Had an interesting deal go down yesterday. Met with a client and he stated he had just bought a car two days ago and there was no way he could afford another $60 per month payment, which is what he needed for a 10K policy. I asked him where he bought the car and when he told me I knew they were famous for sticking in and not disclosing credit life and warranties.
So I asked the guy if I could show him how to save some money on his car payment would he be able to purchase the policy and he said yes. I asked him to see his contract and he said it was in the car so I offered to go out and get it for him.
He had financed $9750 on a car with 104,000 miles on it. That amount included $1995 for a warranty, $575 for gap inusrance and $370 for credit life. I told him removing that would save him about $60 per month. He didn't believe me and asked me to come back next week. I said I couldnt do that as I was going to be on vacation. I then picked up the phone called the dealership and told him to ask for the finance manager and give him permission to discuss the numbers with me, which he did.
The manager told me on the speaker phone his payment would go from $249 per month to $187 per month. He cancelled the extras and bought my policy.
I then replaced his girlfriends policy for her. She pulled out $1325 in cash and had her policy go up $3 per month.
Sometimes the ones that require a little more work are much more fun. I knew the F&I manager who had sold the stuff and he is a real dickhead. I cost him aobut $700 by getting the client to cancel his add ons!
So I asked the guy if I could show him how to save some money on his car payment would he be able to purchase the policy and he said yes. I asked him to see his contract and he said it was in the car so I offered to go out and get it for him.
He had financed $9750 on a car with 104,000 miles on it. That amount included $1995 for a warranty, $575 for gap inusrance and $370 for credit life. I told him removing that would save him about $60 per month. He didn't believe me and asked me to come back next week. I said I couldnt do that as I was going to be on vacation. I then picked up the phone called the dealership and told him to ask for the finance manager and give him permission to discuss the numbers with me, which he did.
The manager told me on the speaker phone his payment would go from $249 per month to $187 per month. He cancelled the extras and bought my policy.
I then replaced his girlfriends policy for her. She pulled out $1325 in cash and had her policy go up $3 per month.
Sometimes the ones that require a little more work are much more fun. I knew the F&I manager who had sold the stuff and he is a real dickhead. I cost him aobut $700 by getting the client to cancel his add ons!
