I am a finance manager at a volume import dealer.... AMA

[Anonymous]

Cool forum. I am a finance manager at a 500 car a month volume import dealer in south Florida... happy to send proof to any mods... Ask me anything.

[Anonymous]

What’s the markup on the extended warranty? Which variant of fico does your dealership use? What’s the average percentage in markup you do for contribution? I think that’s what it’s called, your commission.

[Anonymous]

All myths aside, what days of the week and/or times of the year are the best to try get a good deal. As someone, in the market for a luxury import after my refinance, this could be very useful 😁

[Anonymous]

Curious about mother in law getting approved for a lease.

She has no debt and very good credit.  I believe it should be over 760 for all FICO scores.

She has leased in the past with a co-signer.

This time we want her to lease on her own.

What has changed is she sold her house and lives with us and has 0 monthly payments except the car.

Her income is very limited maybe $1,200 a month.

Do you think she would likely get approved for a $400/month lease without a cosignor?

Thanks so much!

[Tampa89M]

With the current Covid market are you negotiating much on your used cars? If any.

I've been shopping for a 2017 C-300 coupe, 25k miles in Florida, most are listed at $30k. KBB trade in Value is ~25k what price should I aim for? 

[Anonymous]

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@Anonymous wrote:
What’s the markup on the extended warranty? Which variant of fico does your dealership use? What’s the average percentage in markup you do for contribution? I think that’s what it’s called, your commission.

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Our warranties have between 800 and 1500 in profit. We pull fico8 all 3 bureaus. Markup is limited by lending source. Usually between 0 and 2 points.  A lot of banks are moving towards paying higher flat fees to the dealership based on the contract amount instead of allowing participation- markup.

[Anonymous]

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@Anonymous wrote:

All myths aside, what days of the week and/or times of the year are the best to try get a good deal. As someone, in the market for a luxury import after my refinance, this could be very useful 😁

Complete crap shoot. While people will say whatever day the urban myth is it is really a function of inventory levels. More inventory is more manufacture support which is more discount. Every deal has to stand on its own merit, businesses don't just decide to lose money cause it is the last day of the year. Price 3 dealers to keep them honest and go from there.

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[Anonymous]

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@Anonymous wrote:

Curious about mother in law getting approved for a lease.

She has no debt and very good credit.  I believe it should be over 760 for all FICO scores.

She has leased in the past with a co-signer.

This time we want her to lease on her own.

What has changed is she sold her house and lives with us and has 0 monthly payments except the car.

Her income is very limited maybe $1,200 a month.

Do you think she would likely get approved for a $400/month lease without a cosignor?

Thanks so much!

She doesn't qualify for a 400 payment making 1200 a month. Every bank is going to assume for some type of housing expense even if the customer puts 0. If she is living off investments as well that is income.

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[Anonymous]

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@Tampa89M wrote:

With the current Covid market are you negotiating much on your used cars? If any.

I've been shopping for a 2017 C-300 coupe, 25k miles in Florida, most are listed at $30k. KBB trade in Value is ~25k what price should I aim for? 

We are very firm in our pricing at the minute. Inventory is tough to get and we are paying top dollar as well. As new car inventory improves expect the used car bubble to burst a little. KBB is a consumer facing guide not something used by dealers. I would push the car purchase out another month if you can when it is not such a sellers market.

[Anonymous]

Thanks for the info.

No investment income so we will have to co--sign.