Any car salesmen here?

iomusicdublin

Any car salesmen here?

Just posting this in relation to the Mini PCP thread

how much extra do you personally make on PCP vs finance vs cash?
what does your manager want you to do?

and

would you still try and sell a new car to a young financially ignorant person who you know will struggle with payments in year 2?

Fol20

iomusicdublin wrote: »

Any car salesmen here?

Just posting this in relation to the Mini PCP thread

how much extra do you personally make on PCP vs finance vs cash?
what does your manager want you to do?

and

would you still try and sell a new car to a young financially ignorant person who you know will struggle with payments in year 2?

If I was a sales person. I wouldn’t care what your situation is like as long I can get the sale over the line. The onus is on you and your financial situation to make sure you can make the payments.

carsfan2

I would be surprised if anyone would come on here and spill the beans on this type of information.
It would be very interesting but I think we all know car sales people are incentivized to sell as much as they can.

iomusicdublin

Fol20 wrote: »

If I was a sales person. I wouldn’t care what your situation is like as long I can get the sale over the line. The onus is on you and your financial situation to make sure you can make the payments.

this is what is happening in the UK

The IMI has launched an F&I (Finance and Insurance) accreditation for industry professionals who provide finance and insurance products to customers in the retail motor industry.


Any accredited salesman would have signed an ethical code of conduct and is expected to work in line with FCA and IMI regulations - a step 'ensuring the salesman is giving accurate and truthful information', Nash believes.

byrnem31

iomusicdublin wrote: »

this is what is happening in the UK

The IMI has launched an F&I (Finance and Insurance) accreditation for industry professionals who provide finance and insurance products to customers in the retail motor industry.


Any accredited salesman would have signed an ethical code of conduct and is expected to work in line with FCA and IMI regulations - a step 'ensuring the salesman is giving accurate and truthful information', Nash believes.

Ethics and Irish companies don't gel together over here.

aaakev

How much do you earn op? You first then ill tell you

Heres Johnny

They are salesmen not financial advisors. Not their problem. Like anyone selling furniture, carpets, televisions. PCP is also not regulated but the finance person in the dealership is often QFA qualified nowadays. But still all they do is a credit check.
The only industries where the person selling to you is bound to act ethically and in an advisory capacity is financial services, mortgages , pensions, investments that kind of thing.
Cars, just sell what the person tells you they want. I've no problem with these even though I work in financial services.
Onus is on the car purchaser to afford what they buy. And I think that mini lady could afford it.

James Bond Junior

AFAIK Audi salesmen don't sell the PCP, a financial advisor does that in house.

Toyotafanboi

Never worked as a salesman personally but done a few interviews for salesman jobs and plenty made it clear that there were incentives for finance referrals, I'd say it's the norm.

I'd agree with the above comments though, that the salesmans job is to sell, it puts food on his table and a roof over his head so if you pass the credit checks I don't see why he wouldn't offer you finance to make the sale. It's up to you to know/ decide you can't afford it.

There's a huge difference between doing something in the full knowledge is unethical and selling someone a car on finance which they can afford, on paper. If the dealership/ finance house have checked the person's capacity to repay then that's their duty fulfilled isn't it? I know it's done to protect the lender but as am aside it also eliminates the people who cannot afford.

Let's not act like the vast majority of sales with finance are unethical, I'd say in most cases where people end up struggling to pay it's through poor management of their income rather than an actual inability to afford.

aaakev

James Bond Junior wrote: »

AFAIK Audi salesmen don't sell the PCP, a financial advisor does that in house.

Thats the business manager. Lots of garages now have a BM who is a QFA. Salesman does the deal on the car and passes to the BM to do the deal on the finance.

I know a BM who was earning more than the salesmen in his garage and a lot more at that

vicwatson

We need a car salesperson AMA

aaakev

vicwatson wrote: »

We need a car salesperson AMA

We cant give away our secrets!

Avatar MIA

aaakev wrote: »

We cant give away our secrets!

vicwatson wrote: »

We need an ex car salesperson AMA

FYP

sword1

James Bond Junior wrote: »

AFAIK Audi salesmen don't sell the PCP, a financial advisor does that in house.

I was car hunting about fifteen months ago and went to the Audi showroom. The person I was dealing with had no interest in selling cars. I was not looking for finance but every chance he got it was will you look at the finance options. I didn't go back and don't think I will ever.

aaakev

sword1 wrote: »

James Bond Junior wrote: »

AFAIK Audi salesmen don't sell the PCP, a financial advisor does that in house.

I was car hunting about fifteen months ago and went to the Audi showroom. The person I was dealing with had no interest in selling cars. I was not looking for finance but every chance he got it was will you look at the finance options. I didn't go back and don't think I will ever.

Thats bad form, plenty of muppets in the trade who are just order takers. Most of this kind went elsewhere during the bad years of the recession but there is a load of them back now things are good again..

Me personally im a selling sales manager, I manage whole process selling the vehicle and the finance if the customer needs it. I make a bit more if the customer finances but ill never push it, ill give them their options and make sure they understand it all and the rest is up to them.

jim_bull

carsfan2 wrote: »

I would be surprised if anyone would come on here and spill the beans on this type of information.
It would be very interesting but I think we all know car sales people are incentivized to sell as much as they can.

no idea if true or not but was told very recently ( by a young rookie car salesman ) that no matter what you hear , there is no such thing as scrappage , if you are getting a car for 15 k while trading a 2004 ford focus , you were getting it for 15 k with just the money in your pocket too

Henry Ford III

James Bond Junior wrote: »

AFAIK Audi salesmen don't sell the PCP, a financial advisor does that in house.

It varies dealer to dealer. Some have their salespeople potentially selling finance (and undertake individual compliance to do so). Others employ a dedicated F&I Manager.

Leprechaun77

jim_bull wrote: »

carsfan2 wrote: »

I would be surprised if anyone would come on here and spill the beans on this type of information.
It would be very interesting but I think we all know car sales people are incentivized to sell as much as they can.

no idea if true or not but was told very recently ( by a young rookie car salesman ) that no matter what you hear , there is no such thing as scrappage , if you are getting a car for 15 k while trading a 2004 ford focus , you were getting it for 15 k with just the money in your pocket too

I think this is spot on from my experience. I had mentioned previously about buying a car which was about €17-18k list price (Clio). They tried to sell the finance but we were buying with cash. We were told that the cash price and Finance price could be brought down to €15,750 (scrappage discount) and that there was no difference in price if we paid cash....so why would you NOT go for the finance they asked.

After a bit of negotiation the Sales Manager sold us the car for €14k straight, and when we asked how it works with the scrappage of the old car, he half chuckled and basically said we could sell it ourselves for a couple of hundred, or if we just wanted shut of it to leave it on his forecourt when we collected the new one and he would get it taken away.

My take on this was that the scrappage is all smoke and mirrors, and the reduction we got down to €14k was effectively the cost of the finance we didn't take. I always maintain that low interest rates are not free. They are priced in and need to be paid for somewhere in the chain.

Johann.

sword1 wrote: »

I was car hunting about fifteen months ago and went to the Audi showroom. The person I was dealing with had no interest in selling cars. I was not looking for finance but every chance he got it was will you look at the finance options. I didn't go back and don't think I will ever.

+1.

Recently bought a BMW. Made it clear it was being paid for up front with part exchange.

I was reminded & reminded & reminded about finance options. Was told many young people choose it and use the money towards deposit for a house or whatever. What a way to play to the market!

After paying the deposit then, I was once again asked to reconsider for the above reasons. 'It's a lot of money to pay up front...'

medic112

Was recently also new car hunting, I couldn't believe the amount of arses I encountered. I would be fairly interested in motors & would have researched what I wanted & how it would be used etc. So would go to a dealership armed with the knowlege I had researched. Out of the 9 I visited 2 could only be called competent & helpful as in listening to what I wanted+ willing to add there own knowledge. Some examples- 1 said to me that he had no knowledge of mpv & didn't want to, so give me directions to the sister dealership over an hour away even thou they had them parked in the showroom. This was a main vw/Merc dealer. Went into a Peugeot main dealership was open to 6pm this was at 4:40pm told him the same cash buyer & what i want the salesman asked could i come back another time as he was going on home! & locked the car I was looking around the boot of this was in the showroom. Drove 2hrs to a seat garage, only wanted to push finance package if not full then part off. It goes on, an awful experience altogether.