Was dealing with a popular broker on here on a car/deal I was real close to taking but apparently I annoyed him/her by wanting too many details. I don’t know how the process goes. I’ve also bought almost every car (many) just paying cash so leasing is kinda new also - which is why I was letting the broker do the legwork.
So how does this work?
You start by outlining the car you want, the basic parameters of the lease, then they get back to you with a monthly payment and das?
Then from there you are to trust them enough based on reviews made here (which coulda been made by anyone) to hand over the retainer fee? Based on a monthly payment and das promise? All communication via text message no less?
Am I wanting too much to know some specifics upfront? Any other taxes or fees? Disposition? Residual? A worksheet before I pay the $500?
All while I have local dealers telling me the deal is too good to be true, get the details before you drive to XYZ, question why the broker is bugging you for the retainer fee, etc.
Please advise. Maybe this process just isn’t for me. I always find car I want, then negotiate sale prices with several dealers by email, pick one that accepts my offer, they send me a contract or deal document, I sign and pay deposit, then I pay for and pickup the car.
I know that I won’t send someone a worksheet without some form of payment. It opens us and our dealers up to too much risk and exposure. It would be very easy for someone to take that and shop it elsewhere etc…
To prove that, I’ve had people offer to pay me for a lease sheet of my offers, only to tell me it’s to take it to another dealer for comparison sake. I declined.
Keep in mind, brokers on here are not about the short game and the single deal. If a broker were to take your money and not deliver, or get you a poor deal, that will be public information on the forum, and it would hurt his or her business in the long run.
Thank you, I appreciate your response. So, ok, maybe not a worksheet but how about all the details? I was asking what the disposition fee was, the residual (because I keep super care of my stuff and might think about buying it), etc. The broker in question mentioned “other taxes or fees” that [the state] might charge, etc, but never spelled them out. I just want to know exactly what $ I’m in for start to end.
Is there any irony in brokers asking for a fee up-front for all this information yet hkrz demanding it from dealerships for free? I think I am going to become a broker for my own dealership so I can start making monayyyyyyyy
I don’t want to sound rude, but if you are not comfortable dealing with someone via text messages/phone call, then maybe you should not work with a broker.
Most brokers post their deals in the marketplace with a breakdown of what is due up front (such as 1st month, acquisition fee, dealer fees, title and reg fees, etc). You can however structure your deal anyway you want. As for the disposition fee, that is only paid at the end of the lease. If you decide to lease or purchase another car from the same manufacturer, that fee is usually waived.
Many brokers provide a link to leasehackr calculator.
Once you know have link, you can structure the deal based on your needs (up-fronts, zero DAS, etc.) And present that to your broker.
Generally everything except the brokers fee, is clearly spelled out in LH calculator.
Hope this helps.
I don’t provide an actual lease sheet (had a bad experience), but I do schedule a phone call with the person if the initial text exchange is acceptable.
I locate a car for the person, ask them if they are okay to drive to a specific location, and confirm pricing with them (via text).
I usually don’t collect money ahead of time (I only work with a person if I am comfortable with them after speaking with them). If I’m not comfortable, I simply tell them that I won’t be able to help them.
I guarantee the price to them, contingent on Tier 1 credit approval and that they indeed qualify for all the incentives they say they have. If the dealer makes a mistake, I fix it (even up to paying for the difference out of MY own pocket if I can’t rectify it with the dealer).
I offer to pick up the person at the train station / airport if they are coming from out of town.
I refund the broker fee in full (or don’t take any money) if someone genuinely had a bad experience.
If I were to use a broker, I would suggest providing them as much detail as possible about what you’re looking for. And that way they can tell you if they’re able to fulfill the request or what caveats you’d have to accept if they have something close. If they can make it happen, you pay them. Read the reviews of brokers on the site and go with one who has a strong track record.
For example:
Hi , I’m looking for <make, model, year> that has the following:
Color preferences
Option preferences
Term (ie 10k/36)
Zip code, region, and if you’re willing to travel for car
Incentives you qualify for
Timeline
Budget, willingness to put down MSDs
It starts to get really messy when you don’t include enough detail or don’t know what you want. I hate when friends and family find out I do lease hacking and ask me to get them “the best deal you can find”. That means absolutely nothing to me and while I’m not a broker, I can totally empathize.
The more explicit you are, the better off you’ll be since you won’t have to play the back and forth game while scratching for more details. Brokers aren’t going to give you everything upfront because they don’t want to be screwed over or cross-shopped. If you’re shopping with a dealer, it’s totally reasonable to want all the details. But with a broker, you’re hiring them because you’re trusting they’ve already reviewed the breakdown of fees and have whittled it down as good as it can be done.
The brokers I have maintained a business relationship with over the years and on this forum are all very professional.
That being said, I provide a quote to the broker or a client contacting me directly with a complete breakdown of all fees. The money factor, residual based on your selected term and mileage, documentation fee, outline of the money due at signing (DAS), rebates and incentives you are eligible for, on the specific vehicle you are interested in are provided. First time, every time.
Items that vary depending on your state are tax, registration, and any additional shipping required. I serve all 50 states.
The disposition fee is set by the bank. They can provide that information in the event the broker does not provide it.
Ultimately this is about your experience and it’s you and your better half’s money. If something feels off and they don’t provide the answers you require to make an informed decision, follow your gut and find someone who will.
I prefer texting with my clients so all details are in writing. You have no idea how many times people say they asked for 15k miles when they actually asked for 12k. That’s a $500+ mistake that I won’t cover bc they “misunderstood”. A simple screenshot of the text rectifies all that. Also texting is better so I can keep deals straight. If I did this all over the phone it would be a disaster with my record keeping skills and volume.
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