3rd Chapter in 7 days · The Storyteller's Path

3rd Chapter in 7 days

Thank you

for holding me accountable and checking on me!

This chapter is about financing products after selecting the vehicle you are going to purchase, here is an outline so you can educate yourselves and save money if you plan on purchasing a vehicle before my information is available to the public:

Financing - some dealerships will mark up advertised rates to be able to get people comfortable with a higher payment so when it comes time to offer a warranty or other product, we are already accustomed to that number or range.
Leasing - there is absolutely an interest rate associated with leasing a vehicle and in almost all cases on first offer that rate is marked up. When we see billboards, Lease payments are advertised, not the price of the vehicle or the interest rate, whereas when financing, the price of a vehicle is not advertised but the interest rate is.
Guaranteed Asset Protection or GAP insurance - online, this was offered at a price of $999, which is more than a 300% markup, and if you did not see the online ad, was offered at $1,295 or over 400% markup.
Extended warranties or Vehicle Service Contract (VSC) - the cost on these for the brand I worked for was usually in the $800 to $1,500 range. The price they were offered depended on the individual finance manager and what they felt confident they could get a customer to agree to. With Subaru, as long as the amount that warranty was sold for was under $5,000 ($4,999) it was not scrutinized by the manufacturer. Just know that in many cases these are marked up anywhere from 100-500%, definitely wiggle room here.
Paint Protection - though some products can be very good, I've seen this offered as low as $499 at some dealerships up to over $2,000 per vehicle. Cost on this where I worked was at or around $300, so when I left and they were selling it for $1,495, that is almost exactly a 500% markup!
Tire and wheel and other cosmetic coverages like dent repair - usually minimum 100% markup if not more

Those are a snippet of six of the 10 subsections in this chapter, I hope they are useful in the time being!

Happy writing everyone!

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3rd Chapter in 7 days