Dollars and Cents
The secrets behind auto financing.
Every dealership has a finance department; some are made up of a single individual, while others have a director or directors with several producers under each. Have you ever wondered why you are more or less herded to their office even if you are stroking a check for your newer vehicle?
Dealerships contain multiply profit centers under one roof that operate together (for the most part), like most businesses. The finance department is just one of the many departments within the dealership that is in place to turn a profit and streamline the customer experience.
You may think that because youâ€™re walking in to a dealership to write a check for your new vehicle, that you may be able to skip the finance department and cut your visit short; oftentimes, youâ€™d be mistaken. From a legal standpoint, it is to the dealerships best interest to have a small number of employees that are trained on all of the current privacy laws and are organized with their paperwork. With the current privacy laws, if someone were to accidentally leave a completed credit application laying around, it could be up to a $10,000 fine….