See if you recognize this scenario. As the Special Finance Manager (aka Miracle Worker) you get a call from the Finance Manager or Sales Manager. “Guess what, we’ve got one for you!” “Terrific,” you say. “What do you have?”
Well, it seems that the salesperson did a great job. They diligently and professionally performed a meet-and-greet, followed the steps to the sale, sold features, benefits and values. The sales manager was called in, and finally gained agreement on the transaction, after the customer had been in the dealership nearly two hours. Of course you know where I am going next. During the two-hour process, no one bothered to qualify the customer or pull credit. When the deal was presented to the Finance Manager, it was a well-penciled deal on a new 2003 $38,000 MSRP Suburbilac Sport-Ute, discounted to $32,500 (using the rebate as a discount), and subject to payments. Then came the “train wreck.” The ensuing credit bureau discovered 585 Beacon with a bankruptcy discharged two years ago. Medics!