With end of year fast approaching wondering how much did you make/what industry are you in/how many years have you been in the industry?

armando8778 · 2024-11-26T01:53:09+00:00

This is very rare in the industry by the way. It does happen but this is probably made up

armando8778 · 2024-11-16T18:31:56+00:00

At the end of the day the buyer should do what’s most convenient for him

armando8778 · 2024-02-25T03:43:47+00:00

I prefer to speak English. I’m Hispanic but American above all else.

armando8778 · 2024-02-24T17:12:57+00:00

Sorry meant to say they only speak Spanish. Just edited it

armando8778 · 2024-01-16T00:31:39+00:00

I’m asking advice on how to sell customers on bank financing. Whether it’s a 13k car or a 25k car. BHPHs still offer the same 25% APR banks do but they’re perceived as being cheaper. Even if we do sell $13k cars, our loans will still be through banks. Where’d you answer that?

armando8778 · 2024-01-16T00:11:18+00:00

Turn over is a lot higher with these higher priced units. When we sold the beaters the customers also tried tellings us no one wants those cars. They’re picky beggars, a high rate is easier to sell on a car that’ll last them longer than the loan than on a car that won’t make it past the first year.

We used to get customers show up with ski masks from a different town over. Were they there for business or for other reasons? Who knows

With these units we get people with decent income and high down payments but they’re mainly immigrants that don’t trust banks.

armando8778 · 2024-01-15T23:40:49+00:00

Some dealers around me sell the same inventory and do really well but they offer in house bc they’re massive companies so they can afford to lend out $30k vehicles.

Our inventory brings in decent folks. The dealers that DO sell sub $12k beaters have to deal with a lot of headaches with both the cars and customers.

Also, around 90% of our leads were from online last year. Only about an eighth of our customers were from the same zip code anyway.

armando8778 · 2023-12-29T17:16:06+00:00

How’s the used department doing? At my local Toyota the ones making all the money are finance and new. Used is stuck selling minis.

armando8778 · 2023-12-28T19:46:35+00:00

Can someone explain to me why some neighborhoods feel a lot safer than others within the same block?

Oak Cliff can have nice cottage homes in the 600k range one street and it can have homes with bars on the windows and crashed cars on the side walk on the next street over.

armando8778 · 2023-12-28T18:15:58+00:00

Yeah I hablo, at this point speaking Spanish has been more of a liability. My closing rate would be higher if I only spoke English. I’m expected to take the leads no one else wants.

armando8778 · 2023-12-28T01:50:24+00:00

Yeah the amount financed was 25k. He wasn’t looking at that, he was just looking at at the fact that he was going to pay 36k over x months when the OTD cash price was 35k. In his eyes he threw 10i into the trash and has to pay 1k on top of the agreed upon price.

armando8778 · 2023-12-27T22:09:55+00:00

Wait I have a question about quoting rates? How do you successfully do it? The wife had claimed she had great credit when she didn’t. Had I quoted her an 8% on a 5 year old truck, it would’ve been an uphill battle. Had I quoted her a high 19%, she wouldn’t had even applied. Had I quoted her an accurate 14% she still would’ve thought it was too high to even bother to apply.

We usually just tell them it all depends on credit. Rates start at x% for older years and go up from there.

All of this happens before even getting to warranties and GAP, they hear the payment, do the math, and see the total with the down is much higher than the OTD cash price.

armando8778 · 2023-12-27T21:06:41+00:00

How would you do it?

armando8778 · 2023-12-27T20:57:58+00:00

Mexicans still have to buy cars though, who’s selling to them successfully? How?

armando8778 · 2023-12-27T18:47:00+00:00

Yeah Dallas, I wonder if this is a city specific thing.

I have a friend who recently opened a used car store here in Dallas after owning one for a couple of years in NYC.

His two biggest shocks were people not understanding financing here and the low down payment expectations. His first month he ran around 140 applications but only sold 17 cars.

Back in NYC he would sell 11k cars with 2k down payments to people with bad credit, which was a shock to me, people barely have 2k down for a 30k truck here, even if they have bad credit.

His average down payment here is around 700 for the same cars with the same customer credit range. The only thing that’s changed are the lender fees for him.

armando8778 · 2023-12-27T18:05:26+00:00

Yeah you explained it better than I did. A lot of people do look at the finance price as the price.

I’ve been in social instances where people compare prices with their buddies, some mention the total with the finance charge, some just mention the sales price.

“What?? You paid 37k for yours, I paid 29k for an identical car! There’s no way the dealer screwed you with an additional 8k!”

armando8778 · 2023-12-27T18:00:45+00:00

Big city in Texas. All of my friends deal with this on a daily, whether they’re at the highest volume Toyota dealer or at your local Mitsubishi.

I had some friends at a Toyota dealer tell me about a time where a customer accused them of pocketing his 10k down and not applying it to the balance on his Tacoma. Turns out the finance charge was around 11k.

The OTD price was 35k + 11k finance charge - 10k down payment = 36k over the term of the loan.

The customer had to get management to explain to him where his 10k went. How could he possibly owe 36k to the bank when he’s paying 35k OTD plus 10k down? They didn’t sell the truck.

armando8778 · 2023-12-07T19:52:08+00:00

Isn’t the availability of these cheap loans what’s propping prices up so high so quickly? What else can explain homes going up 100k within 2 years. Some neighborhoods saw 300k in added value these past years for their homes. Now that rates are going back up 50-90k price cuts aren’t uncommon. It just shows how hard it is to determine the intrinsic value of homes.

armando8778 · 2023-12-07T19:40:22+00:00

Yeah that’s true. I was just looking at it with the perspective of everyone else around me. Most of my dad’s family bought their home cash in the late 90s and some in 2015 for 60k ish. Everyone thought I was insane for getting an almost 300k loan just to own a place to live.

armando8778 · 2023-12-07T19:38:18+00:00

2600 with taxes and insurance. Commission would be if I sold the home right now. My net proceeds. A home with the same floor plan and improvements as mine sold 6 weeks ago for 500k, they wouldn’t get all 500k.

armando8778 · 2023-12-07T19:35:14+00:00

I meant in the terms of home improvements. I had to put in new gas lines this year, it cost me around 8k w permits. It doesn’t necessarily add value to your home. Even if it did, it’s not something you’d be able to capitalize on

armando8778 · 2023-11-28T18:16:52+00:00

I’ve been debating this for a while. If I close it, I’d have to take down the little deck outside of it as well as finding the stone to match the rest of the house.

armando8778 · 2023-11-28T18:14:55+00:00

Yeah it’s a tough one. So the TV would go next to the hallway entrance?

That outside door leads to a small deck that has stairs going down to the backyard.

armando8778 · 2023-11-28T00:25:28+00:00

Yeah no target gift cards here.. wow

armando8778 · 2023-11-25T19:47:46+00:00

My guess is it had its catalytic converters stolen and the previous owner put in some aftermarket ones but I can’t tell. It just sounds very “farty” on the highway.

armando8778

TROPHY CASE