Special Finance Deals
Gaining proficiency at working with special finance buyers means picking up a lot of extra deals throughout your month. Contrary to belief, working with special finance buyers can actually be a lot of fun and extremely profitable when done correctly. If special finance buyers are prepared with all of their documentation and you treat them with respect, these deals can be a good time and make for an easy close. So, treat special finance buyers like any other customer. If you show empathy for special finance buyers, you will find that these deals are fast and highly profitable.
So, it’s important to learn how to handle special finance calls, bring them in, and close the deal today. Even though these buyers may not qualify for what they came in on, with the right strategies and explanations, you can land them on a car today and close the deal!
In this blog, we will show you how to set appointments, work deals face-to-face, and close more deals with special finance buyers!
Who are Special Finance Buyers?
This will come as no surprise, but special finance buyers are just people. As such, they are going to want a friendly sales process, to be treated as though they are important, and have their expectations met. It’s incredible how far a good attitude will take you in just about any deal. So, treat everyone with respect and a smile. It takes the same effort to be nice to someone as it does to be mean to someone. And, you will close a lot more car deals being nice to people. Let special finance buyers know that they came to the right place and if anyone can get them approved on a vehicle today, then it’s your dealership!
Talking with Special Finance Buyers Over the Phone
When you make or take a call to a special finance buyer, it’s important to handle the call the right way. Thank them for their time and let them know your dealership is the right place for special financing. However, one of the worst things you could do is immediately submit a credit app or tell the buyer to go online and fill out your website’s credit app. This delays the deal and creates a long list of problems.
For example, if you get a special finance buyer approved before getting them in the store, they now have the option to shop around. In this instance, it becomes incredibly harder to set an appointment. Instead, just ask for them to bring in everything they can off a STIP list. Then, set an appointment for them to come down to your dealership.
Check for what your dealership’s STIP list requires, but commonly requested information often includes:
- A pay stub
- A recent utility or cell phone bill
- Driver’s License
- Auto insurance card
- Any money that they have for a down payment
Then, assure the buyer that you will be able to help and try to get them to visit today. Once the buyer is in front of you and committed enough to bring all of the stuff on the STIP list, the deal really opens up and is easier to close on the same day.
Check out this great example roleplay of a call with a special finance buyer:
Wants Vs. Reality
What a special finance buyer wants and what they can actually qualify for are often different things. When you have to explain to a special finance buyer that a corvette might be out of the question, don’t do it at a desk. Instead, have a suitable car pulled up to the front of the dealership and ask the buyer to follow you. When the buyer asks what it is, respond by saying it’s what the bank says is feasible and what will help the buyer build credit.
Even if the buyer doesn’t want it, try to convince the buyer to at least drive it before making a decision. Then, during the demonstration drive, the buyer has a chance to see all the great features and equipment – the Bluetooth, leather seats, air-conditioning, or any other great selling points. During a demonstration drive, special finance buyers sense how a car should feel when it runs right. It is so much easier to lower a special finance buyer’s expectation during a demonstration drive than it is at a desk. So, tell them to “follow me”.
Know What You Are Selling – It’s Not Just a Vehicle
Most special finance buyers are likely not driving away today in their desired vehicle. So, it’s important to be able to tell special finance buyers what you are selling them besides just a vehicle! Logically explain to the buyer that they aren’t only buying a vehicle, but also a way to improve their credit so they can buy the car they really want in the future! Unlike independent dealerships, which often don’t report to the credit bureau, buying a car from you means a chance at improving their credit score. They will have a reliable and good vehicle to get around in, and so long as they make all of their payments on time, then next year, they will have better credit and may be able to qualify for something better!
So, when you can get the buyer qualified for a different vehicle, help make the deal by letting them know that this will help them move towards their goal. There are always customers that say they need some extra time to save up for the car they want. However, chances are that is not going to happen. If the buyer had the ability to get their money right, it would have already happened. This is why it is important to explain the benefits of working with your dealership when dealing with a special finance buyer, especially when they can get approved on a different vehicle.
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