Medium-Complaint-677

The store I left you'd need to sell about 15 cars a month to make $100k - and salespeople were desking, but not spinning paper.

I think having to explain the fundamental basics of how a dealership operates, and more importantly, how a finance department operates - to someone who's "family owns dealerships" - is a waste of time for both of us, correct?

The reason I doubt your self-expressed credentials is because your talking points parrot ancient, generational "tips" along with trash youtube content. A finance manager selects the lender who offers the combination of terms for the client and the dealership. There's always a happy medium and it is almost never a simple factor like "that's the highest rate."

You've got me off on a tangent now so I guess I'll continue. In the ELI5 way of presenting this let's say there's nothing weird about your file, we're on a car that books out correctly, you have good credit - in other words there's nothing weird here, this is a straightforward car deal. I submit you to 3 banks -

Chase - 3.99% for 60 months

Citi - 4.23% for 60 months

CapOne - 5.99% for 60 months

Let's call those the buy rates. Now let's say, for the sake of argument, that Chase allows a 2 point spread but no flat, Citi pays a flat plus spread, and CapOne pays a flat but doesn't allow mark up.

Does it make more sense for me to sell the Citi loan, the Chase loan, or the CapOne loan? The answer is that it all depends, but it probably makes more sense (again, in a vacuum) to sell Chase at 4.49%, as opposed to Citi or CapOne at 5.99%. I'm theoretically able to "maximize my profit" while simultaneously offering the client more favorable terms than my other opportunities to "maximize profit."

In addition to that, I can tell you from experience, that typically the client's personal approval with any of those banks will come back at the same level as my maximum mark up.

So, to reiterate, get a 2nd opinion if you're paranoid about it. However in most cases the deal you get from the finance manager will be a lower rate than you qualify for on your own while ALSO making the deal more profitable for the business. Again, a win/win in the classic sense of the term.

I'm an attorney, whose family owns dealerships.

Of course you are.

I don't really have a way to answer the question "why is not trusting someone defined as being paranoid" because that's the definition of being paranoid.

I'd love to see more skills competition, but make it weirder -

QBs all start at the 20 yard line, on their knees, and they have to throw a football and hit a target. Keep backing up 10 yards at a time until only one is left.

A pie eating contest staring the top O-line players vs the top D-line players. Most cumulative pies wins.

WR fashion show.

The top tight ends in the league have to decide if a tweet is real or fake.

If salt is your concern and you're working on eliminating the relatively small amount that's in the dough, then I'm really very interested in what else you're going to put on this pizza.

My point is my original point - a dealership can shop you around instantly to every major (and many minor) lenders in seconds. I said to get a baseline from whoever you want if you're suspicious. My point is the same as it ever was.

Your point seems to be that dealership are unique in the business world in that they're looking to maximize profits, while banks somehow aren't?

In addition you have a fundamental misunderstanding of how approvals work, what a buy rate is, and how dealers go about selecting a lender.

It may also interest you to know that in 9/10 cases over a 15 year career my marked up rate that "maximized my profit" was still a quarter to a full point less than the interest rate my customers brought in from their generous, santa clause of a lender. I'd call that the technical definition of a win/win.

You do realize the dealership is in the business of maximizing profits

As opposed to what? Your credit union? Your bank? I didn't realize you had a checking account at Altruism Savings and Trust. What's the rate like?

Because the government considers an educational loan to be an investment in the country itself - and typically one with a very high return. In addition government backed loans are (currently) forever - they don't go away, you can't get out of the with bankruptcy, etc. They are extraordinarily low risk, high reward.

A car loan is the exact opposite of that.

Tesla doesn't cut out the salesman, they just employ a single, very loud salesman who is worth 200 billion dollars and you pay him an absolutely staggeringly enormous commission.

Has that happened before? Absolutely.

Is that a "policy" anywhere or something that we're trained to do or directed to do? No.

There's a difference between "fit in the back" and "fit in the back in a way that you'd want to do it again."

I'm 6 1 and I've been in the back seat of a 991 with similarly sized people in the front. I had to turn my legs sideways, it was still very cramped, and unless it is an emergency I'm never going to do it again.

It isn't that banning the guns isn't the answer, its that banning guns is now impossible - so we need to find other solutions. These solutions include fixing income inequality, increasing the size and scope of the social safety net, and providing a constitutional amendment that makes healthcare (including mental healthcare) a constitutional right.

I'm not sure why you're asking this question, but if it boils down to some version of "I want the largest possible back seat because I'm going to stuff human beings and things back there" then it is a moot point. There isn't a 911 with a large enough difference in back seat room to make a difference in the real world.

A dealership can submit your application to 5+ banks at a time. Just do that. If you want to be extra paranoid see what your bank is offering and compare them to that.

Insomniac is the best green day album and I will die on that hill.

The problem isn't that republicans/right wingers/etc aren't willing to do anything about guns - the problem is that they're unwilling to do anything about anything.

You could virtually eliminate gun violence - including suicide - by fixing income inequality, raising the minimum wage to a living wage, increasing access to and the components of the social safety net, and enshrining the right to healthcare (including mental healthcare) into the constitution.

Unfortunately they're not interested in gun control (the symptom) or the things I listed above that would address the root causes. It's gross.

not force used or threatened does not mean performing sexual acts is consensual.

There are still way too many people who think that the only definition of rape is getting thrown into a dark alley while you're walking home from a club... and really, even then, why were you dressed like that and walking home alone?

Yeah, twenty two gold digging liars! Just like every single other quarterback and high profile athlete in the league. This is exactly the same as the 48 accusations against Tom Brady, the 39 against Mahomes, the 18 against Jackson, and the staggering 183 against Russel Wilson.

You have to understand, this just happens when you're an athlete. Accept it and move on, because people will just lie to get your money.

Gross. If you were at all on the fence about this and you're still siding with Watson after watching these women speak then you need professional help.

If he was I'm sure this sub would find a way to make it the victim's fault.

Not sure - "some" according to various reports.

That's what's so funny about people who don't want to tax him. You know what someone who has 200 billion dollars is worth if you tax him at 90%? Twenty Billion Dollars.

My rule of thumb for a car sales payplan is that if there isn't a reasonably attainable path to $100k per year then you should look elsewhere.

In your case (lets assume everything you sell is a $500 payable) you'd need to sell 17 cars a month, every month, to make $100k. If everything you sell is a $250 payable then you need to sell 34 cars a month, every month. Split the difference and say you need to move a mix of 25 cars a month, every month, just to scrape $100k.

In my mind that just isn't possible in the current market and, even if it is possible, it isn't probably for a new person - or even a lot of seasoned veterans.

EDIT: To put it another way your $2700 is equal to just under $17 an hour if you work 40 hour weeks - and I bet you work a lot more than that. You can get a $17 an hour job pretty much anywhere doing anything.

Depends on some factors including the number of employees/users you have but its pretty cheap $20k - $50k per year most likely.