing specialist. Arrange an appointment for you to come to the dealership and speak with that person about your situation and discuss potential options.
The Fourth Problem Keeping You From Your Dream Car: Down Payment
Many people remember the days when an auto loan required a 20% down payment. Those same people look at the cost of vehicles today and think, "I can't afford a $4,000 down payment for that $20,000 car I want." Don't sweat it. Neither can most people. Fact is, you no longer need a big down payment to finance an automobile.
There are many finance programs available which allow you to make only the first monthly payment at the time of purchase - or in some case - put $0 down. Of course, you hear people screaming "NO MONEY DOWN" on TV. That's not exactly what I'm talking about. I'm talking about working with professional, courteous, and caring dealership personnel who can help carefully place you with an appropriate finance program to meet your needs.
The Fifth Problem Keeping You From Your Dream Car: Trade
Believe it or not, this is actually the biggest problem facing most would-be car buyers today. You're currently driving a car that you're still making payments on. But you want a different car. The problem is you owe more on your existing loan than your car is worth. So to trade in your existing car would cost you a lot of money, right?
Not necessarily. Once again, a true professional will be able to strategically reallocate the existing loan balance into a new loan or reduce it by contributing some dealer profit. In the end, you can find yourself with a new monthly payment that's not necessarily greater than your existing payment, and by the time you've paid that loan off, all sins will be forgiven and all debts repaid.
A recurring theme in this article was the discussion of caring, professional, and courteous dealers. You see, these 5 problems - price, payment, trade, down payment, and credit - can remain problems if left up to the wrong dealership.
Some salespeople and sales managers - in fact, some entire dealerships - are only interested in the slam-bam deals that don't require effort, concentration, or skill. Some people in the industry are only interested in banging you over the head with the highest possible profit in the least amount of time.
But when you find the right dealer, you will find the complete opposite to be true. You can complete your transaction in a professional environment. You can be taken care of by a caring individual who is less concerned with the profit from your purchase and more concerned with earning a customer for life.
That's what this really comes down to - customers for life. One quick phone conversation with a dealer or manager or even sales person can tell you whether that dealership is interested in the one time sale or customers for life. If you happen to live in my town, I invite you to pick up the phone and call me personally to discuss your situation and give me an opportunity to earn your business for life.
ABOUT THE AUTHOR - Tracy Myers is commonly referred to as "The Automotive Transportation & Financial Expert & has spent the past 15+ years trying to change the landscape of the car business and the bruised reputation of car salespeople all over the country. He also the owner of Frank Myers Auto Group which includes Frank Myers Auto Maxx, Credit Quick, Worldwide Vehicle Protection Plan & Triad Car Credit. Tracy is a Certified Master Dealer, an NIADA Eagle Award Winner and was named the National Quality Dealer of the Year by the NIADA, which is the highest obtainable recognition available in the automotive industry. He was recognized as one of the Top 28 Independent Automotive Retailer in the United States by Auto Dealer Monthly Magazine, one of the Top 3 dealerships to work for in the country by The Dealer Business Journal, was inducted into the 2009 class of The Triad Business Leaders Hall of Fame and Frank Myers Auto Maxx was recently named the #1 Small Business In North Carolina By Business Leader.
For more information about Frank Myers Auto Maxx, please visit http://www.FrankMyersAuto.com
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