Kimberly Kline

I was an automotive dealership Finance Manager for 15 years and I'm here to help!
I was an automotive dealership Finance Manager for 15 years and I'm here to help!

More of this?

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Hey guys, I am not a doom gloom type of person.  However, I did do some fact checking this morning and ended up, well, down a rabbit hole and from what I have found, it's true. You're all probably way ahead of me on this, but China power issues add yet another krux to our automotive "situation" - if you will. The cutting of power, the prices of power, the "temporary" closing of facilities, the scale back of hours and chips... yes, the dreaded chips.
 
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Is it a CPO?

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I know I've talked about this a few times but I thought I'd put this right here to help.

It's not a Certified Pre-Owned because "they told you" it's a CPO. It's CPO when you have the documentation proving it's a CPO.

You sign so many documents when you're in the dealership finance office and here's one that you're not going to want to miss!

When purchasing a CPO vehicle always be sure that you sign AND get a copy of the Certified Pre-Owned Vehicle Inspection. It will have your vehicle information and the dealership name on it and must be signed by the technician that completed the inspection, a manager (sales/finance) and by you, the buyer.

Here's a sample of what a CPO Inspection sheet looks like.



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How many of you have seen something like this and how do you feel about it?

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Welcome our new YAA Advocate!

admin
Hi everybody! We here at YAA are very excited to welcome Phil Nader to our YAA Advocate team 🎉  Phil will be answering questions and supporting this ever growing community. He has a background in automotive finance/lending side and computers. He's also fantastic with leasing & structuring a deal and just like @space and @justise, he not only has the knowledge but the desire to help others. Welcome Phil!

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Financing over MSRP today

admin
Thinking ahead
Financing over MSRP today

Who would have ever thought that we would see the type of automotive retail environment that we are in today? An environment where consumers are actually paying additional dealer markup of $2000+ over MSRP, putting little cash down or even financing the entire amount!  Many might think, “well, I would never pay over MSRP” and yet it IS happening at dealerships every single day! Vehicles are being sold before they even arrive at the dealership. 

What happens then, 3,4, or 5 years down the road when people begin trading in those cars that they financed over MSRP?


CASH DOWN CONVERSATION

Many times sales people struggle with having the “cash down” conversation with the buyer. 

Internally, cash down can be a push-pull situation within the dealership. For example, maybe the customer tells the sales person that they want to put $10k down but the Finance Manager wants you to put as little cash down as possible. You see, if the Finance Manager is able to mark the interest rate up even ½ point - the larger the loan the more money they make.

The dealership wants to protect future business with buyers and putting cash down helps to hedge against negative equity in the future. You don’t want to be buried in a highly advanced loan amount so that when it comes time to trade it’s difficult to get a new loan.

In today’s market cash down is beneficial to the buyer in so many ways and equity going into the next buying cycle is more important than ever. 
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