CAR DEALER FINANCE OFFICER Chuck Lostetter shares his finance advice with Kevin Hunter The Homework Guy on what ought to happen in Dealer Finance. When finance officers tell the truth, it’s amazing! What does a Finance Manager at a Dealership do?
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With Titles like 11 Fake Fees, to Don’t Say I’m Paying Cash at Car dealerships, and Car Shortage Crisis, and Car Dealer Says Bring the Car Back!… The Homework Guy Team publishes videos to help Car Buyers. Then we added Cash Buyer Negotiations, and Held Hostage at a Car Dealership, No Haggle One Price Car Dealerships, How Much do Used Car Dealers Pay for Cars?, 10 Things You Should Not Say to Car dealerships, and the Costco Auto Program. We hit all the topics, and we represent Car Buyers, a goal that’s often in direct conflict with Car Dealer goals.
A CAR DEALER WANTS TO:
1. SELL every car for the Highest Possible Price.
2. CONVINCE Car Buyers to use Dealer affiliated Lenders / Banks.
3. LOAD every Car Deal full of Fees and Finance Products.
4. OFFER Lowball numbers on every Trade Vehicle.
THE HOMEWORK GUY TEAM (THG) HELPS CAR BUYERS TO:
1. BUY a Car from Dealers or Private Party Sellers at the Lowest Price.
2. PAY Cash or Finance with their own Bank or Credit Union.
3. DECLINE Dealer Fees and Finance Products.
4. TRADE / SELL their current vehicle for the Best Value.
For more than 40 years, dealerships have EARNED their lowly reputation by being the masters of predatory selling. Dealers stalk victims relentlessly, often ruthlessly treating the most vulnerable car buyers (like seniors, for example) with little or no conscience. Car Dealers and their Finance Officers have no problem creating financial devastation for their customers with over bloated car loans, and quite often do. We point out the traps and the flaws of the process, and help car buyers get by all the nonsense without being ripped off. We promote fairness, honesty, and transparency, and we’d love to see a few dealers join our mission!
The Homework Guy Team provides car buying consumers with information, automotive news and updates, industry outlook, buying and selling advice, and other help to level the tables. The public face of THG is Kevin Hunter and the master negotiator, Amazing Elizabeth. Tons of time and research goes into every show, with several projects always on the table, all with the goal of getting it exactly right. From Automotive News Updates to vehicle shopping advice and assistance, The Homework Guy Team is the best there is.
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How can The Homework Guy Videos help Car Buyers?
1. What you need to know before buying a car.
2. Information you need when buying a car at a dealership.
3. Benefits of Buying a Car from a Dealership or Private Party.
4. Questions to ask at a Dealership
5. Car buying tips and tricks from the experts
6. How to Buy and Pay for a Car with Cash
7. Using Carmax, Edmunds, TrueCar, Autolist, or Kelley Blue Book for Car Pricing Info.
8. Buying a Car out of state.
9. Taking Control of the entire Car Buying Process.
10. What to do if Scammed.
11. Illegal things Car Dealers can do.
12. Understanding Dealer Financing Tricks
13. How to Avoid Dealer Scams.
14. Reactions to Sales Training conducted by Car Trainers.
We’ve seen amazing growth with over 359,000 Subscribers and counting. Meanwhile, if you prefer to fix your current car (and we recommend that you do!), check out channels like Chris Fix or Scotty Kilmer! If you wonder where we get such brilliant financial ideas, watch the Dave Ramsey Show!
Not true! I went looking and my credit got pulled three times in one day and I got three hits on my credit report.
Hey, Can you do a video or please answer my questions in regards to selling a financed car to Carmax or Echopark etc. Explaining what paperwork is involved and how to protect yourself from any liability of future payments?
I thought if you have your own financing you do not let the dealer run your credit for a better rate.
I have a problem ,I bought a 2020 insight new ,and said credit checks don't hit your ,well I have 10+ on my credit score and they came up as hard hits . Also they that credit karma is not a real credit scoring site ,can u please help
Thank you for educating me through these great videos,
Just bought a new vehicle, negotiated a good deal on MSRP,
Saved a lot on cost of borrowing by getting an awesome rate from my own bank,
Overall I saved approximately $10,000 because of being a well informed customer,
Thank you 🙏 Keep up the good work.
Dealer Raters is USELESS. I just checked on a dealership and found one glittering, loving comment obviously written by that dealership.
TELL ME EXACTLY HOW IT IS THAT THAT I AM SUPPOSED TO "FIND SOMEBODY LIKE CHUCK" without visiting a hundred dealerships? What a bunch of malarkey.
I have to lease a crv exl
Please help
99% of you don't what you doing. I'm in car business for 27 years, remember this all car sales man are cheater, liar all mgr are are manipulator, all finance mgr are criminals. all paper products are junks, worthless. and they are 400% over priced. if you nice to me I'll show you how to avoid rip off
Subbed!! Thank you
I have worked in the service department at a car dealership for 15 years. The finance managers over the years treat us like second class citizens. Most of them will not give us the time of day .
Thank you
Great video , a lot of info to know thanks 👍🏻
Where is Chucks dealership? Looking to buy a 2022 F-350 King Ranch can you help? I was told at a local Ford dealer "Good Luck" Thank you for all your Great Video's!
Thank you
Phuc all these salesmen they put on a fake smile just to get the sales through
I bought a used Camry a few years ago. Backroom finance guy offered me an extended 7-year warranty. First price was $3000. I turned it down. Well, what price would you pay? he asked me. I am not a big believer in extended warranties, so I said, $500. He said, OK, I'll give it to you at our cost, $700. I bought it. But I'm still wondering, what does "our cost" actually mean? There IS no cost unless I needed a repair of some kind in those 7 years. Also, I am certainly wondering about the honesty of a guy that settles for $700 when he first asked for $3000.
I wish I could recommend this video a million times!!
I went out got approved before going to a get a car no one and I mean no on could match what my credit union gave me
They kept asking me how much money I put down I said none got a %3 rate no one was even close to that
Plus the credit union was sooo much more pleasant to work with than working with the high pressure f an i at a dealer
I despise haggling. It is the stupidest industry in the world. I will do what I have to do but I despise it!
I have great experiences at my local dealership. You dont go to walmart and complain or negotiate prices. Atleast the dealership works on price with you.
do not listen to his #9 on this video the truth is the dealership does fraud every day. when yall ask for down payment is illegal or don't tell the consumer that car insurance is included with the finance charge. lookup the law 15 us code 1605 determination of finance charge. if you read you should see in paragraph (a) "finance charge" it will say….. the finance charge does not include charges of a type payable in a comparable cash transaction.
you do know what that means consumers, do not put any money down on a car. down-payments are illegal people. learn your consumer laws.
also in the law 15 us code 1605 determination of finance charge. go to (5) Premium or other charges for any guarantee or insurance protecting the creditor against the obligor's default or other credit.
car insurance is supposed to be added to your finance charge, why are you paying for a Geico, Allstate, or whoever you use separated.
a lot of yall don't know sh*t . yall better get yall 2022 together and stop getting raid off.
finance worker called me and said he could maybe lower my apr, then called me days later saying he can't lower apr and said he saved me 900 on front end or back end
BS….I still have, one year later, multiple hard pulls from shopping for a car within couple days
Tricks? What finance manager tricks were mentioned that I missed?
Two weeks ago before I went to buy a car I watch one of you video they sale me a bunch fake taxes I refuse save $500🤣
Thanks
Co-signing is a HUGE mistake unless you just like taking on all the debt with none of the reward.
I had a dealership encourage me to lie on the credit check to get dealership financing! I refused!🏃♀️🏃♀️🏃♀️🏃♀️
Some popular dealerships won't allow private financing as they want you to finance through them for kickbacks!
I was lied to about the credit check dinging my credit report! Good to know!
Didn't I watch I later video by Kevin in which he emphatically states "Don't let them do a credit pull!" You can show them your dr. license, "but cover your address and license number." And that "they don't need a copy of your driver's license to allow a test drive" (during which, "they will do an unauthorized, fraudulent, credit check – they all do it"). And that multiple credit checks, one at each dealer you visit, will ding your credit score, saying nothing about the 45-day stipulation. I think I'd go with Kevin's later advice to protect myself.
How about gap insurance if you are leasing a vehicle for 36 months? Do you need it then?
BS
This is what they want you to believe
No secret being shared
Hi can you show us what avoid before signing a contract in the finance office? Some said that's where the problem starts after facing the dealer rep. thanks
Was told by fm that she would sell me paint protection that usually cost $1000 for $150. Good deal so I said yes. When I got home and looked over the paperwork it showed I brought the paint protection for $1000. She lied to fatten her wallet!
You had me at "horseshit ripoff items"
Gap in credit union cost 500 dollar
But in dealerships cost 1600 dollar
Sound funny the way how they make money 😊
Every Finance manager at every car dealership is a con artists. That's why they get paid more than anyone in the building. The extended warranties are 100% profit directly into the FM's pocket. When you take your car in for whatever service, included or not, the dealer gets paid 100% shop rate from the manufacturer for that job. All you are doing is handing your money directly into to the FM's pocket for the "Privilege" of bringing your car back to the money pit. They always make it sound like they are wrapping their arms around you to make you able to sleep at night. Such horrible human beings, every last one of them.
Great video! Thanks.
This was gold!
🦉
all good advice but common sense. I watched the video to check out the blonde though…
Thanks for the great advice KH!