Dealers don’t seem to understand money factor

Ask the Hackrs Buy/Finance
1

We’re looking to lease or buy a Kia carnival after my wife’s lease is up on her Sportage this month. According to the calculator there is a special MF of 0.0004 when doing a single pay lease. I’ve called 2 dealerships now and neither seem to know what the heck I’m talking about, one even said he didn’t know what money factor is. He said there is no interest at all if you don’t do a single pay.

What is the best way to approach dealers asking for this offer? It ends 9/3 so we’re trying to get something done asap if it doesn’t get extended.

Happy to answer any questions.

2

Why are you calling the dealerships? Just email your offer to the GMs of multiple dealerships and hope that one of them accepts your deal. Your average salesperson doesn’t know much about how the finances work.

3

I didn’t even know I could do this, just get their emails from the contact page? How do I know if they have the incentivized lease rates?

4

Many dealers don’t like to deal with one pay. Reach out to 30 dealers instead of 2. Is there a major difference between one pay and monthly lease?

5

There is a rate deduction of 0.0004 for a 1pay, the MF doesn’t become 0.0004

For example if MF is 0.0025 for a monthly term than a 1pay MF will be 0.0021

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6

It’s either available from the bank or it isn’t. Not like some dealers get the incentivized rates and others don’t.

As mentioned above though, this is a mf reduction for the single pay, not the single pay rate.

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7

They are at their lake houses today.

Just make an offer. No need to say “I want this money factor”. Just say, 'I will buy stock XYZ at $250 per month with $1000 due at signing today (or keep it simple and just say the first payment due at signing)".

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8

Single pay requires a higher trained F&I employee, and a lot of dealers don’t have one so they just say ‘No One Pays Here’.

That’s why

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9

Ahhh, thank you for the clarification!

10

I like to imagine they’re sitting around on their yachts dreaming of ways to make thevolvoguy more miserable.

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11

I like to think they are hanging out with people named Sapphire and Tiffany and singing the deadpool song “Do you want to build a snowman”

12

But Keith’s GM is a woman.

13

Welcome to the 21st century…lol

14

August programs are virtually over so you’ll need to revisit under September programs.

Unless anything major changes the Carnival is a better buy than it is a lease.

15

Thanks! I think we’re just going to end up buying one.

1 Like