FINANCE COMPANY TAKE AWAY £125,000.00 STOCKING LOAN WITH NO EXPLANATION
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- Опубліковано 26 вер 2024
- More ups and downs at the pitch this week, Dave gets a surprise when he can't add any cars to his stocking loan, the area manger gives him a visit and has some really bad news. James and Wayne are tinkering with cars and sales are going well as we find out what else has been happening at the Lovely Car Company this week.
Having had my own issues with the same finance company many years ago for stocking vehicles I can probably say with hand on heart, ITS SOMETHING YOU HAVE SAID.
I reckon they’re trying to claw all their funds back to see where they sit with this big scandal that’s about to hit them.
Could be as you say, probably cutting back due to claims, close have suspended their shareholders dividend, so your not alone.
Don't worry too much Dave, your winning smile is priceless. You'll earn that quickly enough!
Close Brothers and other similar lenders are tightening the screws so that the same Finance deal to you will simply cost you more as you are now earning through YT videos. They simply want a piece of your profitable pie.
James, good work on the door card. It's rare for a salesman to also have mechanical skills. I thought Dave was going part time at the garage as he was moving back to Teesside?
Not for a few months, James’s done a great job on that door!
Love your channel here in Ireland. Please keep going. You will be stronger for this.
Thanks mate, don’t worry we’ll not give up
The best Car dealer on you tube, you need to do a few a week now tbh 😂
Yep your right we’ll get on it
Stay positive
Will only make you stronger in the end
I've had an FCA licence since 2016 and was set up with Close. The rep told me a couple of years ago that they had no appetite to renew our deal with them as we had not done enough units. He told me they only wanted to work with dealers who would be putting at least ten cases through each month. Which I guess is big dealers stocking 100 units? They don't seem to want to work with anyone small anymore. Maybe a perceived risk that bad practice is more likely to occur in a smaller independent than a larger, heavily regulated, super market type operation? Seen it all before they come and they go.
Rep was only saying the other week how great you were, probably arguing those blown up engines won't have helped, they'll not want the hassle, but if you've got to do refunds out of warranty then maybe best without them, I don't do finance, but dearer stuff takes some selling, I'm on my 3rd advert on a car at 5 and a half, without chucky it's basically hard over say 3995.
So true! Bloody rep loved us but that doesn’t mean anything in a big company like close!
@@cardealerpro yes bud I know, they'll be cutting off all they can, your seeing adverts now for average payout 1700 quid, it'll be a nightmare for finance companies, close bros shares have dropped a lot, only thing that probably isn't a good idea is to reveal finance commission on your channel, I'd look into the legal side of commission claw backs as well at your end, companies might end up billing you, tbh I'd fold the old business and be like lovely car company 2024 Ltd, get everything in the new company, just a thought anyway bud.
Dave, consider a subject access request (SAR) under GDPR from close. That might give you why or a clue.
Thank you I’ll give that a go!
Dj gotti i believe everything happens in life for reason
Sometimes it’s for better onwards and upwards.
Channel Content is top-class it will pick up a-lot of subscribers.
Thanks mate! Yep your right 🙌🏻
I don't know if I should be going fast or slow this week 😢 I can see you guys have been very busy this week 🤞🏻hope you hit your 25+ target
😂😂 I know! Thought we would have heard it at least once!
Nigel Farage comes to mind. Finance Companies\Banks. Are Law unto themselves. Especially when it comes to explaining their actions, to their customers. Good luck guys. See you in the next one. 👍👍
Buy outright the roads are all the same..no finance
I wondered 🤔 what the interest rate would be on a stocking loan ??. You might find this is a blessing in disguise 🤞
Can’t remember the exact rate but it was a lot cheaper than most stocking loans, that’s the main reason it’s a kick in the teeth!
@@cardealerpro when the sales fella visited you months ago you were quoting numbers in the range of about 10% per annum?
@@hughjanus7354 No way it was 10% per annum. With fees etc, it was probably nearer to that per month!!!
Use your own money mate - no loans - no debt - most importantly, no masters!
There's no such thing as money everything is credit and debt
@@winbig1 wot?
@@hughjanus7354 fiat money is a currency that lacks intrinsic value and is established as a legal tender by government regulation. Traditionally, currencies were backed by physical commodities such as silver and gold, but fiat money is based on the creditworthiness of the issuing government.
@@winbig1 that doesn't mean that everyone is in debt or that there's no money, you know that it's ringing but you don't know exactly where.
@@hughjanus7354 Yes it does there is no money only Fiat currency. Go do your research. UK left the based on gold standard in 1931 therefore These pieces plastic or whatever with the number 20 on it means nothing and is actually worthless. It's just a big confidence trick
Hello Dave,
Bit of a belated contribution but only just viewed this clip.
It could be that they feel they haven't received enough retail business from you for customer finance, as I know they look for that when providing stock funding.
Or may be a knock on reaction to a large, £7M, used vehicle stocking fraud down in London, which has caused Haydock Finance to completely pull out of providing stocking loan I believe. Various lenders caught up in that situation.
Cheers,
Phil
Just seen a tweet from "Your Finance Rights" which came up on my timeline about Close Brothers, asking if I had bought a car on finance from them saying I could claim thousands - I think they are running scared - maybe they have to change their terms and conditions.
Give your new stocking loan company loads of good advertising......... and then say Close who? 😊
Exactly!!
Close.... But no...Cigar! 🙃
Was it close who sided with those customers over faults lately? Could all be connected but onwards and upwards lads 👍🏻
Yep it was…possibly could be that
great video again. It's good to see you're selling plenty of motors ,a question for your next q&a video ,whats the most cars youve sold in a month and the least in a month? 😊
I think the least over the last couple of years was 15, the most 40
Hi watch your channel first I love it honest garage and how you deal with pressure but I was. Shocked when I past your garage on shuttlewood road Bolsover to see no car with a price in the window. It dint look like a car garage more like a storage yard I think your missing out on sales because of this
We decided a few years ago to scrap the price boards, we’ve never had much passing trade on that road and would just attract time wasters, we prefer appointment, car in showroom, deal done!
Trouble is you'll never get the big margins or maybe a sweet p ex on the cheaper stuff, so a sl is probably a essential thing, I'm self financing and stay cheaper, I find dearer stuff sticks, tbh all finance companies are going to be running for cover with this miss sold finance thing, everbody will be claiming, it'll put quite a few under.
Times are changing, we’ll try and get another stocking loan, if we can’t, it’s not end of the world
@@cardealerpro yes bud
live video auctions have you done many always interesting see the cars you're checking out
Better off without it Dave. If you have to sell those cars off and buy some 3 or 4k cars carefully you’ll do it.
Do close still charge customers document fees? We haven’t used them for years
Thanks mate. Yes I think they charge a fee when the finance is arranged
Close Bs, are obviously, setting money aside. The US automotive market is struggling & their's the mis selling issue. So, someone (at high level) as probably said we need to gain 100million liquidity or reduce our liability accordingly & your bit (125k) is just a small part of it. Highly unlikely it's to do with YT 👍. Gives you an opportunity to shop around or reduce your dependency on them. Could well be a blessing in disguise 👍👍👍.
Yep your right, we weren’t getting any comms from them aswell, so even if we take on one that’s more expensive we can command better comms that will pay for the rate increases
A few are doing this. They are not ideal but switch to nextgear fees aren't as good as close brothers but they won't do this. IV heard other unit stocking people are doing this
I think you are better off without close brothers tbh. They did something to shifting_metal so he left them. Great video as always.
Thanks mate
Submit a subject access request and they have to provide copies of the information they hold on you. Might make interesting reading if it’s down to your UA-cam content 😅
That’s a great shout!
@@cardealerpro make some great video content too 😂 it would be as big a Nige and being cancelled by the banks 😅
Another great Video lads, really enjoying the Channel. Would you mind sharing what stock management software you use. I’m
Just starting out in the business and am looking at the best/most efficient way to manage stock.
We set up a google docs spreadsheet ourselves, it’s really good but we’ll be changing to click dealer soon but if anyone else can recommend a decent management system?
@@cardealerpro Thanks very much for replying, it’s a really nice touch that you take the time to do that.
Shit. Watching vid now. What !!! Sorry to hear this shit. Never spits but rains. Oh and I’ve a Pro Ceed. Been abused.
Thanks mate
I’ve got 36 cars and ZERO debt nothing no credit cards no loans nothing and I also am not allowed a bank account it’s stacked massively against me always has been
There’s always a way mate
I have got nausea from getting into some peoples cars! I say, messy car, messey house , messey nether regions , but thats another story😂😂
😂😂
Never a borrower nor a lender be.
RE: Stocking loan garbage.
If can. Do a poll. Be interesting see what us traders think reason is???
1. UA-cam content related
2. Cars, coming back?
3. Cost living
4. These financial claims on finance HP deals, the new PPi finance firms set money aside for
5.
6. Etc
I refuse believe it’s YT content. But. It vexes me.
UA-cam or because we didn’t hit targets for finance deals
@@cardealerpro Could be latter? Coming out blue it's just so rough. Odd, queer. Does finance work like this. Binary, On/Off. No consultation with dealer to improve?
I got a 12 month bond with close brothers paying me 5.2pa I bet they charged you that per month, if I was closer I would do you a deal. Good luck
Yes that’s about right, could deffo give you a bit more!
Never say they are MAKING you take a car back that is not down to a fault of yourself, prima donna's like close Bro's do not like taking account for their failings
Relax there bigger fish to fry.
Deffo your UA-cam channel. The only way they can control what you say about them(disputes/commission kick backs/negative viewer comments) is to cut ties.
Gotta say, I kind of understand. Its simply not confidential. Particularly with all the crap flying around about dealer commission
Hi
What is the trade site you use to trade on some stock that you mention.
Many Thanks
Trade to trade, part ex gold and we have a few contacts at main dealers that take stuff
@@cardealerpro
Thankyou for your reply.
Re the finance company, F**k them, you are better off without them . They like modern day loan sharks .
Dictating who you can use to offer finance .
You'll thrive without them .
Do a mix of some cheaper stock that you dont need stock loans for. You will get there .
We have always done and grown. Use our own money no body else's so no silly fees to pay.
Everything happens for a reason and if you want your vision board on your wall to come true then these changes will always happen for a reason. Keep your chin up mate
If you get another loan, just say how good they are (!)
I think it might be that on one video something was said about you getting £1200 commission on a finance agreement, Must admit didn't look good, maybe the video that the guy messed you around and in the end cancelled having the car,
Is the 22 grand before rent etc?
Wonder if it’s better being off as a trader on your own or making a steady 10k a month working at a dealer.
Yep 22k net, ideally need to be doing 30k net a month the minus costs
Didnt shifting metal leave them cus they screwed them over
Better off with out them mate
Yep
I was thinking that too. The best thing for companies like CB is to carry on trading as they have been. That's how they're going to pay off any fines coming their way. To shut down good, profitable accounts makes zero sense to me, they're basically cutting their own profits. I think they'd prefer to be behind the scenes and only spoken about within trade circles and not in the general public (unless it's offering finance to the general public). So taking that possibility into consideration, and assuming your account with them is in good standing, I can only assume it's because of UA-cam.
I still think any company worth their salt should give an explanation for pulling your loan. It’s basic respect. I am sure it’s nothing to do with the UA-cam channel as it’s a great channel and doesn’t make any negative comments about the stocking loans
Thanks mate
Don’t think it’s UA-cam that’s lost you money with funding I think in the long run UA-cam will get you more funding from garages. They will see you lot are honest and this will get you more funding in the long run
Hope so mate
I doubt it's your you tube channel, it's hard to sell cars I think there frightened of having lots of money outstanding
They know it’s all coming down
Dave, could you tell us all the trade sites you like to use please?
Just mainly trade to trade, part ex gold and some main dealer contacts
Great vid lads
Thanks mate, we’ll get on it soon with vehicle score.
Have you published accounts? It maybe based on profitability.
Profits were fine they gave us an extra 25k last year no probs
What about looking at a business bank loan? I’m sure it would be a better rate than stocking.
It maybe if you have had screams and not sorted them fast enough or refusing to do Unwind’s on deals.
The way close brothers have dealt with Joe at shifting metal they are so unprofessional and the way they treated him was disgusting and I know he left them after that incident but they definitely should be avoided at all costs in my opinion
Think it could all be connected
Bro, people should be allowed cars OR dogs ! Period 😊
😂😂 so true
Are you not doing the numbers with Close ?
No mate, we weren’t but since we’ve left we’ve done loads of finance with connected
Thank God . I have a small S -Plan with Close and I am way down on last year , thankfully they seem to be leaving me alone !!! 👍👍
How long have close bros given you
It’s finished now, can’t do any finance with them, every time we sell a car that’s funded we need to settle and then once they’re all settled that’s it
😮
I watched today for the first time. I like to watch companies that I would personally deal with, but I'm afraid Wayne doesn't do you any favours sticking "knob" tyre caps on electric vehicles. I have subscribed and I won't "dislike" on the first video but it wasn't a good start for me so the just is out!
All took off bit of fun my friend should try it 😊
i still got to get in touch with you about my car but finding time when your disabled really plays havoc on things . but will do soon. regards .
Said you was moving away cos of your ex bet it’s that
If you rely on debt. Your business is flawed.
Richard Branson and numerous others seem to have done ok.
There are 2 types of debt, good debt and bad debt. When your customers pay for your debt, for example cars, property, retail goods this is good debt.
Take it from a old timer
Watch the stress boys
You cannot buy your own HEALTH
Thank you 😊
You guys are legends. I really enjoy your show. Showing people how the car trade actually is. Hoping all works out for you gents. Sorry to hear about the finance company situation.
Thanks mate
Wayne I hope you left those valve covers on those microwaves!
It's true, electric car drivers are incel type nerds behind a steering wheel who've made a few bob on bitcoin/I.T - they've no road awareness or driver to driver courtesy or smoothness to their driving. Every near miss I've seen or experienced - Tesla Microwave driver.
All they see is those green matrix numbers rolling down front windscreen not road..
Tunnel Intelligence (i.e good on programming) but no common sense.
I rev my diesel to piss them off at incel gathering, sorry, charging gathering points.
😂