How to Negotiate the Finance Manager and Save Thousands - Car Buying Tips

[@JohnC686]

Best tactic I have found to deal with the finance manager is to say no to everything they offer. They are the absolute worst people in the whole process.

[@jamesrecknor6752]

"Yes, but we can get financing for anyone, even YOU!"

[@KingLouOG]

Yeah they don’t like me because i say no everything but that gap insurance 😂

[@jimmie2349]

Its best to play along for a short while until you make them hunt for a better rate% they will not work to get you a better rate as hard as they will if they think you might buy some of their BS

[@twinnmann]

​@@KingLouOG me too but gap from the dealership is BS. Last purchased back in 2019, dealership added $800 for gap. I called Liberty Mutual and they added it for $40/year. So I went with Liberty. Damn crooks!

[@KingLouOG]

@@twinnmann I’m gonna keep that in mind for my next car purchase!

[@JeffandLeslie]

I loath buying a car. Last one I bought (2020) after the 3rd time of saying NO to the extended warranty, he pulled it up again. I very firmly and politely told him if he mentions extended warranty or any other add ons, HE would have the pleasure of explaining to the sales manager why I'm getting in my old car and driving away. He already had GAP (which I didn't need, I was putting over 50% down), Extended Warranty and some bogus flashing brake light written in the contract. I did use the timer trick you mentioned. I set my timer for 10 minutes and told him to come out to the customer lounge area when he had the contracts reprinted without those items on them. When the alarm goes off, I'm walking out of the dealership. At about the 4 minute mark the sales rep came over and asked me if everything was OK. I said "sure is, but tell your finance guy he has 6 minutes left. Finance guy came back after 8 minutes and I congratulated him on having 2 minutes to spare. I really hate being a jerk. It hacks me off that I sometimes have to be that way but the guys who play these games are not our friends.

[@Erika-kw9xc]

Hey Mike, I want to thank you for these videos. As a single female without any help or support, your videos are a life savor. I wish I lived closer, and I'd purchase from you.

[@metal1mark73]

I bought a new 2023 Toyota Rav LE Fwd at the dealer in 90 mins, I negotiated the out the door price with the salesman online and on the phone before I went to the dealer. When arrived at the dealer I told then that I have to leave at a certain time and they hurried up ,with the test drive and financed office ,I didn't purchase zero warranties and I got my Gap insurance through my auto insurance for 200 dollars, dealer couldn't match, I was in and out in 90 mins!

[@DefinitelyNotYouThankGod]

Pulling credit multiple times doesn’t hurt your score… BUT.. its still inquiries on your credit and shows risk to future lenders! Truth. Ex finance

[@truthseekerKJV]

Tell the finance guy you will not pay for anything but the car, the tax, and the license. Then tell him he has 10 minutes to write this up or you are out the door. And do not sign anything until the deal and finance has been settled and written up completely.

[@gabrielvalentin4509]

Does telling the finance guy that work?

[@truthseekerKJV]

@@gabrielvalentin4509 finance guy does not want the deal to fall through once it has been set up with the sales staff. If the deal does fall through it makes the finance guy look like an idiot

[@rush33n]

Will this tactic work if you’re ultimately trying to buy the car cash?

[@truthseekerKJV]

@@rush33n It shouldn't matter which payment method you're using. They want to move cars. But they try to break the buyer down first, so the buyer makes hasty decisions that wind up better for the dealership.

[@red2001ss]

Mike, it's too bad I couldn't just bring you with to negotiate my next vehicle purchase, lol. It would make things so much easier.

[@pntdblack]

Mike your gonna be the one and only used car salesmen in heaven for always telling the truth to people!!! Thank you for that!

[@glenshepard6960]

I always trade every year for new vehicles. With different dealers. Never spent an hour in out paperwork done. After buyingatleast 100 vehicles in my 73 years. I well know the game. Got some great deals.

[@cmcd3174]

Thanks Mike, great advice, but this is the reason I don’t want to go check out any new cars, because I dread this part so much !!!! They just think I’m a dumb female that will be suckered into anything they try and sell me , but little do they know my dad was a car dealership manager for most of my life , so I know a lot of the b.s. they pull , wish he was still alive to go with me, but your tips really help me a lot also, so thanks again ! 😊

[@PapaiUrsolino]

Extended warranty: unless you plan to keep the car beyond the original warranty (depending on car brand/model), many manufactures allow you to buy it 1-2 months before the original one expires. And you don't need to buy from the dealer that sold your car, you can even buy it from another state. Unless the dealer you're buying a car from has a darn good price, skip that.

[@shvt10]

wow!. This is pure gold. The value of these cheat codes is tremendous.

[@kirkdunn1379]

Most people are bad at negotiating and it's reason they hate the dealerships so much....I was too but learned the game buying multiple vehicles last few years.....doesn't bother me anymore If you don't sign nothing gets sold to you..... Take as much time as you need to read thru contract....they try and rush you thru it so you won't catch anything.... Whatever their selling you can buy later.... And you can just buy the car from home, idk why this isn't talked about more.....super simple, you can have vehicle delivered or just go in to sign papers and take delivery...its only way I will purchase a vehicle

[@dingdong5601]

Do you do this for new vehicles or are you talking about used?

[@kirkdunn1379]

@@dingdong5601 I bought new as used market didn't make sense for prices they sell them at Everything is same as far as transaction however on used you will want to see the vehicle especially the older it is....on new its not an issue

[@stephendibari5010]

Honest and direct. Great video

[@ldkellandshaw]

Here we go again…. multiple credit pulling is ONLY bucketed into one when it comes to dinging your score. Other credit providers can and will view them as the multiple enquires that they actually are. YOU WILL STILL SEE EVERY INDIVIDUAL PULL in your credit report.

[@jamestikalsky4240]

and you will be dinged for everyone. I had a dealership do it to me. 11 inquires and a 65 point reduction in my FICO score. I did not buy from the FMer's.

[@kirkdunn1379]

Yes, running your credit multiple times is bad.....dealership did it to me and while they may not affect your score a ton it does effect how other lenders see you and credit bureaus still report every single one individually......its not good and totally un necessary I get approved thru my own bank and give em 1 chance to beat it thru captive lender....and they have a couple of times Typically multiple pulls are for people with bad credit (mine was at that time)....if your credit is solid it only takes 1 time

[@stevenichlson6085]

They shotguned you. Slang team when they submit you to banks etc. I went too 2 dealership and they did that. Now got 40+ pulls on my credit. Smh

[@JohnnyAFG81]

When some one is selling to you the best negotiating tactic is saying this dosent work for me and walk away.

[@KhalilJamere2x]

The financial manager In Honda here in tampa Fl, wasn’t listening. Kept trying to put me in every other car but what I wanted. Talking bout the TTV at 115%. Like bro non of these payments not working for me

[@gearoidohagan5778]

I have always foung that NO works like magic. If you really need GAP insuranse you can get it from your own insuranse company much cheaper than a dealership.

[@jorydwilliams-negron59]

One thing that I learned about the gap insurance... You can get gap insurance from your insurance if the vehicle is new. If it's a used car then you can get the gap insurance from a bank or Credit Union.. even better if you can get the car financed through a bank before even getting to the dealership after I think if they provide gap insurance and buy it through them

[@RIGONBI2]

Keep the good work my friend.

[@melmel8828]

Thank you i had very bad experience in dealerships this is my 5th time going to trade my car in and thank you.. i hate being ripped off from dealership and they always stop me if i want to negotiate the car prices..

[@cblue3581]

My favorite thing to do to throw them off there game is negotiate with no trade, tell them you need to think about it, come back the next day and renegotiate with your trade. It's difficult for them to get a customer to agree to a worse deal with a trade. Seems like it works great, just takes a bit more time.

[@jerryvega5349]

Thank you for your ethics!

[@fonygangster]

Great video! Thanks

[@brocklanders6011]

I bought a Toyota,32650 otd, after finance manager the otd price was 38740.

[@arentak2773]

Uh, Thanks. Really. I like these strategies.

[@leekralovec2263]

Thank you Mike

[@rickrod4701]

The thing u mentioned about pulling ur credit that it won't have any effect. I was approved for a credit card and my score took a hit because of the hard pull. I think it will effect your credit score, and if its just for a dealer quote, there isn't any reason for your credit to be pulled. You can tell them to assume good credit.

[@Bonezz024]

He’s saying that pulling it multiple times within a short window does not affect your credit which is 100% true.

[@bowmadness1333]

Your awesome, thank you for sharing this knowledge.

[@MikeMolinaRealEstate]

When you say don't pay anything over say..Invoice or don't pay anything over MSRP that is not including the legitimate taxes, and fees that are then added to that correct? Or does that statement mean one shouldn't pay a dime over MSRP "OTD" w/ all taxes, title, doc, tags, 1st year registration, (all fees) OTD and with all those still not going over MSRP?

[@papuxrey9598]

Awesome video, you’re the best Mr Chevydude. Thank You for all knowledge that u provide us. :)

[@anomalous9448]

You just set a timer on my SIRI.

[@leonardfrey5426]

As he said best thing to do if you don’t like what any salesman or finance guy is saying to get up from chair and act like you are walking out, in some cases you have to walk.

[@siclose]

Gap and tire and windshield I needed that here in Texas refinery 😅 is it a good choice?

[@EricDimanlig]

That is the part that I always hated. I wanted to be in and out of the dealership in 1 hour tops. It could have been done in 15-30 minutes but I had to listen to the finance person. Even when I said I was only interested in signing whatever paperwork and did not care about any warranties, gap insurance and or any add ons. Tomi is right about the finance person's mood changing from nice to condescending or rude sometimes when they are not able to seel you anything more. This recent purchase that I did, the monthly payment was about $33 more than what I computed. She insisted that it was what her calculator shows even when I already had done my computation before hand. I told her I was leaving and her tone changed and called the manager who magically solved it. The excuse was that the higher monthly was due to the way it was input in the computer to have us differed payments for 4 months. Sure! Lols.

[@cobrafinancialsolutions1039]

Great video!

[@Ghettogirlstories]

Can you please go over or direct us to a video where you talk about customer that is paying straight out cash does any financing doesn’t have a trade-in and has horrible credit, so just wants to cut the middleman and just go straight for Cash by out.

[@Ghettogirlstories]

Do you know who else is a big problem at the dealership that over charges and who actually works on commission is the service department and beware of those charges I work for Kia I can’t tell you which one but it’s here in Georgia and I watch them ripped a hole in customers coming in for service

[@lenabuggs8003]

Probably Kia of Perry.

[@jwittke]

Hey Mike, congratulations! You are right on with everything you mention in your videos, period!. There are other youtubers that say they know it all implying that most of the sales practices are illegal and that the FTC is just waiting to get customers tips against the dealer. I have been in the car business over 40 years at all levels and I have seen an FTC gall once. She did not find anything against the law (with window edging by the way) Keep making good videos, a lot of people are in the market for new and used cars in this country right now.

[@QwonaC_33]

ATP WYA I’m tied!!!! 😂

[@dylanbramhall6577]

What specific part of the FTC regs prohibits the dealer from offering a better loan rate when you price the premium warranty package and then trying to change it to a higher rate if you then ask to see pricing for the basic warranty option?

[@g7003041]

They try to trick you that you must pick one from the list. Just say "None on the list". Trust me!!! once you said these... you will 100% loose their friendliness and they will either stopped talking to you or try to ignore you.

[@ZeroKool360]

Haha.. I was asked to leave and they didn't want to do business with me. 🎉😂

[@DaptaHBah]

These techniques might’ve worked before. Now the excuse is there are not enough cars and the dealer doesn’t care if you walk away.

[@Pawnsylvania]

In 2024 it depends on what you’re buying. Full size used truck market has tanked quite a bit. There’s a lot of trucks sitting on the lot.

[@denailcaldwell2800]

I have a question. If the vehicle has a dealer warranty is it a violation of the truth in lending to sell the customer extended warranty plan

[@nottoday7495]

What do you think of 3 year old car with 10,000 miles on it. That has had 2 owners ?

[@cblue3581]

I've bought 11 cars and never allowed any additions in the finance office.

[@W4rH4wkXX]

woot!!!!!! 💪💪👏👏

[@acetheking3136]

If you got the check from your bank I wouldn't talk to their finance manager period 😂😂

[@GeraldLaz38]

So youre saying there is no such thing as a buy rate and sell rate when it comes to interest? FI guys do lower rates because banks allow them to add points on loans and in turn they will take fewer percentage points over gaining the pure profit of the add ons.

[@aa777flyer]

You must have recorded this a long time ago, the sign the wall is blank!

[@MikesCarStore]

True OG's notice that. LOL

[@mrpink7395]

Car dealerships really hate me. I’m always a cash buyer, and I stiff arm all the extras. I’m one of the few people on the planet rolling around in a fully loaded Bronco Raptor for under 80k after taxes and fees.

[@sfgarry]

I bought a new car and got the extended warranty. I traded my car in before the factory warranty ended, I asked for a refund on the extended warranty but I only got around 50% of the cost of the warranty refunded. If the extended doesn’t start till after the factory one ends why wouldn’t I get 100% of what I paid refunded ?

[@sonsofliberty3081]

I just had a guy come at me with a 9% intrest rate when i was preapproved for a 5.75. Get my key, I'm out. He cines back without my key and offers a 7%. I told him get my key, he left, i walked to the door, he kept the 7 and toon off 2k of the price. Nope, you have my number if you decide tonget serious.

[@BrunoRatedR]

What’s are Non Tax Fees?

[@fransuanava9179]

Bro it’s my first time buying a car wondering how should I come to the dealership pretty much not knowing what questions to ask

[@sls78..]

What if you just don't buy anything the finance manager is offering?

[@robertlee810]

I got a tire and rim warranty for 1k when I bought new volvo. Best thing I did cause my wife dent all four rims and flat tires on 2. Replaced all 4 tires and 4 rims on that 1k warranty. Yea well worth warranty.

[@Pinkkermit17]

The whole process is torture,,, the way big dealerships do business is old and outdated,, I never had issues with time for mom and pop places, but the big ones hold your hostage as long as possible. Getting a new car soon, I am planning on cutting out the finance team as much as possible, they are going to waste their time trying to get me to add more crap.

[@TheOriginalLugnuts]

Good video, isn’t it a repeat though? Nothing wrong with that but I’m sure I saw it before and the signature wall only has a few on it.

[@Funexpected]

Definitely a repost, look at the signature wall. This is old, but that doesn't matter, it's good information to be reminded of.

[@MikesCarStore]

we had it on the main channel and we are transitioning the car buying tips over to this channel. We are just playing with the algorithm at the moment. We have about 30 new videos coming.

[@TheOriginalLugnuts]

@@MikesCarStore ah okay that makes sense. Will probably be easier to search that way. Looking forward to more tips!

[@Nakelp86]

One of my banks said that if ask for preaproval it WILL afect my credit, whats going on here??

[@mt-nv4jd]

Sir, why does a car dealer "need" to make a profit on an extended warranty?

[@kevinreed7181]

Buying a car will always suck

[@jimmycain8669]

I don’t even say hello when I answer the phone. I’m silent and wait for the caller to say something so I’ll know whether to talk to them or not. So I damn sure ain’t answering a car salesman’s question.

[@Martin-tb4oo]

But no point if you use the bank you recommend they will not put a lien against your vehicle? How do they protect themselves from people who default? Is this another Collective Club of people that can use that type of Bank?

[@kirkdunn1379]

They cut dealership a check if it's your bank....if you default your bank will come after you Dealership already been paid, they don't care

[@clutchtastic_]

"What do you want to buy from the finance office?" ...the car.

[@jerrid1816]

Hmmm...Recently with both a Brother-in-law and Sister-in-law they are married to two different siblings but all looking as a group.😀

[@josephdavis9785]

Never get extended warranty

[@josephdavis9785]

Just don’t buy anything from the finance office that will keep you in charge

[@robertsugarland]

The more I see these videos, the more I want to buy a motorcycle instead.

[@angieliyah1484]

Of course I watch this after I buy a car 😅😅😅

[@warrenjackson7628]

This guy is a 10 car a month guy gone mad!!!!

[@mysticnomad89]

jeez in canada it works the same way

[@brannonmiller5548]

Tell me about your extended warranty. What is covered, for how long is the coverage, where can it be repaired, and what is the deductable?

[@Cruzan9]

Buying a car is anxiety inducing and I hate it.

[@pigxstix]

I don't care for most add-ons, but sometimes equipment add-ons appeal to me, I just negotiate those along with the price. Once we agree on a price and move to finance, I pull out the checkbook and just pay cash. I'll listen to their finance products pitches so as to be polite and not sound like a dick, but I respectfully decline them. I don't buy annuities or such things from a car dealer, that's all these products are is various forms of insurance. I don't want them.

[@travelingfool9096]

just say no in that office

[@SM4YL-LA]

I currently own a 2020 Chevy Camaro that has a value of $27000. However, I still need to pay off $12800 for it. My intention is to trade it for a 2023 Cadillac CT5. Can you advise me on what to do based on your experience?

[@sonsofliberty3081]

The dealer fee scam is horrible.

[@robertvanpelt1564]

You refuse to pay it and let them know it's bogus

[@lalutte65]

Everything I have read says a hard pull will be on your record for 1 year and can decrease your score by 5 points, multiple pulls by 10 points-I just received a trans union report with a credit score of 746 but listed multiple pulls as a negative. Can you direct me to the article that says hard pulls should not be considered

[@MikesCarStore]

you are seeing the Advantage score. They still do ding you for a credit pull. FICO doesn't. Banks don't use advantage score to lend you money. Credit karma, and other services like that sell your data. That's how they make money. Pull your credit at a car dealership and look how fast you get an email from Capitol one, Carvana, asking you if you are buying a car and they can save you money.

[@jamesrecknor6752]

@@MikesCarStore Thank you for teaching us

[@danielrule7618]

You were probably a decent salesman because you’re selling people without them even knowing. Please people… don’t treat anyone like what this man is saying. If you can’t tell he’s trying to make a profit. Go to a reputable dealer, (read reviews and make sure they have a good service department because they’re the ones who inspect and work on the used vehicles) find a sales person who isn’t push and that you feel comfortable with. If the vehicle is out of your budget ask if they can lower it to a price you’re comfortable with. If they can’t and there isn’t another car that is in your budget, you can leave. Salesman, like the guy in this video, can be some of the worst people in the business. Take some of his advice sure but please don’t go into a dealership acting like they owe you money. That’s a good way to get a good dealership to say no to your money and you’ll lose their service.

[@Gibbs-Bijan-moon]

Why in the world would you be “loyal “ to your bank ? That’s asinine

[@ac-qi3gi]

I have gone to not one, not two, but three different dealerships within the last 5 weeks, and they WOULD NOT SELL TO ME unless they had all the add-ons, warranties, insurance, tint and dent protection, blah, blah, blah.......PLUS the trade-in value for my car (calculated via CarFax, the lowest values ) wanted EVEN LOWER than the dealership wanted. Look at the Google, Yelp, reviews........the " 5 stars customers" are sold by younger women and men......the suckers..... sold by the add-ons ......adding $3,000 to 4,000 go their costs..... but THEY WILL BUY this junk. The "1 stars customers" are, because the F & I a--holes are having you leave and/or, you are leaving because they will not sell to you they junk. I wanted, and need a car.......what can I do how!!?? This is a SICK INDUSTRY!! I hate these people !!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[@warrenjackson7628]

Couldn’t make money selling cars so he has to do this

[@Biochemechanic]

Negotiate? It’s not a negotiation, it’s a sales pitch. No works really well.

[@natewilliams4776]

TERRIBLE ADVISE

[@holyride1]

Taking car buying tips from a dealership owner snake himself huh?? lol I think ill just stick to my method of researching good dealers rather than taking the advice of this guys verbal vomit.. also I always finance my cars.. I don't know a single CPA or Financial advisor that would recommend investing liquid cash into a guaranteed depreciating liability like a car or truck, my investments gains alone exceed any finance charge I would pay!

[@EarthianZero]

This is insanity. At this point just buy a Tesla

[@SpencerKietzman]

I sell cars and it drives me crazy when someone negotiates with me for two hours and has the nerve to ask me "how long is this going to take?" It's like oh cool, now you're in a hurry, got it.

[@user-dk8oe8cd2u]

😂

[@Beautiful40272]

Started the video ready!!!! 👏🏾👏🏾🙌🏾🙌🏾🙌🏾💜 let’s go!

[@miamibeachvf]

This guy's drink so much coffee it's just a state of confusion like nothing more than a screaming used car salesman Nickel Dime circus act