When purchasing a vehicle, every car buyer will find themselves in the office of the dealership individual whose job it is to complete all their necessary paperwork. They will collect funds, arrange financing and offer you various after sale products and services for your car.
The person you’ll meet with usually has the title of Finance or Business Manager, and their office is referred to as the finance office. For years, the slang term used in the car business for this office has been “the box”, and “boxing a deal” is slang for signing up the customer when delivering a car.
Many of today’s Business and Finance managers cringe when they hear it referred to as “the box” because of the negative connotations from the past. They don’t want to be associated with the sleazy “box” man stereotype who tried to lay away customers with finance payments loaded with high profit extras like “croak and choke” (credit life and disability insurance), extended warranties and rust proofing packages.
Though today’s version of finance manager is much more friendly, professional and eloquent, the one thing that hasn’t changed is their goal of making profit. They’re well trained in picking up the gross on your deal and want to see your new vehicle’s tail lights as you leave. Often more “back end” profit is generated in the finance office than on the sale of the vehicle itself.
Part of my role as an independent car buying advocate for my clients is to sit with them in the finance office during their delivery process. This is such a great vantage point for me because I am constantly exposed to (and entertained by) a variety of sales approaches. I prepare my clients before we get into the finance office on what they can expect before hand.
This is why I suggest you think out of “the box” before you wind up in there with that deer in headlights look. Be ready to consider the many finance and lease terms, incentive choices, extended service contracts, gap insurance, maintenance plans, tire and wheel insurance, and cosmetic protection options etc., that will be thrown at you.
You may have done your homework on car prices but don’t allow yourself to be blindsided at this portion of the transaction or costly mistakes will happen. The next time I’ll address the topic of new and used vehicle service contracts, their value and the latest sales tactics I’ve witnessed.
