500 IQ strategy to negotiate with the finance manager - Car buying tips

Do you want to know how to negotiate a car deal properly? Car buying tips are great. But the finance manager is who really takes all your money. Rate mark-up, extended warranty, and other crap products they sell you are simply to make money for themselves. a FAIR profit is necessary for any business. In this video, I show you my 500 IQ strategy to negotiate with the finance manager that will save you thousands of dollars on your next car purchase.

Pay 💰cash for your next car and have the upper hand in Finance  Negotiations

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Buying a Car Doesn't Have to Suck™

[joebull]

I’ve worked for car dealerships for 20 years. The dealership model is broken and I am glad I got out. You have an elegant and precise way of explaining how dealerships try to “maximize” every deal. You are responsible for saving people so much money! Keep up the good work!

[rbmoose]

I remember the salesman gave me a price on a new truck. Once in the finance office, the price amazingly went up by several hundred dollars. I told the finance officer the price we had agreed upon and showed the paperwork. I told the Finance Officer the difference needed to be adjusted or I am done with the deal. The price went down quickly ! Oh and now I am paying cash instead of going with your low interest rate. Finance officer was not a happy camper, especially since they could not sell me any extras. Then I was told the dealership was losing money on the deal they gave me. Yea right

[kentancock]

I'm serious, you should become a car broker for people, become that middle man and take the buying process over, be the guy to purchase the vehicle for your customer, your job is to be the person to talk with the dealership, for a small fee. I know I would pay for that service, been screwed over by so many dealerships..

[ShortstopJEsq]

Mike this is arguably one of, if not the best video you've made. Straightforward, no BS, valuable content is what I desire. I will be using the advice in here in a couple of weeks. I hope you put out more videos like this and get tons of views and likes!

[jrchevy]

Quick story. I negotiate my truck price at the tailgate outside. I left a few times during the whole process. I bought zero products from finance. Total time at dealership was about 2 hours.

[chrismast]

During my last time at the dealership I started out by asking a lot of questions about their extended warranty prices and finance options. I made my only true focus being to get the actual cost of the car down, I didn't question much of anything else. Once the price was agreed to and the papers started to be signed, the F&I fellow passed me the extended warranty papers and I said, "Nah.. I'm not interested.". His 'deer in headlights' look almost made me laugh. It was very clear they expected to get their money from me via the addons.

I did get financing through the dealership, and then quickly paid off the car in full as soon as my account was open. I definitely appreciated them coming down so much off the initial asking price!

[BlueCrab]

Here's another one. Had to do this for a relative. Wasn't planning on buying a car that day, but said relative found it online and wanted to go look at it and asked me to go. It's after hours on a holiday weekend, so banks are closed for several days. Relative decides they want the car, Tier 1 credit, so I helped them do the deal. It was an awful experience. I dealt straight with the desk vs the salesman because they played the typical games, even when I told them I'd worked for a dealership prior and didn't want to deal with all of this.

Once we get into the box (F&I), he tries to pull the stunt of offering a rate that's more than double what a Tier 1 should be. Since this dealer has been shady at this point and not wanting to risk them trying to sell the car out from under the person over the weekend while dealing with the bank (and at that point, I don't even trust them to honor a signed buyers order); I told the relative to sign the contract. After it was all said and done, I immediately told them right in front of the F&I manager to call their bank next week and refinance. F&I will now make $0 off the deal for that stunt instead of offering a reasonable rate for profit and that the person has 90 days to complete the refinance. At that point, the guy totally shut down, asked me where I'd been an F&I manager, and got us out of there within 10 minutes. His demeanor went from friendly to killing us with looks. I reveled in it! So, because that guy was a jerk, he made nothing, and that dealership was plastered with horrible reviews on every outlet possible. I wasn't even going to try to work with that guy to get a reasonable rate after what he pulled.

So YES, it's important to get pre-approved; but if it's a last minute after hours purchase, you can always unwind the finance contract as soon as the bank gets the title and go with whatever bank gives you the better rate. Just MAKE SURE there's no pre-payment penalty. Most loans aren't. Dealers WILL lie to you. Read the contract before you sign, if you must go through them. Also, you can unwind any product you purchase from them within a certain time frame and get a pro-rated refund. There's always a way out if you make a mistake in the box!

[ioneldinu]

Congratulations and good luck with your new dealership. I appreciate you honesty of sharing your experience with cars with us. Very often I watch your great videos. All the best.

[michaeloliva]

Thanks for the great lessons here. I like your channel so much more now that you’re your own boss. Good luck on this new business Mike and Mrs Chevydude.👍

[LamarSchoell]

DANNNNG, thanks for all of the incredible tips.

I need to go back and watch this video a few more times because of all the amazing tips. Thanks to one more time Chevy Dude.😊

Good luck with your new dealership knowing you it’s going to be awesome.

[kodythexton]

I had a finance manager ruin a deal with me for a brand new truck. I had been pre approved with my bank for x amount. This made the finance person not happy. Made a snide comment about my bank, I looked at him and said, I don’t know you but I know my bank and trust them. I walked out on the sale bc of the finance guy. As I was walking out I heard the salesman ripping his a$$ for screwing that deal

[franklinkarrass]

Stumbled upon your videos awhile back and subscribed. Have been trying to absorb as much as I can before I need to make my next purchase. Thank you.

[michaelsullivan]

Just saw this video Chevy Dude. It contained a lot of good information and tips that I plan to use once my 2022 Chevy Tahoe LT that is now being built at the factory is delivered to the dealership and I go in to begin the purchasing process. Good luck with the new business!

[ricwestdoesitwork]

Thanks Mike! I love the car buying tips you give. Great video!

[traviskellogg]

Your car buying tips are absolutely amazing

[Alex-ubod]

You’re really out here dropping gems bro, thanks!

[papuxrey]

Thank you so much Mike!! Best tips ever.

[kerry_glock]

Wow! Excellent information!!!
Just in time for me to be forewarned!!!
My TPW for my 2022 C8 is tomorrow: February 7th.
Thanks Mike

[Primetimenewsome]

You rock dude! Wish I were closer, I would definitely give you my business.

[rockinrranch]

I recently bought a new truck. I went in prepared for them to waste my time. I took my work laptop and stayed busy working while they took their time. My salesman actually apologized for interrupting when he finally came back to the office. To my surprise, it was one of the fastest car buying experiences I’ve ever had. Maybe because he saw I wasn’t just sitting around getting frustrated and he knew he wasn’t actually using up my time. Who knows…. I also went outside and transferred my junk to the new truck while waiting on the finance office. No sitting around waiting for me. Worked pretty well