Originally Posted by
HURRICANEBOB
Upfront, want you to know I work at Bob Swope Ford in Etown, I'm a Product Specialist, and I'm on salary, not commission. And yes, as a Product Specialist, I perform the function of sales in that I help folks find and select the vehicle that meets their needs and budgets, and explain vehicle features and benefits. I don't make any additional money via commission, (as I'm on salary) if the customer finds a $50,000 new SUV that meets their needs, or a $2,500 wholesale pre-owned vehicle. Yes, I do get volume bonuses each month if I help sufficient buyers find what they want and need. But not commission per sale. Just a different business model. I don't set prices, I convey dealer offers, and convey customer concerns for the dealership to consider. Just like a real estate agent does between a buyer and a seller. (Yes, I do have a KY Real Estate license in escrow).
RE: Early payoff. Please see page 4 of your Ford Customer Review Copy of the KY Vehicle Retail Installment Contract you received and signed during closing on your new Ford vehicle with Ford Motor Credit financing. In paragraph A on page 4 of 7, the Payments section starts with : "You must make all payments in U.S. funds when they are due. You may prepay your debt at any time without penalty "I absolutely agree with doing your homework online before entering a dealership. I love it when someone comes in with the stock number of a vehicle they found in our inventory and wants to see it, understand it, and drive it.
Here's my best advice to any potential Ford buyer:
a. Hit the Ford webpage, build the vehicle the way you want it online, then print that out. Note the Ford MSRP as you build the vehicle on line. Also note Ford estimates payments for you. The hit local Ford dealer websites and see what they have that matches your want list. Do be aware, just because you built it on line does not guarantee a dealer has a perfect match. Dealers can do a locate for you, at no additional cost, but again, there is no guarantee we can find exactly what you want. We will find the closest possible match, show you that window sticker to confirm if meets your needs and is acceptable, then proceed with pricing once that's agreed.
b. Next, on the Ford webpage, look for "Rebates and Incentives", go to that page, enter the year and model, see the rebates and incentives offered, and print it out. Some incentives and rebates require the deal to be structured a certain way, and some are for certain equipment groups. Example, an F150 XLT may have lots of rebates while an XL may have fewer. Another example, a incentive may be available as cash back if you trade in a vehicle, or if you finance thru Ford, or if you have money down. Anyway, read how to qualify for each type rebate as Ford spells that out in the rebate/incentives page by model.
c. Get pre-qualified at your bank! Know what fits your budget, and have your banker that holds your accounts and knows you tell you that. Get the best rate with them, and then keep that info with you when you visit the dealer to see the vehicle, and while you consider dealer offered financing options. Failing to do this and going from dealer to dealer applying for credit can ding your credit score. Doing it once with your banker will not!
d. Do research your used vehicle's value, in several sources, including Auto-Trader.com and KBB. Do be realistic about your vehicles condition, be accurate when you enter mileage and equipment and condition. Because there's no sense trying to inflate the number in those on line applications, just to come to a dealer who can see the bald tires, see the dents, see the trash in the car, and see the stains on the seats, and who has to take that into account when he makes an offer for your car. Be realistic. do your homework, be prepared with accurate information. Negotiate from a standpoint of accurate information.
e. Call your bank if you owe money on your trade and get a 10-day payoff for your car before you hit the dealership. With customer permission, we can do this with the customer present, but you need to know what you owe on the car you own now, as well as the trade value before you hit a dealership. Why? If we both agree your car is worth $10,000, and you still owe $13,000, you have negative equity, and that means you either need to come up with a down payment, or add that amount to the financing of your new car. What that means is you will be adding that negative equity to the cost, and depreciation of your new car. Yes, that means you are digging a deeper whole financially. If necessity says you just need to get the new vehicle to meet your lifestyle, business needs, or family needs, then do so, but be aware of your situation upfront. You don't need to learn about these things, and be shocked by it when you are trying to decide what vehicle you really need at the dealership. Know it upfront, then when you get to the dealership knowing your situation, you can focus on what vehicle really is best for your and really fits your budget.
f. Last, before a visit, call the dealer, insure that vehicle on the website is still there, and didn't sell 2 hours ago, and set an appointment to see exactly what you want to see, by stock number if possible. When I know what time my customer is coming in, I get the vehicle key, be sure it's still available, and am ready when you hit the door to show you what you came to see. And, if availability changes, I call the customer and tell them that to either find what else they'd like to see, or to save them the trip.
As you do the research, print the stuff out, staple it together, and bring it along. The best way to come to an agreement is to have the facts available for all to see. I appreciate it when a customer shows me how he arrived at his figures, the same as the dealership is prepared on request to show how they arrived at their figures. And, it really does make the whole experience faster, easier, and more enjoyable as it reduces the stress levels of discovering facts to consider at the last minute when you are trying to make a decision.
Remember, if you want to you can sleep in your car, but you can't drive your house to work! :-)
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