What Car Finance Managers Don't Want You to Know
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- Опубліковано 6 лют 2025
- Ever wondered where you overspend when buying a car? It’s not just the sticker price-it’s the finance office! In this video, I reveal how finance managers make $3,500 in profit off your deal and what you can do to avoid overpaying. Watch now to make smarter, more informed decisions at the dealership!
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Buying a Car Doesn't Have to Suck™
Good video. Definitely have seen the full spectrum of finance managers over the years. Some try to sell you everything and get mad when you say No, others seem content with getting the paperwork signed and you on your way. Always dread going into that office but your videos and others have made it less stressful than it used to be. It also helps to pay cash when you can.
Been buying cars for years. Witnessed almost all tactics from finance managers from “that’s only $30 extra month, which is only a dollar a day” tactic when trying to add stuff or “the 3 year warranty doesn’t cover such and such so you better get this warranty”. I’ve learned to only worry about the out the door price (with Tax, title, license, other fees and trade included). That’s all that matters, it dictates (and Obviously interest rate) the monthly payment and saving yourself from being upside down and being stuck in a vehicle you may not like within a year. ALWAYS finance your deal at least 5% under MSRP! If doc fees, tax, etc makes your deal financed more than the MSRP don’t do it!
Great stuff, thanks.
Can you give me an example of the last part?
Cause this is a nightmare I'm trying to buy, but in every email I asked from OTD, they never want to do that.
@MrAlvarez23 for sure. I’m actually in the middle of buying a new car myself. All the dealerships ask for you to come in because it well known that there is an over 50% better chance of them selling you the car than via email/text. Basically i let them know my time is precious, that I’m a serious buyer and if they can get the numbers right, i will come in. ALL dealers can give you numbers electronically. Just some refuse to do it. Those are the ones I know won’t go out of their way to get a deal done right away so I avoid them.
@brucesmith8486 Exactly, I have done that, and they don't have the same me anything. I asked them I'm a serious buyer, but they just want me to come in.
I don't have any time with that.
I know you mentioned deal at least 5% under MSRP, but what about used cars?
What do you mean about the 5% under MSRP?
Got the internet price on a mustang gt premium, which was 6k below sticker with no dealer add ons and a 3.99 rate. Had to wait 1.5 hrs to see the finance guy......who i patiently waited for to do his presentation on all the products he was pushing. After, i politely turned him down on all of it. He was really upset........but i stood my ground and made it out without any of that stuff added in.
They are the worst of the auto industry.
They have you wait for a long time on purpose so you get tired, hungry, etc. and so you're more compliant & vulnerable to making rash decisions.
I'm glad that I buy cars only once every 10 to 15 years.
So don't borrow money to buy vehicles you can't afford then?
Great information because I will be on the hunt for a mustang gt in the next few months here in Indiana
The only things you need is auto insurance (required), glass coverage (via your insurance company), GAP insurance (via your insurance company if you owe on the vehicle). Only buy manufacture extended warranties and you can shop around for those.
Very informative, educational, thanks for posting
Loved this video! I quit buying cars from dealerships because it's too insane to buy products from someone who is trained to rip you off. Id buy a Tesla or Rivian from a corporation because they operate more like Amazon or Apple, but I don't want one so there's that.
I just bought a new Tesla. All based and managed on the Tesla app. No sales people no finance thieves. So there is that.
Another awesome great video as always and I enjoyed this alot and very informative as always. And thanks for sharing keep up the great work much love to ya mike have a good one take care god bless and I will see ya on the next one
My issue with the extended warranty is that it adds on to your loan but your new car has already warranty for the first couple of years. It never made sense to me plus I've heard nothing but headaches and issues with people doing warranty work when their warranty wouldn't cover and the consumer still have to pay out of pocket. Realistically, you can make your own high yield savings account and contribute to it and let that grow and use it in emergency situations like necessary car repairs. That way u control your your life and money without having headaches or without a vehicle.
Good morning Chevy Dude,,,,,Yeee Yeee 🙏👋😀👍
Thank you so much ❤
Of the many cars I have bought through dealerships, before I agree I get the sales manager to inform the finance manager that I am adding nothing. It has saved me (and them) so much grief.
Bought a used 2017 4Runner after negotiating the price I told them I was paying cash. The sales manager said to me you know you can finance it and pay it off in two months with no penalty. He couldn’t answer me when I said, “why would I want to do that” then his finance guy offered me used car warranty at some crazy number. When I said no, his reply was its only good for you to purchase the warranty today. The dealer was ready to close, after taking my used car and key while leaving the dealer the financed guy followed me out the door and said he would give me another day to buy the warranty. No doubt just another “STEALER “!!!
Thanks for the video. I am always SO torn on the extended warranty. I’ve always felt that it is smartest to decline, but it sounds like that is changing now??
The price for extended warranty is highly negotiable, correct? I assume we should shoot for about half what the FM originally wants?
Get a 3rd party warranty and go with insurance on gap. Everything combined into a car loan already puts you upside down
Good info thanks. Is Grant still working for you? Haven’t seen him for awhile.
Just bought a car last night, its a certified used, and the finance manager tried and tried to sell extend warrantys and i kept sating no, and he kept pushing on the fact the infotainment is very expensive and i said ok, thats why i have an emergency fund, he tried the story of using his daughter to get an extended warranty, still no, i am not funding there profit anymore than the price of a car
The car I am looking at has some oem accessories that I would like to get. Is it worth negotiating “if I pay full price for X, can you discount or how in W, Y, and Z?”
How much is the gap insurance, and what is the best option to buy a warranty?
When buying my C7 Stingray in 2014, the finance manager was pushing an extended warranty. I repeatedly told him no. I said to him, maybe I should cancel the deal as the car I'm about to buy is extremely unreliable. He never asked again.
Being from Canada we don't need to worry about insurance. Noting that GAP insurance from a car insurance company is both cheaper amd provides better coverage (notably allowing you to go buy a replacement wherever you want, and not a few thousand limit). I actually joke with the sales manager at the dealership I deal with that I know how he is just another salesman.
Pay cash and tell them I'm only interested in what size cheque I have to write out to get the vehicle.
Full tank of fuel, 12 months rego, dash mat and the model of the vehicle I want.
Simple parameters so that I can compare the same thing from a couple of dealers.
No emotion, don't want to be friends just buy a vehicle.
Simple.
Cash buyers are easy. They have an open check book.
I’ve had to use gap insurance twice in my life. I’ve purchased through my insurance company as it is far less expensive literally a few dollars a month. I’ve never had an issue when it came time to use it?
How much is it to buy that?
One of the most brillian investing advice i have ever gotten on youtube came from watching an interview with Julianne Iwersen Niemann. Indeed, A solid investment strategy is like a well-planted tree-it can withstand storms and still grow strong!
That's great advice! Julianne Iwersen Niemann's perspective on investments as a long-term growth strategy, much like a well-planted tree, is a solid analogy. A good investment strategy should be resilient enough to endure market fluctuations while still growing over time. It's essential to have a strong plan that balances risk and reward, much like cultivating a tree that thrives even in tough conditions. Working with a seasoned expert like Julianne can help ensure your financial decisions lead to sustainable growth.
I know this lady you just mentioned. Julianne Iwersen Niemann is a portfolio manager and investment advisor. She gained recognition as an employee of neuberger berman; a renowned investor she is. Julianne Iwersen Niemann has demonstrated expertise in investment strategies and has been involved in managing portfolios and providing guidance to clients.
I’ve heard of her
How can i reach her, if you don't mind me asking?
her name is 'JULIANNE IWERSEN NIEMANN'. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
I appreciate this. After curiously searching her name online and reviewing her credentials, I'm quite impressed. I've contacted her as I could use all the help I can get
What happens when the customer finances a car loan but then quickly pays it off in a few months? Does the dealership still get profit on those?
High chance they get charged back on the loan profit.
My dealer told me I needed to buy a warranty because the manufacturer warranty only applies to "known" problems. So if they know this model has a problem, then that problem is covered. If your power windows fail and it is not a chronic or known problem, then it is not covered. Can this possibly be true? Knowing it is Mazda may help in determining the truth of this dealer story.
1,000,000,000% FALSE!
@@ChevyDude Thank you. As much as I have liked Mazda (I've had two) I won't buy another one because of the dealer(s).
GAP insurance is a joke, don't buy it. Buy your extended warranty from somewhere else, NOT the dealership.
Recently i found a car i wanted to buy and was going through finance and the guy could not comprehend i didnt want GAP and a warranty and every which way he kept adding it to the numbers. I finally got up and left. I couldnt handle them not listening. Went with a different car at a different dealer and while it wasnt my first choice, paid what I wanted and wasnt trying to be taken advantage of.
Finance managers hate me. I never spend a penny with them.
We just purchased a truck within the last month. Dealing with the finance manager was awful. We were paying cash and his demeanor changed once we said no to all of his products he offered us. I’ll never buy anything from a finance manager.
A friend of mine that I sold cars for used to be a sales manager at a Ford dealer. He told me When you go into F & I your only answer to him is NO NO NO.
I appreciate your honesty with consumers.
You mean while he’s on camera
Why do dealerships exist anymore? I get the need for used cars out of convenience. Everything should be the tesla model. Come in to a sales center, test drive the car, order the car. The price is the price. Cut out the stealership.
Why do buyers keep falling for these tactics by finance managers. The answer is NO. No to extended warranties. No to gap. No to maintenance. No to ridiculous add ons. And bring your own financing from your credit union.
What if I got 8k in cash and I don’t want to use a bank? I have no credit. But no bad credit. The car I want is going for 32k
So where do you think the money is going to come from? Go join a credit union.
@ I already have a savings account at a credit union and a bank account somewhere else. I dont wanna go through the bank.
@@lvlv9202 Well tell me where the money is coming from. If not a bank or credit union ?
Negotiate that 32k down… less taxes paid on the total.
bruh this guy lives in my neighborhood
Spoken like a true finance manager... selling you near useless warranties. Gap insurance is prob needed on a lease given potential negative equity if the car is new, and lease length is short. If you car has negative equity right out of the gate, you either paid too much for that car, didn't put enough down, or that's not the car for you. As for extended warranty beyond the car's new war warranty... buy it from the car OEM, not an aftermarket dealer. That guarantees you can get the car repaired or fixed at an OEM car dealership, and you won't get stuck with one of those useless robo-call car warranty.
What makes your other channel worth 44.99 ?
I meant $4.99
@@mikenonya6382nothing