It’s not that hard to resist the finance guys, noise cancelling earbuds cut out the white noise.
How hard is it to pretend to listen and not hear a word of bullshit lol
4 Likes
My understanding is Gap like most F&I products is cancellable within 30 days. If you leased in 2018 I think you’re way past your window, but check your lease paperwork and call whomever is providing gap (sometimes it’s the captive and sometimes it’s third party).
They have THE BEST stories though. Strongly recommend making friends and hanging out with some of them.
Also works both ways! I checked with my insurance company and you only have X amount of days to enable GAP on a new car. I can’t remember the time period, I think it was 1 month, and I’m with Mercury. YMMV with other insurance providers.
1 Like
My first F & L guy was super rude so they swapped out another guy that was overly nice because they knew I wouldn’t buy anything from them. Spent way too long at the dealer, next time I for sure want a broker to do the work for me. It’s such a pain in the ass, LeaseHackr needs to create a startup and have local Brokers go in with you, that would shut down these F&L guys. I would pay a few hundred bucks to have a pro LeaseHackr join me in person in my area, save me time and stress!
3 Likes
jeisensc
Prepaid maintenance is usually a no on a lease (maybe MB at cost). Gap as mentioned can be found cheaper elsewhere if your lease doesn’t include it.
this is one of the areas (paid for maintenance )that I made a mistake on in saying yes, when I should have been firm and said no… At least I will NOT make those mistakes again!
3 Likes
They are very good at their job & extremely well compensated for it as well. Their “scare tactic” stories are well rehearsed and just teeter on the believable side of unbelievable.
“I completely understand you are apprehensive about purchasing our wheel & tire protection package for $2,400, but it only comes out to an extra $67 per month on your 36 month lease. One of the wheels on your car is $1,200 and a tire is $600. To me it is worth it just for the peace of mind. Anything happens to one of the wheels or tires whether it is your fault or not, just bring it in and it will be replaced. In fact, you aren’t going to believe this but I just got off the phone with a client who called to thank me for selling them this exact same wheel & tire protection package. They pulled out of the dealership and got onto the highway. They were excited about their new car and the fact that there was literally nobody else on the road. Turns out there was nobody else on the road because the state troopers were closing the road and chasing an armed robber. BAM! The client drove over spike strips and all 4 tires were shredded in a split second.”
While the F&I products are expensive and profitable for the dealership. Don’t forget, F&I doesn’t make any money if you say NO to everything. They’d rather make something than $0. A lot of times they shoot very high “This extended warranty is $3,750.” You politely decline and they’ll tell you they just need to sell one more to make a quarterly bonus. “Listen, I’m not technically allowed to sell this for less than $1,875, because that’s our cost. For you I’m going to give it to you for $1,500.”
4 Likes
Good old just for you
3 Likes
The fact that they’re willing to discount those products so much just to sell them tells me all I need to know.
Their margins are not thin on these products, and they make a ton.
2 Likes
Well, yes and no. F&I usually gets commission on back-end gross, but also on penetration rate (what % of people buy product). To max out their pay plan they really need to work both sides, which can mean leaving gross on the table to sell some product, especially when close to advance.
Don’t buy anything you don’t need. If you want something, you can usually get them to something like $100 over (their actual) cost, which helps their penetration (btw the concept of “take-rate” exists everywhere, but nobody else calls it 
).
1 Like
Agreed also depends where you live and what type of car.
I personally know someone who bought an extended warranty on a Toyota corolla. A car that has decades of history of being well built + reliable.
My personal car has 20" rims with low profile tires, being in the NYC region, tire+wheel insurance is a must which is why I got it. Would never buy anything the F&I guys sell otherwise.
1 Like
This just reminded me of a story from many many years ago when I was 8-10 years old. I was in a state that, unlike my home state, did not have sales tax. I wanted to buy something as a souvenir for $5 to bring back for my younger brother, but I literally only had five dollars in my pocket, So I told the seller that I couldn’t buy it because I did not have the extra $.30 for the sales tax. He quickly replied with something along the lines of…“just for you since I really want you to have this…as you are being so considerate with this nice gift for your younger brother, I will cover the tax on my end. You should be rewarded for your unselfishness and spending your last $5 on someone else.”
If this guy was not selling carnival tchotchke (it was a Stray Cats band mirror by the way), he would have been in an F&I office.
4 Likes
No three words make me stop listening faster than these.
5 Likes
Rofl !!! I wouldn’t be surprised if he is actually at one of the dealers.
1 Like
F&I guy working as a carnie? Sounds about right.
While we are discussing mainly new cars, let me bring to your attention what used car places charge. My friend who is a GM at one of the very common used car sales places (national not just local) charge $6200 for extended warranty, bumper to bumper all components etc. Literally met him this weekend and we were discussing. So my other friend asks him in disbelief, how much do you guys sell a $10k used car his answer, easily $17 -$19k.
I asked is that after the doube digit interest rate… Nope thats the icing on the cake.
Keep in mind, all the staff there has a set decent base salary + commissions.
2 Likes
And make at least 2% on the rate!
Your friend should hire me. My wife says I should sell cars, since I spend all my time on here 
2 Likes
I’ll take a 6200 b2b extended warranty on my range rover, lots of quirks and features 
.
5 Likes
Yup most likely.