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Speaker 1: Earners.

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Speaker 2: What's up.

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Speaker 3: You ever walk into a small business and everything just

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Speaker 3: works like The checkout is fast, the receipts are digital,

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Speaker 3: tipping is a breeze, and you're out the door before

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Speaker 3: the line even builds. Odds are they're using Square. We

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Speaker 3: love supporting businesses that run on Square because it just

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Speaker 3: feels seamless. Whether it's a local coffee shop, a vendor

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Speaker 3: at a pop up market, or even one of our

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Speaker 3: merch partners, Square makes it easy for them to take payments,

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Speaker 3: manage inventory, and run their business with confidence, all from

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Speaker 3: one simple system. If you're a business owner or even

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Speaker 3: just thinking about launching something soon, Square is hands down

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Speaker 3: one of the best tools out there to help you start, run,

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Speaker 3: and grow. It's not just about payments, it's about giving

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Speaker 3: you time back so you can focus.

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Speaker 1: On what matters most Ready.

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Speaker 3: To see how Square can transform your business, visit Square

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Speaker 3: dot com backslash go backslash eyl to learn more that

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Speaker 3: Square dot com backslash, go backslash eyl. Don't wait, don't hesitate.

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Speaker 3: Let's Square handle the back end so you can keep

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Speaker 3: pushing your vision forward. This episode is brought to you

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Speaker 3: by P and C Bank, a lot of people think

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Speaker 3: podcasts about work are boring, and sure they definitely can be,

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Speaker 3: but understanding of professionals routine shows us how they achieve

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Speaker 3: their success little by little, day after day. It's like

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Speaker 3: banking with P and C Bank. It might seem boring

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Speaker 3: to save, plan and make calculated decisions with your bank,

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Speaker 3: but keeping your money boring is what helps you live

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Speaker 3: or more happily fulfilled life. P and C Bank Brilliantly

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Speaker 3: Boring since eighteen sixty five. Brilliantly Boring since eighteen sixty

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Speaker 3: five is a service mark of the PNC Financial Service Group, Inc.

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Speaker 3: P and C Bank National Association Member FDIC.

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Speaker 1: Yeah, yeah, we are.

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Speaker 3: Back man, Happy Thursday, Happy Thursday, y'all, y'all feeling a fact.

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Speaker 4: Welcome back, new editions, the how to series that we've

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Speaker 4: been doing. This one is a big one as far

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Speaker 4: as how to shop for cars. Everything you need to

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Speaker 4: know is leasing, financing, interest rates, you know, use cars,

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Speaker 4: new cars. All that stuff. Has been a lot that's

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Speaker 4: happened in the car market over the last five years,

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Speaker 4: from COVID to post COVID and so much stuff. It's

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Speaker 4: been like a rocky road. And you know, car purchase

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Speaker 4: is one of the biggest purchases that people make several

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Speaker 4: different times throughout the course of their life. Most places

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Speaker 4: in the country, a car is a necessity to be

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Speaker 4: able to function, and it's something that you know, once again,

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Speaker 4: you never really get educated on, just kind of like

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Speaker 4: you know, ask your dad some questions or your uncle

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Speaker 4: or something, and you know, hopefully you know, make the

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Speaker 4: right decision. You don't really know how to go about it.

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Speaker 4: There's no like educational car buying process. But it is

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Speaker 4: a big thing, one of the big it's expenses that

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Speaker 4: most Americans have. So we are bringing an expert on

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Speaker 4: talk about the car business and everything that you need

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Speaker 4: to know as far as buying a car, leasing a car,

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Speaker 4: and all the stuff that I just talked about. Somebody

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Speaker 4: that's been in the car business for over twenty years,

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Speaker 4: from salesman to managing dealerships to having his own brokerage.

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Speaker 4: We're clients of his. Yes, we actually purchased cars from

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Speaker 4: him and he's actually the first person that spoke about

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Speaker 4: cars on Alisia about five years ago. So fitting that

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Speaker 4: we bring him back. So without further ado, Chris chere,

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Speaker 4: what's going on, Chris.

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Speaker 3: What's going on with my brother, what's going on? Everything

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Speaker 3: is good man. Some of the day ones might recognize Chris.

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Speaker 3: He was part of that that Green World brigade our

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Speaker 3: early days in the dining room, came and shared a

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Speaker 3: lot of information man. And obviously, as Charlie said, man,

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Speaker 3: we are clients. So it was nice cars that you

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Speaker 3: see us in. You can thank Chris for.

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Speaker 4: Well.

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Speaker 2: I appreciate you guys trusting me with that with your

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Speaker 2: car buying process. You know, A honored to be able

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Speaker 2: to help you guys out and look forward to continue

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Speaker 2: to do more cars in the future too, for sure.

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Speaker 4: So can you just run down your resume? I talked

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Speaker 4: about it, but I think it might be better if

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Speaker 4: it came from you.

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Speaker 2: Uh yeah. So I've been in the automotive space for

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Speaker 2: over twenty years, like you said, started out, you know,

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Speaker 2: actually started out washing cars early on in the car business.

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Speaker 2: That moved on into sales, UH, into management. And I

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Speaker 2: was fortunate enough to work with some really really cool people,

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Speaker 2: really talented UH salespeople and leaders that I had that

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Speaker 2: helped me grow in the automotive industry. And you know,

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Speaker 2: it's the car business is not something that people grow

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Speaker 2: up you know, saying hey, I want to be a

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Speaker 2: car salesman, right, It's kind of one of those things

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Speaker 2: that you end up doing. Uh, And I've been fortunate

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Speaker 2: to have a really cool career. I built my business

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Speaker 2: on being knowledgeable, being upfront, and being honest with customers,

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Speaker 2: and that's it. I think if you do business that way,

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Speaker 2: you can really create a really cool client base and

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Speaker 2: a career for yourself. And so, you know, again, things

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Speaker 2: have changed drastically in the last couple of years, especially

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Speaker 2: with the pandemic of pricing going through the roof. That

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Speaker 2: was inventory shortages. So we had to do some stuff

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Speaker 2: during that time where we had to pivot and and

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Speaker 2: kind of structure business differently. So I ended up opening

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Speaker 2: my own brokerage helping customers buy cars, along with starting

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Speaker 2: a training company for dealerships to help them be able

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Speaker 2: to deliver a higher level of service and being able

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Speaker 2: to connect with their clients and ultimately create a better

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Speaker 2: experience for people when buying a car. So what I

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Speaker 2: wanted to be able to do is help help people

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Speaker 2: understand and the people who follow earn your leisure understand

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Speaker 2: how didn't I navigate the process? It is scary, it's

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Speaker 2: challenging if you if you go in, and like you said,

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Speaker 2: most people get the information from someone they know or

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Speaker 2: you know, a friend that maybe bought a couple of cars,

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Speaker 2: or say hey, I'll go with you to the dealership.

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Speaker 2: I'll help you do it. But we want to give

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Speaker 2: you some inside information as far as how to make

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Speaker 2: sure you have a smooth, seamless process when you do

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Speaker 2: go buy a car.

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Speaker 1: Yeah.

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Speaker 3: Man, we greatly appreciate you for that. Not only have

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Speaker 3: we become clients, but some of our close friends have

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Speaker 3: become clients as well.

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Speaker 1: And it's one of those things, right when.

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Speaker 3: We see interest rates change in, we see incentives changeing,

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Speaker 3: we don't really get the full scope of it, right.

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Speaker 3: A lot of times we don't read the fine line.

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Speaker 3: And so this is one of those times where it's

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Speaker 3: like we're going to unpack all that so we can

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Speaker 3: make the right decision when you walk inside that dealership.

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Speaker 4: Absolutely absolutely, So let's get into it. Let's let's let's

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Speaker 4: talk about how to shop for cars and go down

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Speaker 4: the whole gambit.

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Speaker 2: Okay, So yeah, like we said, you know, buying cars

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Speaker 2: are scary, right, so we want to make sure that

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Speaker 2: one we create an environment that is where people are

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Speaker 2: informed when going into buy a vehicle, and this is

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Speaker 2: not just going to help the consumer, but it helps

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Speaker 2: the dealership in the process also. So this is not

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Speaker 2: like trying to put you know, one against the other. Right,

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Speaker 2: That's that's a big mistake I think people make when

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Speaker 2: they go into a dealership. They're going with their guard up, right.

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Speaker 2: They have that conversation in the car like, hey, listen,

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Speaker 2: we're gonna go only going into look, right, we're not

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Speaker 2: gonna buy anything today, and they kind of like gear

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Speaker 2: up for doing battle. And I think sometimes that can

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Speaker 2: create a pretty challenging experience for both the salesperson and

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Speaker 2: the consumer.

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Speaker 4: Right.

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Speaker 2: So one thing I tell people all the time is

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Speaker 2: be open minded. Right, years ago, things were different, and unfortunately,

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Speaker 2: in some stores they haven't changed in the sense that

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Speaker 2: salespeople kind of do things like that they used to

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Speaker 2: do and they're looking to get over on people. But

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Speaker 2: for the most part that's not the case. Right. People

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Speaker 2: want to help you buy a car, and you're there

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Speaker 2: to buy one, right. But unfortunately, if we set the

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Speaker 2: tone and we go in aggressively and like, you know,

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Speaker 2: be confrontational, then what does the salesperson do. He becomes

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Speaker 2: confrontational back, or sometimes a salesperson's confrontational, then you become confrontational.

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Speaker 2: And what I would recommend is, if you are in

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Speaker 2: a situation where you're at a dealership and for some

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Speaker 2: reason you're not clicking or vibing with the salesperson, Listen,

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Speaker 2: you're in control, right, you're the sales or you're the customer.

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Speaker 2: You're there to buy the product. If you're not happy

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Speaker 2: with the experience, feel free to say, hey, listen, you

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Speaker 2: know what this isn't really you know, I don't think

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Speaker 2: we're connecting, we're reviving at this time. Can I speak

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Speaker 2: to somebody else? Maybe asked to speak to a manager

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Speaker 2: and ask for another salesperson, not in the confrontational manager.

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Speaker 2: But listen, trust your gut. If you feel you're not

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Speaker 2: having the best experience with the dealership or the salesperson,

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Speaker 2: be comfortable asking for someone else to help you out.

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Speaker 3: Does that make sense, Yeah, it makes a lot of sense.

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Speaker 3: I've bought them plenty of dealerships, and I actually haven't

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Speaker 3: done that. I've actually just left the dealership because I

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Speaker 3: didn't like the way that the person that first that

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Speaker 3: got introduced to inside of the space was conducting business.

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Speaker 1: So yeah, that is that is true.

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Speaker 2: So again that hurts you and the dealership, right, So

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Speaker 2: nobody benefits from that. So I think being you know,

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Speaker 2: if you're in a restaurant and you're not happy with food, right,

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Speaker 2: you're gonna be like, hey, you know what, you send

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Speaker 2: it back or whatever or ask for something else, right,

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Speaker 2: So the same thing in a car dealer.

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Speaker 1: Ship.

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Speaker 2: Understand, that's not a bad thing to do that.

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Speaker 4: Okay, all right, So I know you're big one, you know,

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Speaker 4: being prepared when you walk into the dealership, right, So

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Speaker 4: what does that mean?

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Speaker 2: So you got to do your research going into a

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Speaker 2: dealership and you're not familiar with let's say the product

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Speaker 2: or the programs that they have where what a car

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Speaker 2: may go for.

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Speaker 4: Right.

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Speaker 2: I have a lot of people that call up for

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Speaker 2: a vehicle and they'll say, hey, I'm looking for this

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Speaker 2: particular car, and then when they get a payment, they're

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Speaker 2: like WHOA, Like I had no idea it was going

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Speaker 2: to be that much money.

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Speaker 1: Right.

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Speaker 2: Cars have gone up in price, right, whether you're leasing

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Speaker 2: or financing. Interest rates are really high right now. So

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Speaker 2: you want to do some research before you go to

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Speaker 2: the dealership, right, make sure that you're there's so many websites,

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Speaker 2: you know, car Gurus, there's car Max, all these different

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Speaker 2: places where you can get information nowadays about vehicles. So

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Speaker 2: do your research, you know, compare different vehicles. If you're

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Speaker 2: in the market for let's say an sgu Listen, everyone

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Speaker 2: makes a great card nowadays. And that's one of the

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Speaker 2: things I think the pandemic did was it opened the

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Speaker 2: mind of the consumer where let's just say, you know,

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Speaker 2: I've always purchased whatever Mercedes Benz vehicles, right and during

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Speaker 2: the pandemic, all of a sudden you saw these crazy

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Speaker 2: increases in prices and people said, wait a minute, let

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Speaker 2: me see what my options are. And then they realized that, hey,

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Speaker 2: there are other brands out there that make great products.

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Speaker 2: So do the research. If you're looking for an SUV,

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Speaker 2: be open minded to other options. Like I said, be prepared,

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Speaker 2: read the reviews, you know, check out the quality ratings

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Speaker 2: and things of the nature before going into the dealership.

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Speaker 3: How important is it to number one, check resale value

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Speaker 3: before you're going into this process of saying I'm going

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Speaker 3: to buy or lease a vehicle.

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Speaker 2: So that that's a huge factor right now. That depends

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Speaker 2: if you're going to be leasing or buying the vehicle. Now,

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Speaker 2: on a lease, these value is important because the leases

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Speaker 2: are based so on the lease, you pay the depreciation

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Speaker 2: right whatever the vehicle loses in value. So if the

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Speaker 2: vehicle has a higher resale value, it typically has a

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Speaker 2: higher resale value. That's going to shrink your monthly payment.

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Speaker 2: So that's important. Now, if you're going to be financing

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Speaker 2: a vehicle, same thing. You want to make sure that

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Speaker 2: vehicle holds value. So I tell this story all the

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Speaker 2: time to people. If you're buying two cars, right, there

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Speaker 2: is no right or wrong as far as leasing. Some

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Speaker 2: people ask me all the time what's better leasing or financing?

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Speaker 2: To me, it's all based on personal preference. What are

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Speaker 2: you using the vehicle for? How long do you keep

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Speaker 2: the vehicle? Those things play apart. Are you driving a

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Speaker 2: lot of mileage? Things like that. So making sure you

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Speaker 2: understand what the resale value of the vehicle is key

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Speaker 2: because if you're going to make this long term investment

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Speaker 2: in financing a vehicle, you want to make sure that

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Speaker 2: it's going to hold its value.

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Speaker 3: This is important, Chris, because we're talking about preparation and

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Speaker 3: this is coming off the heels of our last how

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Speaker 3: to which was understanding your credit score. A lot of

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Speaker 3: people don't realize how important credit is in trying to

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Speaker 3: get a car. So talk about that, like the importance

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Speaker 3: of it. What numbers do you are the dealerships looking for?

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Speaker 3: How that impacts your interest rates? Things like that.

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Speaker 2: Okay, big conversation where we have a lot of clients

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Speaker 2: right now about their interest rates. Some people use like

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Speaker 2: let's say, credit Karma or you know, these different apps

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Speaker 2: to kind of see what their interest well, sorry, what

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Speaker 2: their credit score is. I typically find if you go

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Speaker 2: to experience TransUnion, Equifax, you can get a more accurate

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Speaker 2: score than using these other companies. Right, So how that works?

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Speaker 2: So the bank looks at it as all right, I'm

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Speaker 2: going to be lending this person money for a vehicle

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Speaker 2: that essentially the bank is buying. Right, the bank is

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Speaker 2: going to buy the vehicle from the dealership, They're going

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Speaker 2: to loan you money, and you're going to be paying

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Speaker 2: off that loan to them. So think about it this way.

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Speaker 2: If someone was borrowing money from you and you looked

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Speaker 2: at their credit score, that would kind of give you

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Speaker 2: an indication of how likely they are to pay back

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Speaker 2: that loan. Okay, So now if somebody has a lower

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Speaker 2: credit score, has a payment history that's not you know,

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Speaker 2: you see they've missed some payments. You may still lend

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Speaker 2: them the money for that car, but you have more

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Speaker 2: risk in the game. Right then there's a chance you

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Speaker 2: could see by their history they may not be a

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Speaker 2: to paying it back or paying it back on time,

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Speaker 2: so I might give them a higher interest rate. Now

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Speaker 2: that's going to increase their monthly payment. So now there,

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Speaker 2: I'll tell you during the pandemic things changed drastically, but

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Speaker 2: you're starting to see it kind of settle itself out.

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Speaker 2: Now where use car rates right now are anywhere between

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Speaker 2: seven and fourteen percent. Okay, new car rates I've seen

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Speaker 2: as low as you know, three point nine to four

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Speaker 2: point nine. Last year, Ford had a zero percent interest

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Speaker 2: for thirty six months on a new car, So that

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Speaker 2: was unheard of, you know, three or four years ago, right,

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Speaker 2: So you're starting to see it come back a little bit.

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Speaker 2: So you again, doing your research very important. You can

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Speaker 2: go online. If there's a particular vehicle you're looking at,

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Speaker 2: you can go online to that company's website, let's say

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Speaker 2: it is for it, and you can see what specials

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Speaker 2: they have available and they'll show you the interest rates. Now,

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Speaker 2: remember you have to qualify for that. So if you

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Speaker 2: have the credit score needed, then obviously that applies to you.

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Speaker 2: If not, you'll have different tiers that will bring your

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Speaker 2: credit score up.

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Speaker 4: So, before we go to the least in financing deep dive,

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Speaker 4: you mentioned used cars and new cars, right, So can

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Speaker 4: you go down that rabbit hole as far as like

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Speaker 4: what's the benefits of having a used car versus a

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Speaker 4: new car? Or a new car versus a used car?

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Speaker 2: All right, so there's a lot of this is a

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Speaker 2: huge question that we get. Should I buy new or

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Speaker 2: should I used one. I'll tell you something. You got

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Speaker 2: to take your ego out of this. Okay, this is

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Speaker 2: a financial decision. I tell people all the time. If

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Speaker 2: you're going to keep a car, let's just say you're

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Speaker 2: going to drive a lot of mileage. When I say

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Speaker 2: a lot of miles, I'm talking about over twenty thousand

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Speaker 2: miles a year. And you plan on keeping this car,

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Speaker 2: you know, for a certain amount of time, for let's

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Speaker 2: say an extended period of time, it makes sense to

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Speaker 2: buy used. Now, when you are buying used, I recommend

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Speaker 2: that you buy it from the authorized dealer and here's

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Speaker 2: the reason why. When you're buying the car from an

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Speaker 2: authorized dealer, these vehicles have gone through an inspection, so

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Speaker 2: that dealership. Meaning let's just say you're buying a pre

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Speaker 2: owned Honda. Okay, yes, I can go buy a pre

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Speaker 2: on Honda on a side lot you know of a

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Speaker 2: neighbor or whatever the case may be, and I may

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Speaker 2: pay a little bit less. But when you're buying it

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Speaker 2: from the dealership, remember this is a long term investment.

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Speaker 2: Investments a trick you worth to say when it comes

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Speaker 2: to this. But when you're buying the car from the dealership,

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Speaker 2: now you have the backing. Let's say you're buying it

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Speaker 2: from a Honda dealership. You have the backing of Honda

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Speaker 2: and that dealership to make sure that vehicle has gone

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Speaker 2: through a rigorous inspection, making sure that you know everything's

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Speaker 2: working properly.

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Speaker 4: Right.

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Speaker 2: You want to make sure the vehicle's certified right, so

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Speaker 2: that has a certified warranty on it. Normally that's an

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Speaker 2: extension of the manufacturer's warranty. And in case something goes

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Speaker 2: wrong and you know the first you know, three or

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Speaker 2: four months of you driving the vehicle, you can go

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Speaker 2: back to the dealership and say, hey, wait a minute,

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Speaker 2: I just picked up this vehicle, you know, two three

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Speaker 2: months ago, and this is what's wrong with it, and

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Speaker 2: you have that warranty there. When you do buy these

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Speaker 2: cars from these second hand lots or you know, from

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Speaker 2: the person down the street or or your or your

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Speaker 2: gas station guy or whatever, you you lose out on that.

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Speaker 2: So even though you might be saving a little bit

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Speaker 2: money upfront, you're probably gonna i'd say probably more than likely,

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Speaker 2: you're going to pay that money back in repairs and

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Speaker 2: things of that nature. Or so I always recommend if

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Speaker 2: you are buying used by certified pre owned and buy

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Speaker 2: from the authorized dealer. Now, why would you buy a

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Speaker 2: used vehicle, Like I said, if you're using the vehicle,

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Speaker 2: you're putting a lot of miles on the vehicle. That's

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Speaker 2: to me, the most important factor in buying a used vehicle. Now,

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Speaker 2: the problem right now, and what we saw during the

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Speaker 2: pandemic is used cars. Used car pricing went through the roof, right, So,

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Speaker 2: just to give you an idea, in twenty twenty the

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Speaker 2: average use car price was around twenty thousand dollars. In

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Speaker 2: twenty twenty two, it was over thirty thousand dollars for

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Speaker 2: the same car, same type of vehicle, so prices jumped drastically.

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Speaker 2: You're starting to see that come down a little bit,

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Speaker 2: but it's still much higher than what it was back

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Speaker 2: then during the pandemic. Right before the pandemic twenty nineteen,

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Speaker 2: cars were depreciating of about three percent, right and in

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Speaker 2: twenty twenty one and twenty twenty two they jumped up

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Speaker 2: thirty two to thirty six percent. So it was a

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Speaker 2: very difficult time. This is when people were saying, hey,

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Speaker 2: you know what, I have a lease and they were

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Speaker 2: selling their leases or they were getting money back for

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Speaker 2: their cars. But it made it very difficult to buy

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Speaker 2: a vehicle. Believe it or not, some people are actually

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Speaker 2: buying used cars for more than the original price that

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Speaker 2: someone paid for it as a new vehicle. So the

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Speaker 2: market was crazy. But it's starting to settle out a

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Speaker 2: little bit. I think by the end of twenty twenty

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Speaker 2: five you'll see numbers start to come back down, mainly

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Speaker 2: because the new car inventory is starting to come back.

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Speaker 3: I'm just thinking, in my head, you get the used card,

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Speaker 3: you're getting double at thirty thousand at the minimum double

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Speaker 3: digit interest rate.

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Speaker 1: That's a healthy payment man, that's a lot.

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Speaker 2: Well, that's what people don't understand. The interest rate is

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Speaker 2: so important, right, And when you do get a certified

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Speaker 2: vehicle from the dealership, normally that'll come attached with a

378
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Speaker 2: better interest rate. But used car interest rates right now

379
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Speaker 2: are in the sevens. You know, seven to fourteen percent

380
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Speaker 2: is what I'm seeing. So people don't realize this is

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Speaker 2: very important. When you're shopping for a vehicle. You have

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Speaker 2: to do the big math, right, not just the little math.

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Speaker 2: When the dealership tells you you, oh, it's you know,

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Speaker 2: eighty to ninety dollars or one hundred dollars more in

385
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Speaker 2: the monthly payment. If you're doing a seventy two month loan,

386
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Speaker 2: right or a six year finance, that's seventy two hundred

387
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Speaker 2: dollars that you're adding in finance charges, right, depending on

388
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Speaker 2: what your interest rate is to the price of the car. Right,

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Speaker 2: So make sure you're aware of what the interest rate is.

390
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Speaker 2: Don't don't just buy based on payment. Does that make sense?

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Speaker 2: Because if the higher the interest rate when on a

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Speaker 2: simple interest loan, Okay, let's get into math. Right, on

393
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Speaker 2: a simple interest loan, which was what every car loan is, right,

394
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Speaker 2: the bank collects their money first, so you're paying back

395
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Speaker 2: the interest first. The money that you're making on your payment.

396
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Speaker 2: Let's just say you have a five hundred dollars payment.

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Speaker 2: The majority of that payment in the beginning is going

398
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Speaker 2: towards interest. Very little of that money is going towards

399
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Speaker 2: your principle. So what's happening is your vehicle's losing value

400
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Speaker 2: and you're not even touching the principle yet you're paying

401
00:19:54,640 --> 00:19:57,520
Speaker 2: all The bank wants their money back first, right, they're

402
00:19:57,520 --> 00:19:59,400
Speaker 2: not worried about you paying off the car, yet give

403
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Speaker 2: me my money. So you're paying off the the interest,

404
00:20:02,320 --> 00:20:04,840
Speaker 2: and then you're starting to hit that principle. Around the

405
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Speaker 2: halfway mark is now when you start to cut into

406
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Speaker 2: the principle. But what happens is that vehicle is depreciating

407
00:20:10,480 --> 00:20:13,119
Speaker 2: in value. Not to mention, let's say that vehicle was

408
00:20:13,119 --> 00:20:16,440
Speaker 2: in an accident. If that car got hit and now

409
00:20:16,480 --> 00:20:18,680
Speaker 2: you have a bad car FAX, that dropped the value

410
00:20:18,680 --> 00:20:21,920
Speaker 2: of the vehicle also, so you're accelerating the depreciation while

411
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Speaker 2: you're still paying all of this interest.

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Speaker 4: That makes sense, Yeah, yeah, yeah, before well before the

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Speaker 4: used car, what about a warranty that comes with the.

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Speaker 2: So when you get when you get a certified vehicle,

415
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Speaker 2: those those normally come with an extension of the manufacturer's warranty.

416
00:20:40,960 --> 00:20:43,800
Speaker 2: That's if the vehicle's, you know, still a fairly new car. Right,

417
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Speaker 2: let's say it's a two or three year old vehicle.

418
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Speaker 2: Now you can buy extended warranties, and a lot of

419
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Speaker 2: these secondhand lots they will send you an extended warranty,

420
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Speaker 2: but you got to read defined print. Some of them

421
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Speaker 2: have deductibles, high deductibles, or there's certain the only cover

422
00:20:59,400 --> 00:21:03,240
Speaker 2: certain aspects of the vehicle. So you got to be

423
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Speaker 2: very careful with those. You know, secondhand warranties. Some of

424
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Speaker 2: them are great, Don't get me wrong, some of them

425
00:21:07,760 --> 00:21:09,199
Speaker 2: are great, but you want to you have to do

426
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Speaker 2: the Like I said, you have to do the research.

427
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Speaker 2: You got to redefined print. Whenever you're signing these contracts.

428
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Speaker 2: Go back to what I was talking about with the

429
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Speaker 2: interest rate. When you're paying that interest and the vehicle's depreciating,

430
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Speaker 2: that's how you end up what's called upside down, where

431
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Speaker 2: you owe more than it's worth. Right, you go to

432
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Speaker 2: the dealership, you go to trade it in, and they go, well,

433
00:21:29,040 --> 00:21:31,960
Speaker 2: you owe fifteen thousand, but the car is only worth ten.

434
00:21:32,440 --> 00:21:35,719
Speaker 2: So what happens is people take that five thousand dollars

435
00:21:35,960 --> 00:21:38,959
Speaker 2: roll it into their next car, and essentially they're paying

436
00:21:39,040 --> 00:21:41,320
Speaker 2: for that old car in the price of their new car.

437
00:21:41,520 --> 00:21:44,000
Speaker 2: Not to mention they're paying interest on that also, So

438
00:21:44,040 --> 00:21:45,560
Speaker 2: you have to be very careful with that. You can

439
00:21:45,560 --> 00:21:49,640
Speaker 2: get into a really bad cycle of rolling negative equity

440
00:21:49,880 --> 00:21:51,320
Speaker 2: into the next car, in the next car, in the

441
00:21:51,359 --> 00:21:54,199
Speaker 2: next car. What I tell people who are in that

442
00:21:54,240 --> 00:21:58,399
Speaker 2: situation is your best option to end that cycle is

443
00:21:58,440 --> 00:22:02,040
Speaker 2: to lease a vehicle. Now, no why you're gonna be

444
00:22:02,040 --> 00:22:03,760
Speaker 2: paying more because you're gonna have to roll that negative

445
00:22:03,800 --> 00:22:05,680
Speaker 2: equity into the vehicle. You may even have to put

446
00:22:05,680 --> 00:22:07,919
Speaker 2: some money down on the lease so the bank can

447
00:22:07,960 --> 00:22:12,320
Speaker 2: look at it as a favorable purchase, right, meaning why

448
00:22:12,359 --> 00:22:16,840
Speaker 2: would the bank give you forty thousand dollars for a

449
00:22:16,920 --> 00:22:20,359
Speaker 2: vehicle that's only worth thirty thousand, Right, They're gonna want

450
00:22:20,359 --> 00:22:21,879
Speaker 2: to see some money down. But at the end of

451
00:22:21,960 --> 00:22:24,160
Speaker 2: three years and you've made that those payments on time,

452
00:22:24,920 --> 00:22:27,239
Speaker 2: and then the three years you walk away, now you're

453
00:22:27,280 --> 00:22:30,280
Speaker 2: out of that negative equity cycle and your payment's going

454
00:22:30,359 --> 00:22:31,080
Speaker 2: to be much lower.

455
00:22:31,640 --> 00:22:34,640
Speaker 3: Yeah, I'm glad you brought up that and the warranty piece,

456
00:22:34,680 --> 00:22:36,119
Speaker 3: because that can get triggy A lot of times. It

457
00:22:36,119 --> 00:22:38,399
Speaker 3: will be fifty thousand. You buy a used car, it

458
00:22:38,440 --> 00:22:40,639
Speaker 3: already has thirty six thousand. That means you're only fourteen

459
00:22:40,680 --> 00:22:43,879
Speaker 3: thousand miles before having to get it extended. Then you

460
00:22:43,920 --> 00:22:46,120
Speaker 3: have it for six years and that extend that might

461
00:22:46,160 --> 00:22:48,159
Speaker 3: go to one hundred thousand. But by the time you

462
00:22:48,160 --> 00:22:50,359
Speaker 3: finished paying the six years, you've passed one hundred thousand,

463
00:22:50,600 --> 00:22:52,240
Speaker 3: and so those are the type of payments that you

464
00:22:52,400 --> 00:22:55,680
Speaker 3: can't account for that will come up inside of that deal.

465
00:22:56,000 --> 00:22:57,840
Speaker 1: But I'm walking.

466
00:22:57,640 --> 00:23:01,960
Speaker 2: Warrantin's warranties working through. Keep in mind it's mileage and time.

467
00:23:02,359 --> 00:23:03,720
Speaker 2: So this is a thing a lot of people don't

468
00:23:03,720 --> 00:23:05,640
Speaker 2: know this. This is a thing called data first use.

469
00:23:05,680 --> 00:23:08,400
Speaker 2: It's called the DOFU right, data first use. So your

470
00:23:08,480 --> 00:23:10,879
Speaker 2: warranty starts from the data first use. Let's say you

471
00:23:10,880 --> 00:23:13,800
Speaker 2: have a four year warranty and you buy the vehicle

472
00:23:13,800 --> 00:23:19,200
Speaker 2: in November of twenty twenty three, right, so that that's

473
00:23:19,240 --> 00:23:22,359
Speaker 2: when your warranty starts. So let's say you're a four

474
00:23:22,440 --> 00:23:25,479
Speaker 2: year warranty. November of twenty twenty seven is when your

475
00:23:25,480 --> 00:23:28,199
Speaker 2: warranty expires. If you come back and say, hey, you

476
00:23:28,200 --> 00:23:30,040
Speaker 2: know what. Or let's just say you bought a twenty

477
00:23:30,080 --> 00:23:33,479
Speaker 2: twenty four in twenty twenty three, right, because cars come

478
00:23:33,480 --> 00:23:36,360
Speaker 2: out early, right, they come out for the next model year.

479
00:23:36,800 --> 00:23:39,679
Speaker 2: You don't. You don't have a twenty till twenty twenty eight.

480
00:23:39,720 --> 00:23:41,399
Speaker 2: Let's say you bought a twenty twenty four and as

481
00:23:41,400 --> 00:23:43,160
Speaker 2: a four year warranty, but you bought it in twenty

482
00:23:43,359 --> 00:23:46,719
Speaker 2: twenty three. Your warranty expires November twenty twenty seven, not

483
00:23:47,040 --> 00:23:50,199
Speaker 2: in twenty twenty eight. So you have to keep in

484
00:23:50,240 --> 00:23:53,760
Speaker 2: mind it's mileage or time, whichever one comes first. You

485
00:23:53,760 --> 00:23:55,800
Speaker 2: can say, hey, listen, I have a forty eight thousand

486
00:23:55,840 --> 00:23:59,359
Speaker 2: mile warranty and I only had my vehicle for you know,

487
00:23:59,480 --> 00:24:02,920
Speaker 2: three years. If you hit that time, I'm sorry. I've

488
00:24:02,920 --> 00:24:05,760
Speaker 2: had my vehicle for past the time that the warranties allowed.

489
00:24:06,080 --> 00:24:07,960
Speaker 2: You're at. A warranty doesn't matter if you're under on

490
00:24:08,000 --> 00:24:08,719
Speaker 2: your mileage.

491
00:24:09,800 --> 00:24:13,160
Speaker 3: So I'm walking into dealership, Chris, right, I've prepared myself,

492
00:24:13,200 --> 00:24:16,119
Speaker 3: I know my credit score, I've been preapproved for a

493
00:24:16,160 --> 00:24:18,240
Speaker 3: certain amount, I've done the.

494
00:24:18,119 --> 00:24:19,119
Speaker 1: Research on the vehicle.

495
00:24:19,200 --> 00:24:19,360
Speaker 2: One.

496
00:24:19,480 --> 00:24:20,920
Speaker 1: I set a budget.

497
00:24:21,760 --> 00:24:23,959
Speaker 3: But there's a part that doesn't get talked about, and

498
00:24:23,960 --> 00:24:26,040
Speaker 3: that's finding deals and incentives right.

499
00:24:26,040 --> 00:24:27,080
Speaker 1: Incentives are important.

500
00:24:27,119 --> 00:24:28,920
Speaker 3: A lot of people will see commercials and they're like

501
00:24:29,040 --> 00:24:31,320
Speaker 3: Z and it's like no way. You'll read something in

502
00:24:31,560 --> 00:24:33,960
Speaker 3: the newsprint you're like there's no way, and you walk

503
00:24:34,000 --> 00:24:36,920
Speaker 3: into the dealership and all those things that you heard

504
00:24:37,000 --> 00:24:37,680
Speaker 3: may not be true.

505
00:24:37,720 --> 00:24:38,760
Speaker 1: How do we know what's real?

506
00:24:38,760 --> 00:24:40,720
Speaker 3: How do we know what's not real when trying and

507
00:24:40,760 --> 00:24:43,159
Speaker 3: filing deals and incentives? And who are some of the

508
00:24:43,200 --> 00:24:45,000
Speaker 3: makers that you've seen that have had pretty good ones?

509
00:24:45,720 --> 00:24:48,600
Speaker 2: So when you see these ads, you got to read

510
00:24:48,600 --> 00:24:51,080
Speaker 2: the fine print, all right, there's some terminology that we

511
00:24:51,119 --> 00:24:52,679
Speaker 2: want to look at. That's one of the slides I

512
00:24:52,680 --> 00:24:56,120
Speaker 2: think we were talking about. Was money down all right?

513
00:24:56,280 --> 00:24:59,879
Speaker 2: Or cap cost reduction? All right? So let's say you're

514
00:25:00,280 --> 00:25:01,840
Speaker 2: the vehicle and you see this ad that says three

515
00:25:01,960 --> 00:25:04,359
Speaker 2: ninety nine a month, and then if the guy talks

516
00:25:04,400 --> 00:25:07,200
Speaker 2: really fast or there's like fine print, right, you'll find

517
00:25:07,200 --> 00:25:10,680
Speaker 2: that later on that that's thirty nine ninety nine down

518
00:25:11,920 --> 00:25:14,240
Speaker 2: plus taxes and fees. That's what it says in that

519
00:25:14,280 --> 00:25:17,240
Speaker 2: fine print. So there's a cap cost reduction that means

520
00:25:17,240 --> 00:25:20,760
Speaker 2: that that's an investment from you to bring that payment down.

521
00:25:21,119 --> 00:25:23,440
Speaker 2: You don't have to do that. If your credit qualifies,

522
00:25:23,480 --> 00:25:26,600
Speaker 2: you don't have to put that money down again, if

523
00:25:26,640 --> 00:25:29,760
Speaker 2: your credit qualifies, truthfully speaking, you don't have to put

524
00:25:29,760 --> 00:25:33,840
Speaker 2: any money down on the lease if your credit qualifies

525
00:25:33,880 --> 00:25:36,600
Speaker 2: for it. Now, I don't recommend putting zero zero like

526
00:25:36,680 --> 00:25:38,840
Speaker 2: rolling your first month's payment into the lease. A lot

527
00:25:38,880 --> 00:25:40,880
Speaker 2: of people will come in and say, oh, I don't

528
00:25:40,880 --> 00:25:43,000
Speaker 2: want to give anything. I want to do zero duet signing.

529
00:25:44,880 --> 00:25:48,879
Speaker 2: Zero duet signing means plus your taxes and fees. That

530
00:25:48,920 --> 00:25:51,840
Speaker 2: means you're still paying your first month's payment, your bank fee,

531
00:25:51,960 --> 00:25:54,560
Speaker 2: now your bank fees what's called or another term is

532
00:25:54,720 --> 00:25:59,160
Speaker 2: acquisition fee, your taxes, your first month's payment, your bank fee,

533
00:25:59,200 --> 00:26:04,639
Speaker 2: your plates and register. Okay, So that's if you literally

534
00:26:04,680 --> 00:26:07,720
Speaker 2: gave like first one's payment, bank BEP, plates, taxes, and registration,

535
00:26:07,800 --> 00:26:11,560
Speaker 2: that's a zero down lease, which kind of people kind

536
00:26:11,560 --> 00:26:14,359
Speaker 2: of have trouble understanding that because you're not putting money

537
00:26:14,400 --> 00:26:15,840
Speaker 2: down on top of it. Now, if you want to

538
00:26:15,920 --> 00:26:17,679
Speaker 2: roll your taxes into the lease, you can do that,

539
00:26:17,720 --> 00:26:19,719
Speaker 2: but it's going to increase your monthly payment. So you

540
00:26:19,760 --> 00:26:21,760
Speaker 2: have to make a decision. Hey, am I, Okay, with

541
00:26:21,800 --> 00:26:24,639
Speaker 2: putting this money up front, or am I okay with

542
00:26:24,680 --> 00:26:25,679
Speaker 2: the higher monthly payment?

543
00:26:26,080 --> 00:26:26,359
Speaker 1: Okay?

544
00:26:26,400 --> 00:26:28,240
Speaker 2: Now getting back to what you asked, how do I

545
00:26:28,280 --> 00:26:30,720
Speaker 2: know what rebates are available to you? You have to

546
00:26:30,720 --> 00:26:33,120
Speaker 2: ask your dealership and you have to do the research.

547
00:26:33,440 --> 00:26:38,360
Speaker 2: Now very important with the rebates a lot. They are

548
00:26:38,400 --> 00:26:41,200
Speaker 2: disclosed in your contract when you go in to sign

549
00:26:41,240 --> 00:26:45,080
Speaker 2: your contract with the normally it's a finance manager or

550
00:26:45,080 --> 00:26:47,439
Speaker 2: somebody at the dealership. You want to make sure you

551
00:26:47,440 --> 00:26:49,480
Speaker 2: go over it. Don't let them just say all right,

552
00:26:49,560 --> 00:26:51,760
Speaker 2: this is your name, that's your payment, that's your money

553
00:26:51,760 --> 00:26:54,159
Speaker 2: down sign right here. You want to go over it

554
00:26:54,240 --> 00:26:57,920
Speaker 2: line by line. There's a paragraph, it's a truth in

555
00:26:58,040 --> 00:27:00,880
Speaker 2: lending paragraph will actually explain to you what the rebates are.

556
00:27:00,920 --> 00:27:02,959
Speaker 2: It'll tell you what the selling price of the vehicle is,

557
00:27:03,880 --> 00:27:06,520
Speaker 2: how the amount of duet signing came up with on

558
00:27:06,560 --> 00:27:08,960
Speaker 2: a lease, and if there's any rebates, that'll be broken

559
00:27:09,000 --> 00:27:10,440
Speaker 2: out on that line. So you want to make sure

560
00:27:10,480 --> 00:27:14,240
Speaker 2: you look at that. On on a finance it's a

561
00:27:14,280 --> 00:27:16,880
Speaker 2: little bit more difficult because it's just a lump sum

562
00:27:16,920 --> 00:27:19,439
Speaker 2: that that you'll see on the on the contract. But

563
00:27:19,520 --> 00:27:21,720
Speaker 2: you again want to do the research. Want to go online.

564
00:27:21,920 --> 00:27:25,280
Speaker 2: I want to The information is easily accessible when you

565
00:27:25,320 --> 00:27:27,679
Speaker 2: go online and just search what rebates are available, and

566
00:27:27,680 --> 00:27:30,000
Speaker 2: you have to make sure you qualify things like people

567
00:27:30,000 --> 00:27:32,600
Speaker 2: who are first responders qualify for a lot of rebates.

568
00:27:34,000 --> 00:27:36,200
Speaker 2: If the vehicle is a let's say a hybrid or

569
00:27:36,200 --> 00:27:39,000
Speaker 2: an electric vehicle, those are getting big rebates right now.

570
00:27:40,760 --> 00:27:43,080
Speaker 2: So those again you got to do your research, search

571
00:27:43,119 --> 00:27:46,080
Speaker 2: online and you can you can access that information.

572
00:27:46,240 --> 00:27:48,240
Speaker 3: Because really quick, before we go to the next thing,

573
00:27:49,119 --> 00:27:50,919
Speaker 3: what's the credit scode that banks are looking for? We

574
00:27:50,960 --> 00:27:52,880
Speaker 3: talked about mortgage. We know like it's a six eighty.

575
00:27:52,920 --> 00:27:55,040
Speaker 3: What what's the credit scode that a good dealership is

576
00:27:55,040 --> 00:27:55,440
Speaker 3: looking for?

577
00:27:55,800 --> 00:27:56,160
Speaker 4: All right?

578
00:27:56,240 --> 00:28:00,040
Speaker 2: So for now, different brands have different tiers, right, So

579
00:28:00,080 --> 00:28:02,200
Speaker 2: some tiers some some banks will have like a tier

580
00:28:02,240 --> 00:28:06,159
Speaker 2: A one plus right, that's normally like seven fifty or

581
00:28:06,160 --> 00:28:10,560
Speaker 2: seven forty or better for a like a Tier one credit,

582
00:28:10,680 --> 00:28:13,520
Speaker 2: normally you want to be over seven hundred for Tier

583
00:28:13,600 --> 00:28:16,639
Speaker 2: one credit. Some banks are seven nineteen depending on the brand.

584
00:28:17,680 --> 00:28:21,800
Speaker 2: But different again, different brands have different criteria. So like

585
00:28:21,920 --> 00:28:24,400
Speaker 2: some dealers, some brands will actually buy like a six

586
00:28:24,680 --> 00:28:28,720
Speaker 2: fifty six six sixty score, but they'll give you a

587
00:28:28,760 --> 00:28:31,879
Speaker 2: much higher tier. So that's going to increase your monthly payment.

588
00:28:33,640 --> 00:28:36,600
Speaker 4: Okay, all right, got it. So let's let's go into

589
00:28:38,560 --> 00:28:41,440
Speaker 4: big question how to get a good deal? You know,

590
00:28:41,600 --> 00:28:43,640
Speaker 4: that's something that people always ask, right, they want to

591
00:28:43,640 --> 00:28:46,280
Speaker 4: make sure that they are not getting ripped off and

592
00:28:46,320 --> 00:28:49,880
Speaker 4: they actually, you know, are winning in this situation. So

593
00:28:50,520 --> 00:28:51,760
Speaker 4: how do you how do you get a good deal?

594
00:28:52,320 --> 00:28:54,200
Speaker 2: So it's it's going to be a combination of all

595
00:28:54,200 --> 00:28:56,040
Speaker 2: the things we talked about, right, going in with the

596
00:28:56,080 --> 00:28:58,960
Speaker 2: right attitude, right being going in there, you know, prepared,

597
00:29:01,320 --> 00:29:03,960
Speaker 2: making sure that you know you know what vehicle you're

598
00:29:04,000 --> 00:29:06,840
Speaker 2: looking at, and doing the research, shopping around. I'll be

599
00:29:06,840 --> 00:29:10,440
Speaker 2: honest with you if I don't. Some people may like

600
00:29:10,560 --> 00:29:12,400
Speaker 2: not like this in the automotive industry, but I'm not

601
00:29:12,440 --> 00:29:15,800
Speaker 2: afraid of customers shopping around. I'll be honest with you.

602
00:29:16,080 --> 00:29:20,880
Speaker 2: It to me. A customer who comes in knowing the market,

603
00:29:21,000 --> 00:29:25,120
Speaker 2: it's an easier customer for customer for me because they're educated, right,

604
00:29:25,240 --> 00:29:27,600
Speaker 2: they know what they're looking for, they're realistic as far

605
00:29:27,600 --> 00:29:30,040
Speaker 2: as the numbers. You just have to understand how to

606
00:29:30,080 --> 00:29:32,760
Speaker 2: connect to that person. And that's where I think people

607
00:29:33,280 --> 00:29:36,880
Speaker 2: fail in the automotive industry. Salespeople fail when they a

608
00:29:36,920 --> 00:29:39,040
Speaker 2: customer comes in and says, hey, listen, I've been shopping around.

609
00:29:39,040 --> 00:29:41,120
Speaker 2: They're like, oh, you know, their shoulders go down, they

610
00:29:41,120 --> 00:29:43,719
Speaker 2: get frustrated. To me, I get excited. That means this

611
00:29:43,760 --> 00:29:45,560
Speaker 2: person is ready to buy the car. They've done all

612
00:29:45,600 --> 00:29:48,560
Speaker 2: the research. Now I just got to connect my product

613
00:29:48,640 --> 00:29:51,120
Speaker 2: to their problem. That's it. And if I can do

614
00:29:51,200 --> 00:29:52,959
Speaker 2: that and build a relationship with my client, they're going

615
00:29:53,000 --> 00:29:55,120
Speaker 2: to choose me every time. I'm not afraid of customers

616
00:29:55,120 --> 00:29:59,360
Speaker 2: shopping around. So if you have the opportunity shop around,

617
00:29:59,720 --> 00:30:04,280
Speaker 2: makes phone calls, visit dealerships. Unfortunately, some dealerships still do

618
00:30:04,360 --> 00:30:06,200
Speaker 2: business in a way where they're like, oh, you have

619
00:30:06,280 --> 00:30:07,880
Speaker 2: to come into the dealership in order for me to

620
00:30:07,920 --> 00:30:09,840
Speaker 2: give you a number. That to me is silly. I

621
00:30:09,840 --> 00:30:12,520
Speaker 2: can buy I can buy you know something on my phone.

622
00:30:13,240 --> 00:30:15,120
Speaker 2: You can buy a car on your phone. Let's be honest.

623
00:30:15,400 --> 00:30:17,600
Speaker 2: So I think the dealerships that understand that that the

624
00:30:18,160 --> 00:30:20,680
Speaker 2: speed of the transaction is key, they're going to be

625
00:30:22,840 --> 00:30:27,520
Speaker 2: more successful in this time with these customerustomers. Right, so hey,

626
00:30:27,560 --> 00:30:30,960
Speaker 2: give the number up front. Unfortunately, some dealerships will say hey,

627
00:30:30,960 --> 00:30:32,360
Speaker 2: this is the price, and then when you get into

628
00:30:32,400 --> 00:30:36,560
Speaker 2: the dealership, they change the numbers. It's something that again

629
00:30:36,600 --> 00:30:39,160
Speaker 2: it's it's unfortunate in the industry, but you have to

630
00:30:39,200 --> 00:30:42,080
Speaker 2: be willing to go into a dealership and if it's

631
00:30:42,120 --> 00:30:43,960
Speaker 2: not what they said it was, you have to be

632
00:30:44,000 --> 00:30:47,200
Speaker 2: open to walking away. That's it. Don't fall for the

633
00:30:47,200 --> 00:30:49,440
Speaker 2: pressure of like, oh, you have to do this now,

634
00:30:49,760 --> 00:30:50,920
Speaker 2: or you know. I had a customer of the day

635
00:30:50,960 --> 00:30:53,240
Speaker 2: that she says she went to a dealership and this

636
00:30:53,360 --> 00:30:55,520
Speaker 2: is a family friend, and she said she's like calling

637
00:30:55,520 --> 00:30:57,160
Speaker 2: me in a panic. She's like, they're telling me, if

638
00:30:57,160 --> 00:30:58,480
Speaker 2: I don't do today, I'm going to lose that. On

639
00:30:58,520 --> 00:31:00,680
Speaker 2: these incentives, I'm going to lose that this And I

640
00:31:00,760 --> 00:31:02,960
Speaker 2: understand the dealership is trying to sell the urgency, but

641
00:31:03,000 --> 00:31:05,160
Speaker 2: there's a way to go about that. And you don't

642
00:31:05,200 --> 00:31:07,440
Speaker 2: have to be that type of person where you're you know,

643
00:31:07,560 --> 00:31:11,080
Speaker 2: jamming somebody up or you're like, you know, high pressure

644
00:31:11,400 --> 00:31:13,640
Speaker 2: sales tactics. I don't like that. I've never done it.

645
00:31:13,800 --> 00:31:17,600
Speaker 2: I've never done business like that. Now. It's important to

646
00:31:17,760 --> 00:31:19,320
Speaker 2: know a good deal when you have it in front

647
00:31:19,320 --> 00:31:20,760
Speaker 2: of them. I tell people all the time, it's important

648
00:31:20,760 --> 00:31:23,240
Speaker 2: to negotiate a good deal it's more important to know

649
00:31:23,280 --> 00:31:25,400
Speaker 2: when you have a good deal because believe it or not.

650
00:31:25,440 --> 00:31:30,920
Speaker 2: As a customer, you can out negotiate yourself, meaning hey,

651
00:31:31,080 --> 00:31:32,920
Speaker 2: sometimes you may be at the bottom and you just

652
00:31:33,040 --> 00:31:36,160
Speaker 2: keep going, keep going, keep going, and the dealership says, hey,

653
00:31:36,160 --> 00:31:37,880
Speaker 2: look at this point, there's nothing more we can do.

654
00:31:38,240 --> 00:31:41,000
Speaker 2: You know, we're gonna move on from this. And then

655
00:31:41,040 --> 00:31:42,960
Speaker 2: you feel like, oh, they're gonna they're gonna come get me,

656
00:31:43,240 --> 00:31:45,239
Speaker 2: like they're gonna come grab me or you know. And

657
00:31:45,320 --> 00:31:47,800
Speaker 2: sometimes they do, believe or not, but sometimes they don't,

658
00:31:48,120 --> 00:31:51,040
Speaker 2: and you there is a chance that you can miss

659
00:31:51,040 --> 00:31:54,320
Speaker 2: out on an incentive that goes away because programs change

660
00:31:54,320 --> 00:31:57,280
Speaker 2: on a month to month basis. The car business is

661
00:31:57,320 --> 00:32:01,760
Speaker 2: a month to month industry where incentives and programs come out.

662
00:32:02,200 --> 00:32:05,040
Speaker 2: Normally it's every month. Sometimes some brands will change mid

663
00:32:05,080 --> 00:32:07,320
Speaker 2: month and put an incentive out there, so it's again,

664
00:32:07,360 --> 00:32:12,080
Speaker 2: it's tricky. It's I understand why it could be overwhelming

665
00:32:12,080 --> 00:32:14,160
Speaker 2: for some people. So that's why we kind of do

666
00:32:14,200 --> 00:32:17,480
Speaker 2: what we do in helping navigate customers through the process.

667
00:32:18,360 --> 00:32:21,080
Speaker 3: It's good to have somebody like you because a lot

668
00:32:21,160 --> 00:32:24,800
Speaker 3: of us we don't have the greatest negotiating skills and

669
00:32:24,840 --> 00:32:27,000
Speaker 3: so for the most part, you know this is even

670
00:32:27,000 --> 00:32:29,600
Speaker 3: an investment, Like we know, hey, I don't want to

671
00:32:29,640 --> 00:32:33,320
Speaker 3: play the MSRP or the sticker price per se.

672
00:32:33,920 --> 00:32:37,240
Speaker 2: Well, during the pandemic, people done to play pay MSRP

673
00:32:37,480 --> 00:32:39,400
Speaker 2: during during the pandemic, Like if you can get a

674
00:32:39,440 --> 00:32:42,520
Speaker 2: car MSRP, you were good. Like that's the only time

675
00:32:42,520 --> 00:32:44,400
Speaker 2: that customers were coming into the dealership saying I don't

676
00:32:44,440 --> 00:32:47,200
Speaker 2: want to pay over MSRP, I'll pay MSRP when cars

677
00:32:47,200 --> 00:32:49,280
Speaker 2: were going at fifty one hundred thousand dollars over MSRP

678
00:32:49,400 --> 00:32:50,120
Speaker 2: for some vehicles.

679
00:32:50,720 --> 00:32:54,719
Speaker 3: So what are some things that the average person should

680
00:32:54,800 --> 00:32:57,959
Speaker 3: know when trying to negotiate against the dealers? To I know,

681
00:32:58,200 --> 00:33:00,640
Speaker 3: it feels overwhelming, right, Like you guys have the numbers,

682
00:33:00,680 --> 00:33:03,240
Speaker 3: you know the cars, you know, you know the hidden

683
00:33:03,280 --> 00:33:04,840
Speaker 3: fees which we'll get into.

684
00:33:05,400 --> 00:33:06,160
Speaker 1: What should we know?

685
00:33:06,200 --> 00:33:08,080
Speaker 3: What are the things that we should be asking as

686
00:33:08,120 --> 00:33:10,440
Speaker 3: the everyday common folk coming into the dealership.

687
00:33:11,720 --> 00:33:15,320
Speaker 2: So a couple of things. Let's talk about your trade. Okay,

688
00:33:15,320 --> 00:33:19,479
Speaker 2: this is one tip that I give consumers whenever they

689
00:33:19,600 --> 00:33:21,520
Speaker 2: have a trade in vehicle or a family member whenever

690
00:33:21,560 --> 00:33:23,959
Speaker 2: they have a trade in vehicle. Now, dealerships may not

691
00:33:24,040 --> 00:33:26,360
Speaker 2: like this, but again, if you're doing business up front

692
00:33:26,480 --> 00:33:28,760
Speaker 2: and you're being honest with customers, and you're doing business

693
00:33:28,800 --> 00:33:30,480
Speaker 2: the right way, you shouldn't have an issue with this.

694
00:33:30,640 --> 00:33:32,120
Speaker 2: The dealerships who are not going to like this, or

695
00:33:32,160 --> 00:33:34,800
Speaker 2: the dealerships that are playing that shady business game. Right,

696
00:33:35,560 --> 00:33:37,360
Speaker 2: when you go into a dealership and you have a

697
00:33:37,400 --> 00:33:40,280
Speaker 2: trade in and the dealership tells you, hey, your cars

698
00:33:40,280 --> 00:33:44,080
Speaker 2: worth twenty thousand dollars, whatever the number is, the next

699
00:33:44,160 --> 00:33:47,280
Speaker 2: question you should ask is will you give me that

700
00:33:47,400 --> 00:33:52,360
Speaker 2: price if I don't buy a car here? Okay? Now,

701
00:33:52,360 --> 00:33:56,560
Speaker 2: what that does is that keeps the dealership honest. There's

702
00:33:56,600 --> 00:33:58,640
Speaker 2: the thing what's called over allowing. Right, let's just say

703
00:33:58,680 --> 00:34:01,040
Speaker 2: I have room on my new car price. Right, Like

704
00:34:01,080 --> 00:34:04,320
Speaker 2: I can come down three or four thousand dollars on

705
00:34:04,400 --> 00:34:07,640
Speaker 2: a vehicle, but right now I'm at sticker price, and

706
00:34:07,680 --> 00:34:09,399
Speaker 2: I tell you the car is you know, I look

707
00:34:09,400 --> 00:34:11,880
Speaker 2: at the vehicle's value and it's worth eighteen but I

708
00:34:11,920 --> 00:34:14,000
Speaker 2: know you want twenty. First, I say, listen, okay, I'll

709
00:34:14,000 --> 00:34:16,680
Speaker 2: give you twenty thousand dollars for your vehicle if we

710
00:34:16,680 --> 00:34:18,759
Speaker 2: can do a deal today. And you may say, you

711
00:34:18,800 --> 00:34:21,120
Speaker 2: know what, done. Let's do it now. The truth is,

712
00:34:21,239 --> 00:34:22,759
Speaker 2: did you get a really good deal in a new

713
00:34:22,760 --> 00:34:24,600
Speaker 2: car or did you get the right number on your

714
00:34:24,600 --> 00:34:27,120
Speaker 2: trade in? Right? You didn't get either of them. The

715
00:34:27,160 --> 00:34:29,960
Speaker 2: real number on your car is the eighteen thousand dollars.

716
00:34:30,440 --> 00:34:32,840
Speaker 2: I tell people all the time, don't be emotionally attached

717
00:34:32,840 --> 00:34:35,560
Speaker 2: to your trade in. And I ask customers all the time,

718
00:34:35,680 --> 00:34:37,360
Speaker 2: you know, are you emotionally attached to your car? And

719
00:34:37,360 --> 00:34:40,920
Speaker 2: they're like, yeah, I'll be honest with you. I am.

720
00:34:41,120 --> 00:34:42,920
Speaker 2: Because the value of the value, the value of the

721
00:34:43,000 --> 00:34:44,840
Speaker 2: vehicle is the value of the vehicle, plain and simple,

722
00:34:44,880 --> 00:34:47,399
Speaker 2: it goes. It's not we don't look at it as like, hey,

723
00:34:47,400 --> 00:34:49,160
Speaker 2: you raised your kids in that family. We don't look

724
00:34:49,160 --> 00:34:51,200
Speaker 2: at it like that. We look at it as, hey,

725
00:34:51,200 --> 00:34:54,120
Speaker 2: there's a value based on your ven number, the mileage,

726
00:34:54,160 --> 00:34:56,680
Speaker 2: the condition of your car, and the system's going to

727
00:34:56,719 --> 00:34:59,640
Speaker 2: put a number on that car based on what they're

728
00:34:59,680 --> 00:35:03,480
Speaker 2: selling for at this time. That's it. It's nothing personal.

729
00:35:05,520 --> 00:35:08,799
Speaker 2: Like I said, be more information you have, you can

730
00:35:08,840 --> 00:35:10,759
Speaker 2: go online. You can go to sites like car max

731
00:35:10,800 --> 00:35:14,040
Speaker 2: or Carvana and punching your information and they will give

732
00:35:14,080 --> 00:35:16,279
Speaker 2: you a number on your car. They will give you

733
00:35:16,280 --> 00:35:18,680
Speaker 2: a value of your vehicle. Now, everybody's going to look

734
00:35:18,680 --> 00:35:20,799
Speaker 2: at your vehicle a little bit differently. Right. It's like

735
00:35:20,920 --> 00:35:22,919
Speaker 2: if I have ten of those cars on my lot,

736
00:35:23,600 --> 00:35:25,080
Speaker 2: I may look at it as like, all right, I

737
00:35:25,080 --> 00:35:26,400
Speaker 2: may have to give them a little bit less so

738
00:35:26,440 --> 00:35:28,640
Speaker 2: I can help move this vehicle. So those are things

739
00:35:28,640 --> 00:35:31,520
Speaker 2: you have to factor into the equation. But be open

740
00:35:31,560 --> 00:35:34,279
Speaker 2: minded when you're looking. When you're going into a dealership

741
00:35:34,719 --> 00:35:37,040
Speaker 2: to buy a car, you want to have a budget

742
00:35:37,080 --> 00:35:39,359
Speaker 2: in mind right where you need to be, like your

743
00:35:39,360 --> 00:35:41,920
Speaker 2: comfort zone or where you're you know what the max

744
00:35:42,000 --> 00:35:44,640
Speaker 2: is you're willing to go. But keep that information in

745
00:35:44,719 --> 00:35:48,000
Speaker 2: your pocket, right in your back pocket. Don't rush to

746
00:35:48,080 --> 00:35:50,839
Speaker 2: tell the dealership when a salesperson asks you, well, what's

747
00:35:50,840 --> 00:35:54,520
Speaker 2: your budget? I don't know yet. I want to I

748
00:35:54,520 --> 00:35:56,080
Speaker 2: want to see the car. I want to see if

749
00:35:56,120 --> 00:35:58,080
Speaker 2: it's the right fit for me, my family, and I'd

750
00:35:58,160 --> 00:36:01,600
Speaker 2: like to get some information. That's the answer when you

751
00:36:01,600 --> 00:36:03,640
Speaker 2: come out and you say my budget's you know, five

752
00:36:03,760 --> 00:36:04,439
Speaker 2: hundred dollars a month.

753
00:36:04,480 --> 00:36:04,880
Speaker 1: Yes, what you did?

754
00:36:04,960 --> 00:36:06,799
Speaker 2: You just set either the ceiling or the floor for

755
00:36:06,840 --> 00:36:11,239
Speaker 2: the negotiation. Right, So one I tell salespeople all the time,

756
00:36:11,360 --> 00:36:14,680
Speaker 2: don't ask that question. Don't ask customers what their budget is.

757
00:36:15,000 --> 00:36:17,200
Speaker 2: There's no reason to do that. The truth is, you

758
00:36:17,239 --> 00:36:20,320
Speaker 2: want to give your number up front, right, the dealership

759
00:36:20,320 --> 00:36:22,000
Speaker 2: should be giving you the first number and telling you

760
00:36:22,040 --> 00:36:24,759
Speaker 2: what the vehicle's going for, and then you start the negotiation,

761
00:36:25,480 --> 00:36:26,080
Speaker 2: plain and simple.

762
00:36:27,280 --> 00:36:31,120
Speaker 4: What's some tactics that dealerships use to upsell bars?

763
00:36:32,760 --> 00:36:39,520
Speaker 2: Tactics is a tricky word, strategies. So you know, listen,

764
00:36:39,719 --> 00:36:42,520
Speaker 2: it's the dealership is there to make to do business right.

765
00:36:43,000 --> 00:36:45,319
Speaker 2: I don't believe in you know, the dealership is not

766
00:36:45,360 --> 00:36:46,960
Speaker 2: there to rip you off, and I don't think for

767
00:36:46,960 --> 00:36:49,080
Speaker 2: the most part, most dealerships are there to rip you off.

768
00:36:49,400 --> 00:36:51,319
Speaker 2: They're there to sell you a product. Now, whether the

769
00:36:51,440 --> 00:36:54,520
Speaker 2: product makes sense to you or not, that's the decision

770
00:36:54,680 --> 00:36:59,520
Speaker 2: you have to make. Right, Like rim entire protection, you

771
00:36:59,560 --> 00:37:02,520
Speaker 2: guys have cars and that some of them may need

772
00:37:02,600 --> 00:37:05,640
Speaker 2: rim and tire protection, some of them may not. You

773
00:37:05,760 --> 00:37:08,600
Speaker 2: have to determine if it makes sense. Let's say, you know,

774
00:37:08,760 --> 00:37:11,520
Speaker 2: on certain vehicles, Let's say you have a vehicle that

775
00:37:11,560 --> 00:37:13,760
Speaker 2: has a nicer rim or more expensive rim and tire,

776
00:37:14,200 --> 00:37:16,200
Speaker 2: the rim and tire insurance is going to be higher.

777
00:37:16,280 --> 00:37:18,040
Speaker 2: Let's just say it's you know, two to three thousand

778
00:37:18,040 --> 00:37:20,000
Speaker 2: dollars for it. You have to ask yourself, well, wait

779
00:37:20,000 --> 00:37:23,960
Speaker 2: a minute, if I get if the tire is eighteen

780
00:37:24,000 --> 00:37:26,160
Speaker 2: the rim and tires, you know, eighteen hundred dollars for

781
00:37:26,160 --> 00:37:29,480
Speaker 2: a rim and tire, How many flat tires am I

782
00:37:29,520 --> 00:37:31,239
Speaker 2: going to have before this kind of pays off? It?

783
00:37:31,280 --> 00:37:33,799
Speaker 2: Maybe just two? And you know that based on where

784
00:37:33,840 --> 00:37:36,280
Speaker 2: you live and how you drive, you've had twelve flat

785
00:37:36,280 --> 00:37:38,680
Speaker 2: tires in the last year. Tire insurance is a great investment.

786
00:37:40,840 --> 00:37:42,880
Speaker 2: Ding and den protection are things that you know can

787
00:37:42,920 --> 00:37:45,960
Speaker 2: be sold aftermarket items right that the dealership may sell you.

788
00:37:46,400 --> 00:37:48,520
Speaker 2: If you're someone who you know your car gets beat

789
00:37:48,600 --> 00:37:50,839
Speaker 2: up during your lease and at the end of the lease,

790
00:37:50,920 --> 00:37:52,520
Speaker 2: you don't want to have that big bill. That may

791
00:37:52,520 --> 00:37:55,680
Speaker 2: be something you want to consider. The warranty. If you

792
00:37:55,760 --> 00:37:58,560
Speaker 2: plan on keeping this car a long time, you may

793
00:37:58,600 --> 00:38:01,440
Speaker 2: want to buy that additional warranty of on. Now again

794
00:38:01,680 --> 00:38:04,640
Speaker 2: doing your research finding out what those warranties should be

795
00:38:04,680 --> 00:38:07,880
Speaker 2: selling for. Maybe even if you can get them outside.

796
00:38:07,880 --> 00:38:10,560
Speaker 2: Sometimes you can get them outside or after the fact

797
00:38:10,600 --> 00:38:13,200
Speaker 2: you can. You can look into that. But the dealership

798
00:38:13,280 --> 00:38:15,680
Speaker 2: is not there, and I should say shouldn't be there

799
00:38:16,120 --> 00:38:18,239
Speaker 2: to rip you off. I'll be honest with you. I

800
00:38:18,280 --> 00:38:21,480
Speaker 2: can't stand when dealerships do that because it gives me

801
00:38:21,520 --> 00:38:24,640
Speaker 2: a bad rap. Right, that's the industry I'm in. So

802
00:38:25,440 --> 00:38:30,680
Speaker 2: when people or dealerships are taking advantage of consumers, that

803
00:38:30,760 --> 00:38:33,440
Speaker 2: really aggravates me, Like, there's no reason to do that.

804
00:38:33,800 --> 00:38:36,600
Speaker 2: If you do business like I said, if you're honest,

805
00:38:36,640 --> 00:38:40,360
Speaker 2: you're upfront, and you're knowledgeable, you can make plenty of

806
00:38:40,360 --> 00:38:42,640
Speaker 2: money in the industry because if you take care of people,

807
00:38:42,719 --> 00:38:44,799
Speaker 2: they'll send them to you. They'll send their friends and

808
00:38:44,840 --> 00:38:47,280
Speaker 2: family to you, as you guys have right, you guys,

809
00:38:47,480 --> 00:38:50,960
Speaker 2: I've sold cars to multiple family members of yours because

810
00:38:51,000 --> 00:38:53,440
Speaker 2: I think you know that. Hey one, I'm knowledgeable and

811
00:38:53,600 --> 00:38:56,120
Speaker 2: I'm not gonna I've never had to hide my face

812
00:38:56,120 --> 00:38:59,200
Speaker 2: in a restaurant because I saw a customer that I

813
00:38:59,320 --> 00:39:01,200
Speaker 2: took advantage of. I don't have to do that. On

814
00:39:01,280 --> 00:39:04,160
Speaker 2: the contrary, I have customers send me over a bottle

815
00:39:04,200 --> 00:39:05,719
Speaker 2: of wine when I'm sitting in the restaurant because they

816
00:39:05,719 --> 00:39:07,400
Speaker 2: saw me and they're like, oh, that's the guy who

817
00:39:07,400 --> 00:39:10,080
Speaker 2: hooked me up in my car. Right, So do business

818
00:39:10,080 --> 00:39:12,680
Speaker 2: the right way. It's a long term business. This I

819
00:39:12,719 --> 00:39:15,399
Speaker 2: would put this out there for any young salespeople who

820
00:39:15,440 --> 00:39:19,400
Speaker 2: are in the industry. This is a long term career,

821
00:39:19,760 --> 00:39:23,480
Speaker 2: all right. The industry can create you an incredible life.

822
00:39:23,520 --> 00:39:29,279
Speaker 2: I have wife, beautiful kids, and it's all because of

823
00:39:29,280 --> 00:39:32,359
Speaker 2: the car business. You guys know, I'm a ged student. Right,

824
00:39:32,360 --> 00:39:33,799
Speaker 2: We're gonna get off the topic a little bit. I'm

825
00:39:33,840 --> 00:39:37,800
Speaker 2: a ged student. I grew up East New York, Brooklyn,

826
00:39:38,120 --> 00:39:42,880
Speaker 2: Queens area and immigrant parents worked hard my whole life.

827
00:39:44,080 --> 00:39:45,320
Speaker 2: Had a kid when I was found out I was

828
00:39:45,320 --> 00:39:46,960
Speaker 2: having a baby, a nineteen years old, twenty years old,

829
00:39:47,000 --> 00:39:49,920
Speaker 2: had a baby, and I got into the car business.

830
00:39:50,040 --> 00:39:51,920
Speaker 2: And when I did, I said, you know what, I'm

831
00:39:51,920 --> 00:39:54,480
Speaker 2: gonna be honest the upfront of be knowledgeable, take care

832
00:39:54,480 --> 00:39:56,719
Speaker 2: of my clients. And the first customer I ever sold

833
00:39:56,719 --> 00:39:59,360
Speaker 2: a car to he still buys cars for me today,

834
00:40:00,000 --> 00:40:02,480
Speaker 2: twenty something years ago. You know, some of my best

835
00:40:02,480 --> 00:40:04,399
Speaker 2: friends in this world are people that I met through

836
00:40:04,760 --> 00:40:08,799
Speaker 2: selling them cars. And it's a great career if you

837
00:40:08,840 --> 00:40:10,440
Speaker 2: do it the right way. So that's why I say

838
00:40:10,600 --> 00:40:13,040
Speaker 2: when these some of these dealerships that do underhanded business

839
00:40:13,120 --> 00:40:16,759
Speaker 2: or sleazy business, shame on them because they make it

840
00:40:16,800 --> 00:40:18,480
Speaker 2: bad for everybody else. And this is why we have

841
00:40:18,520 --> 00:40:19,560
Speaker 2: to have these kind of calls.

842
00:40:19,600 --> 00:40:23,200
Speaker 1: So that's important. Man. Now you speaking the language.

843
00:40:23,200 --> 00:40:26,040
Speaker 3: Man, I've sat in that finance manager's office a few

844
00:40:26,080 --> 00:40:29,560
Speaker 3: times after you've signed your lease and then it's like, wait,

845
00:40:29,800 --> 00:40:32,120
Speaker 3: you know, here comes the dink and duck insurance and

846
00:40:32,160 --> 00:40:35,160
Speaker 3: the windshield protect the insurance, and the rim insurance, and

847
00:40:35,200 --> 00:40:38,040
Speaker 3: then your power mats. And I'm like, yo, do we

848
00:40:38,120 --> 00:40:39,960
Speaker 3: really need all this? And you end up using none

849
00:40:40,000 --> 00:40:41,480
Speaker 3: of it? And you're like, why did I do that?

850
00:40:41,600 --> 00:40:43,960
Speaker 1: Next time? I'm not going to next time happens and

851
00:40:44,000 --> 00:40:44,560
Speaker 1: you do it again.

852
00:40:45,320 --> 00:40:47,440
Speaker 2: So that's just it is. When I talked about being

853
00:40:47,480 --> 00:40:50,759
Speaker 2: prepared and going in there, you know, and checking your ego, right,

854
00:40:50,800 --> 00:40:55,080
Speaker 2: be your your emotions. Also, like it's a car. Okay,

855
00:40:55,520 --> 00:40:59,080
Speaker 2: Like it's a car, So listen over the mats. Yeah,

856
00:40:59,160 --> 00:41:01,239
Speaker 2: get over the mats, especially if your car gets dirty

857
00:41:01,320 --> 00:41:02,839
Speaker 2: getting in and out of the car. Get to old

858
00:41:02,960 --> 00:41:05,560
Speaker 2: the match. It makes sense now, you know, as far

859
00:41:05,600 --> 00:41:07,960
Speaker 2: as other items. Don't feel like you're being gent up.

860
00:41:07,960 --> 00:41:09,839
Speaker 2: And the biggest thing is don't be afraid to get

861
00:41:09,920 --> 00:41:12,680
Speaker 2: up and walk away. Don't feel like, hey, I've already

862
00:41:12,680 --> 00:41:16,160
Speaker 2: sat here for six hours. You know, it's only twenty

863
00:41:16,200 --> 00:41:19,200
Speaker 2: bucks a month. More like, if it's something you don't need,

864
00:41:19,320 --> 00:41:20,879
Speaker 2: don't be afraid to say, hey, listen, you know what

865
00:41:20,960 --> 00:41:24,200
Speaker 2: this is now getting a little bit overwhelming. I think

866
00:41:24,239 --> 00:41:26,319
Speaker 2: I'm going to go. I'll come back in another time

867
00:41:26,520 --> 00:41:30,640
Speaker 2: and see how the situation changes. So again, some dealerships

868
00:41:30,640 --> 00:41:32,160
Speaker 2: are not going to like this conversation, but I'll be

869
00:41:32,200 --> 00:41:35,000
Speaker 2: honest with you, I think it's necessary for them and

870
00:41:35,040 --> 00:41:35,680
Speaker 2: for the consumer.

871
00:41:36,719 --> 00:41:39,960
Speaker 3: You talked about some of the hidden fees that'll sneak

872
00:41:40,040 --> 00:41:41,680
Speaker 3: up on us. One of the things in the lease

873
00:41:41,800 --> 00:41:44,879
Speaker 3: is that there's an early termination fee, and then there's

874
00:41:44,880 --> 00:41:46,920
Speaker 3: a fee at the end, at the end of your leaset.

875
00:41:47,000 --> 00:41:48,759
Speaker 3: Talk about that because I don't think people go into it.

876
00:41:48,760 --> 00:41:50,279
Speaker 3: They say, I'm gonna do this lease. I'm gonna do

877
00:41:50,320 --> 00:41:53,120
Speaker 3: it for thirty six months, thirty nine months, and they

878
00:41:53,160 --> 00:41:54,879
Speaker 3: don't take into account for some of the other things

879
00:41:54,880 --> 00:41:56,160
Speaker 3: that they're going to pay when at least is over.

880
00:41:56,880 --> 00:41:59,520
Speaker 2: So it's not a hidden fee. It's actually on your contract.

881
00:41:59,600 --> 00:42:02,879
Speaker 2: This is fee is on the contract. The disposition fee

882
00:42:02,880 --> 00:42:04,879
Speaker 2: is a fee to turn the vehicle back in. It's

883
00:42:04,920 --> 00:42:09,359
Speaker 2: basically basically for processing the end of your least termination right.

884
00:42:09,400 --> 00:42:10,840
Speaker 2: They have to close out the account. They have to

885
00:42:10,840 --> 00:42:12,960
Speaker 2: pick up the vehicle, things of the nature, right, so

886
00:42:13,320 --> 00:42:15,640
Speaker 2: it's spilled out. It's anywhere between three hundred ninety five

887
00:42:15,640 --> 00:42:17,640
Speaker 2: dollars to five hundred and ninety five dollars. But there's

888
00:42:17,640 --> 00:42:20,239
Speaker 2: a box on the top of the of the contract

889
00:42:20,239 --> 00:42:23,040
Speaker 2: that will say disposition fee. Again, this is why I

890
00:42:23,080 --> 00:42:25,799
Speaker 2: said it's important to not just have the person who's

891
00:42:25,840 --> 00:42:28,160
Speaker 2: signing you out to say, hey, this is your payment,

892
00:42:28,200 --> 00:42:30,359
Speaker 2: that's your vein number, sign right here. That's not how

893
00:42:30,400 --> 00:42:32,520
Speaker 2: it works. I want to go over the contract now.

894
00:42:32,680 --> 00:42:34,239
Speaker 2: You don't have to read the back of it. Those

895
00:42:34,239 --> 00:42:37,959
Speaker 2: are typical. I mean, those contracts are basically the same

896
00:42:37,960 --> 00:42:40,560
Speaker 2: for every lease. But as long as you're going over

897
00:42:40,600 --> 00:42:43,120
Speaker 2: the numbers, like what's how many miles per year am

898
00:42:43,120 --> 00:42:45,160
Speaker 2: I getting? That's huge. I can't. I can't tell you

899
00:42:45,200 --> 00:42:47,359
Speaker 2: how many people have told me, Well, the dealership told

900
00:42:47,400 --> 00:42:49,239
Speaker 2: me I was getting twelve thousand miles a year, but

901
00:42:49,320 --> 00:42:52,040
Speaker 2: my contract says ten. Well did you did you ask

902
00:42:52,040 --> 00:42:52,880
Speaker 2: them when you signed it?

903
00:42:52,880 --> 00:42:53,040
Speaker 4: Well?

904
00:42:53,080 --> 00:42:55,080
Speaker 2: No, I didn't. I just signed Stop it. This is

905
00:42:55,080 --> 00:42:58,680
Speaker 2: a big purchase. Take the time to read the contract,

906
00:42:59,040 --> 00:43:02,759
Speaker 2: make sure it's exactly what you expected, Okay, and again,

907
00:43:02,800 --> 00:43:04,560
Speaker 2: don't be afraid to get up and say, hey, listen,

908
00:43:04,640 --> 00:43:06,760
Speaker 2: you know what, this is not what we talked about.

909
00:43:06,920 --> 00:43:09,319
Speaker 2: I'm gonna go. I'm gonna you know, maybe I'll come

910
00:43:09,320 --> 00:43:13,319
Speaker 2: back if that makes sense.

911
00:43:13,400 --> 00:43:16,440
Speaker 4: Sorry, all right, so let's let's all right, So let's

912
00:43:16,520 --> 00:43:19,160
Speaker 4: let's have this deep dive into this conversation about leasing

913
00:43:19,200 --> 00:43:20,920
Speaker 4: and finance. And I know we talked about it briefly,

914
00:43:20,960 --> 00:43:23,960
Speaker 4: but yeah, that's that's that's the question that people always

915
00:43:23,960 --> 00:43:24,680
Speaker 4: ask all the time.

916
00:43:27,960 --> 00:43:31,040
Speaker 2: So again, personal preference. This is all based on your

917
00:43:31,200 --> 00:43:34,160
Speaker 2: personal experience and what you need the vehicle for. Right,

918
00:43:34,239 --> 00:43:37,359
Speaker 2: there is no right or wrong leasing or financing. You know,

919
00:43:37,400 --> 00:43:39,799
Speaker 2: some people I get a lot of people that say, well,

920
00:43:39,840 --> 00:43:43,600
Speaker 2: I drive too many miles a year to lease. I

921
00:43:43,719 --> 00:43:47,600
Speaker 2: personally think that if you are doing more mileage, let's

922
00:43:47,600 --> 00:43:51,480
Speaker 2: say fifteen eighteen thousand miles a year, you are better

923
00:43:51,520 --> 00:43:53,960
Speaker 2: off and you want a new car, right, you are

924
00:43:54,080 --> 00:43:57,840
Speaker 2: better off leasing the vehicle. I know this is contrary

925
00:43:57,880 --> 00:44:02,839
Speaker 2: to what most people will tell you. Now you can

926
00:44:02,880 --> 00:44:05,319
Speaker 2: do leases that are Some banks even offer seventy five

927
00:44:05,360 --> 00:44:10,000
Speaker 2: hundred miles a year, ten twelve, fifteen, eighteen, twenty thousand

928
00:44:10,040 --> 00:44:12,920
Speaker 2: miles year leases. Once you get into that twenty thousand

929
00:44:12,920 --> 00:44:17,240
Speaker 2: miles of year lease or over that, normally the residual value.

930
00:44:17,280 --> 00:44:19,879
Speaker 2: So the estimated value of the vehicle at the end

931
00:44:19,920 --> 00:44:23,480
Speaker 2: of that lease drops significantly, right, because the vehicle is

932
00:44:23,520 --> 00:44:25,640
Speaker 2: going to have a lot of mileage, and the bank understands, hey,

933
00:44:25,640 --> 00:44:26,880
Speaker 2: this car is not going to be worth much when

934
00:44:26,920 --> 00:44:30,280
Speaker 2: it comes back, so they're going to drop that residual value.

935
00:44:30,480 --> 00:44:33,239
Speaker 2: And remember you're paying on the depreciation the difference between

936
00:44:33,280 --> 00:44:36,120
Speaker 2: the selling price and the residual so your payments are

937
00:44:36,160 --> 00:44:38,279
Speaker 2: going to be higher, but you're using the car more.

938
00:44:38,440 --> 00:44:41,840
Speaker 2: And yes, it is like renting a car. Okay, people say, oh,

939
00:44:41,880 --> 00:44:43,480
Speaker 2: it's listen, it's like it's like renting a car. Never

940
00:44:43,480 --> 00:44:45,160
Speaker 2: own it, Well, you don't own We talked about this

941
00:44:45,239 --> 00:44:48,239
Speaker 2: last time. You don't own the car when you finance it. Right,

942
00:44:48,320 --> 00:44:50,600
Speaker 2: when you have a seventy two month finance. You don't

943
00:44:50,600 --> 00:44:52,640
Speaker 2: own that car until you make that last payment. And

944
00:44:52,680 --> 00:44:54,920
Speaker 2: guess what, most people never get to that point where

945
00:44:54,960 --> 00:44:57,240
Speaker 2: they make the last payment, either they traded in early

946
00:44:57,680 --> 00:44:59,960
Speaker 2: or they you know, they sell the vehicle the vehicle's total.

947
00:45:00,320 --> 00:45:02,200
Speaker 2: So the truth is, you never own the car anywhere

948
00:45:03,719 --> 00:45:07,200
Speaker 2: on a lease when you are doing that high mileage.

949
00:45:07,560 --> 00:45:11,040
Speaker 2: So I asked this question, if you were doing your mortgage,

950
00:45:11,080 --> 00:45:13,480
Speaker 2: would you want an adjustable rate mortgage or a fixed

951
00:45:13,520 --> 00:45:14,239
Speaker 2: rate mortgage?

952
00:45:15,320 --> 00:45:15,839
Speaker 1: Fix rate?

953
00:45:16,640 --> 00:45:17,520
Speaker 2: Why?

954
00:45:18,120 --> 00:45:19,840
Speaker 3: Because I know it's going to be the same payment

955
00:45:19,880 --> 00:45:22,000
Speaker 3: consistently throughout the term of the lease.

956
00:45:22,480 --> 00:45:24,919
Speaker 2: Same thing on the lease, right on the lease. It's

957
00:45:24,920 --> 00:45:27,000
Speaker 2: like having a fixed rate mortgage. I know what my

958
00:45:27,080 --> 00:45:33,160
Speaker 2: true cost of ownership is. Meaning if I'm putting fifteen

959
00:45:33,200 --> 00:45:36,880
Speaker 2: thousand miles a year on my lease and my friend

960
00:45:36,920 --> 00:45:39,520
Speaker 2: is putting fifteen thousand miles a year on their finance,

961
00:45:42,360 --> 00:45:45,239
Speaker 2: the depreciation, the depreciation of that vehicle is going to

962
00:45:45,280 --> 00:45:48,520
Speaker 2: be accelerated because we're driving the cars more. Right. I

963
00:45:48,560 --> 00:45:52,400
Speaker 2: don't really care that it's being accelerated because I just

964
00:45:52,520 --> 00:45:54,200
Speaker 2: know what my payments are going to be every month.

965
00:45:54,480 --> 00:45:57,160
Speaker 2: I know I'm going to have X amount of services

966
00:45:57,239 --> 00:45:59,560
Speaker 2: due between those three years or however long I lease

967
00:45:59,600 --> 00:46:03,160
Speaker 2: my car. This person, my friend has to worry about, Hey,

968
00:46:03,200 --> 00:46:05,440
Speaker 2: what is my car worth now? And you really never know.

969
00:46:05,719 --> 00:46:09,040
Speaker 2: It's all a guess, right, especially if something happens with

970
00:46:09,080 --> 00:46:12,920
Speaker 2: the vehicle. A new model comes out, maybe the technologies

971
00:46:13,400 --> 00:46:16,920
Speaker 2: is improved in the vehicle, right, so their value of

972
00:46:16,960 --> 00:46:18,799
Speaker 2: the vehicle. That's something they have to be concerned with.

973
00:46:18,960 --> 00:46:20,759
Speaker 2: I don't have to be concerned with that because I

974
00:46:20,800 --> 00:46:23,000
Speaker 2: know at the end of my three years, I'm just

975
00:46:23,000 --> 00:46:24,560
Speaker 2: going to give the car back and get another one.

976
00:46:25,560 --> 00:46:28,479
Speaker 2: And not to mention, when you're financing the vehicle, you're

977
00:46:28,520 --> 00:46:33,320
Speaker 2: financing the entire price of the car, okay, plus tax

978
00:46:33,440 --> 00:46:35,640
Speaker 2: on the entire price of the car. On a lease,

979
00:46:36,080 --> 00:46:39,560
Speaker 2: you're only paying the depreciation and you're only paying tax

980
00:46:39,719 --> 00:46:42,480
Speaker 2: on the lease portion. Now this varies from state to state.

981
00:46:42,600 --> 00:46:45,080
Speaker 2: Some states will have you pay taxes on the whole vehicle.

982
00:46:45,360 --> 00:46:47,560
Speaker 2: Some states, like New York, it's based on the monthly

983
00:46:47,600 --> 00:46:50,760
Speaker 2: payment times the term. So let's say it's thirty six months.

984
00:46:50,800 --> 00:46:53,120
Speaker 2: So let's just say the payment's five hundred times thirty

985
00:46:53,160 --> 00:46:55,800
Speaker 2: six months times whatever your tax rate is in that state.

986
00:46:56,360 --> 00:46:59,239
Speaker 2: That's how much you paying taxes. So there are benefits

987
00:46:59,320 --> 00:47:02,560
Speaker 2: to leasing when you are doing a lot of mileage.

988
00:47:03,200 --> 00:47:04,960
Speaker 2: The other thing is if you are using it for

989
00:47:05,000 --> 00:47:08,640
Speaker 2: business purposes. People don't understand that you don't necessarily have

990
00:47:08,680 --> 00:47:10,480
Speaker 2: to put the vehicle in your name, in your in

991
00:47:10,520 --> 00:47:13,319
Speaker 2: your company name. If you are let's say the vehicle

992
00:47:13,360 --> 00:47:15,360
Speaker 2: is under six thousand pounds. You can still write that

993
00:47:15,480 --> 00:47:18,000
Speaker 2: vehicle off, but you're writing it off differently. You're writing

994
00:47:18,040 --> 00:47:20,239
Speaker 2: it off, you're writing off your mileage, usage, things of

995
00:47:20,280 --> 00:47:22,160
Speaker 2: the nature. So you got to be very careful with that.

996
00:47:22,200 --> 00:47:24,120
Speaker 2: You have to track it. You have to be accurate

997
00:47:24,120 --> 00:47:26,719
Speaker 2: with it because the last thing you want to do

998
00:47:26,800 --> 00:47:28,880
Speaker 2: is if you get audited, they will come check, Hey,

999
00:47:28,920 --> 00:47:30,640
Speaker 2: what are you using it? You know, where's your logs

1000
00:47:30,680 --> 00:47:33,400
Speaker 2: as far as your mileage? Where were you going that

1001
00:47:33,480 --> 00:47:36,360
Speaker 2: you're tracking this If some if you're going to deduct

1002
00:47:36,680 --> 00:47:39,960
Speaker 2: one hundred percent of your mileage, you got to be

1003
00:47:39,960 --> 00:47:41,719
Speaker 2: able to show that that's what you use the vehicle for.

1004
00:47:41,760 --> 00:47:43,160
Speaker 2: A lot of people don't know that. You have to

1005
00:47:43,200 --> 00:47:45,719
Speaker 2: be very careful with the new laws. I know that's

1006
00:47:45,760 --> 00:47:47,160
Speaker 2: something you want to talk about. The new laws. As

1007
00:47:47,160 --> 00:47:51,920
Speaker 2: far as tax incentives, those have changed drastically. So again,

1008
00:47:52,280 --> 00:47:54,440
Speaker 2: financing is great for some people if you plan on

1009
00:47:54,560 --> 00:47:57,440
Speaker 2: keeping the car, you know, seven, eight, nine, ten years,

1010
00:47:57,560 --> 00:48:00,240
Speaker 2: and you know historically you drive the car and you

1011
00:48:00,239 --> 00:48:01,719
Speaker 2: you know, you run it into the grounds or you

1012
00:48:01,760 --> 00:48:05,400
Speaker 2: give it to your kids or whoever it is. If

1013
00:48:05,480 --> 00:48:07,399
Speaker 2: you do buy the car and they do have really

1014
00:48:07,400 --> 00:48:10,840
Speaker 2: good interest rates, I would say that's good. That's a

1015
00:48:10,840 --> 00:48:13,440
Speaker 2: good reason to do it. But if you're looking, if

1016
00:48:13,440 --> 00:48:15,480
Speaker 2: you normally ask people how often do you change cars,

1017
00:48:15,480 --> 00:48:17,320
Speaker 2: then like, oh, every three to four years. But I

1018
00:48:17,320 --> 00:48:19,520
Speaker 2: don't like the lease. I'm like, well, you kind of

1019
00:48:19,640 --> 00:48:21,759
Speaker 2: are leasing, but you know you're financing and then just

1020
00:48:22,040 --> 00:48:24,040
Speaker 2: you know, rolling negative equity into the new car, So

1021
00:48:24,080 --> 00:48:25,239
Speaker 2: you're better off leasing up front.

1022
00:48:26,200 --> 00:48:27,520
Speaker 1: Yeah, because let's talk about that.

1023
00:48:27,640 --> 00:48:30,480
Speaker 3: And I think probably twenty twenty one, and shout out

1024
00:48:30,480 --> 00:48:33,560
Speaker 3: to miss Business, we talked about the six thousand pound

1025
00:48:33,640 --> 00:48:35,760
Speaker 3: rule and how you can write up one hundred percent

1026
00:48:36,800 --> 00:48:38,640
Speaker 3: towards if it's in your business name.

1027
00:48:38,880 --> 00:48:39,680
Speaker 1: But that's changed.

1028
00:48:40,000 --> 00:48:41,799
Speaker 3: And this is something that I discovered when we were

1029
00:48:41,800 --> 00:48:44,279
Speaker 3: trying to get a car maybe a year ago and

1030
00:48:44,320 --> 00:48:47,080
Speaker 3: I was looking for that same six thousand pound rule.

1031
00:48:47,520 --> 00:48:49,120
Speaker 1: It went from one hundred percent one year.

1032
00:48:49,120 --> 00:48:50,719
Speaker 3: I know in twenty twenty six it goes down to

1033
00:48:50,760 --> 00:48:54,280
Speaker 3: eighty percent, and then by twenty twenty is it twenty

1034
00:48:54,280 --> 00:48:56,239
Speaker 3: twenty nine it phases out like you won't be able

1035
00:48:56,239 --> 00:48:59,920
Speaker 3: to use that same tax incentive. So we actually did

1036
00:49:00,120 --> 00:49:02,960
Speaker 3: a different strategy this this year with the car and said,

1037
00:49:02,960 --> 00:49:05,160
Speaker 3: all right, we're gonna lease it and we're gonna go

1038
00:49:05,200 --> 00:49:09,440
Speaker 3: ev talk about the differences incentives of using your business

1039
00:49:09,560 --> 00:49:11,800
Speaker 3: for the tax incentive use and getting a vehicle.

1040
00:49:12,520 --> 00:49:15,000
Speaker 2: So let's be clear. I'm not a tax attorney or

1041
00:49:15,440 --> 00:49:18,040
Speaker 2: an accountant, so you definitely want to speak to whoever

1042
00:49:18,040 --> 00:49:20,600
Speaker 2: your accountant is. And you did this too, speak to

1043
00:49:20,640 --> 00:49:23,440
Speaker 2: your account before. If this is you know, one of

1044
00:49:23,520 --> 00:49:25,480
Speaker 2: the factors in you buying a car, make sure you

1045
00:49:25,520 --> 00:49:29,040
Speaker 2: speak to your accountant. Look up the information, and like

1046
00:49:29,080 --> 00:49:31,360
Speaker 2: I said, be prepared when you are doing this, because

1047
00:49:31,560 --> 00:49:34,560
Speaker 2: what I'm seeing and I've looked on the IRS website,

1048
00:49:34,600 --> 00:49:36,440
Speaker 2: I looked on there's another website called the Section one

1049
00:49:36,480 --> 00:49:40,279
Speaker 2: seventy nine dot org and they talk about it where vehicles.

1050
00:49:41,800 --> 00:49:44,280
Speaker 2: From my understanding now, they've dropped it to the amount

1051
00:49:44,360 --> 00:49:47,400
Speaker 2: that you can write off. It's also based on your usage,

1052
00:49:48,120 --> 00:49:50,280
Speaker 2: So the vehicle has to be used for fifty percent

1053
00:49:50,560 --> 00:49:54,680
Speaker 2: sorry over fifty percent of the usage has to be

1054
00:49:54,760 --> 00:49:56,799
Speaker 2: for business in order for you to write it off.

1055
00:49:56,960 --> 00:49:59,200
Speaker 2: And again this if you get audited, they're gonna come

1056
00:49:59,239 --> 00:50:01,560
Speaker 2: and they're gonna they want see those logs as far

1057
00:50:01,560 --> 00:50:04,759
Speaker 2: as how you're using that vehicle, right, and from my understanding,

1058
00:50:04,800 --> 00:50:08,040
Speaker 2: the limit now for twenty twenty five is the Section

1059
00:50:08,320 --> 00:50:11,240
Speaker 2: one seventy nine deduction is thirty one thousand, three hundred

1060
00:50:11,239 --> 00:50:15,080
Speaker 2: dollars for vehicles that are over seventy five thousand and

1061
00:50:15,480 --> 00:50:19,760
Speaker 2: greater than six thousand pounds. Okay, so now here's.

1062
00:50:19,520 --> 00:50:20,080
Speaker 4: How it works.

1063
00:50:21,600 --> 00:50:24,880
Speaker 2: If you're only using that vehicle for forty percent of

1064
00:50:25,640 --> 00:50:27,440
Speaker 2: the usage, is you're being used for business, then you

1065
00:50:27,440 --> 00:50:29,560
Speaker 2: can only write off that forty percent. It's not the

1066
00:50:29,600 --> 00:50:32,359
Speaker 2: whole vehicle anymore like it used to be. So again,

1067
00:50:32,560 --> 00:50:35,319
Speaker 2: very important that you're looking at that vehicles under six

1068
00:50:35,360 --> 00:50:37,560
Speaker 2: thousand pounds. So let's say your personal vehicle. If you're

1069
00:50:37,719 --> 00:50:39,520
Speaker 2: you know, you're not using a heavy duty vehicle. You're not,

1070
00:50:39,560 --> 00:50:41,719
Speaker 2: you're using those big SUVs. You can still write them off,

1071
00:50:41,840 --> 00:50:44,800
Speaker 2: but that number change for twenty twenty five to twenty thousand,

1072
00:50:44,880 --> 00:50:48,440
Speaker 2: four hundred, as long as the vehicle's being used for

1073
00:50:48,960 --> 00:50:52,279
Speaker 2: primarily for business users. Again, not a tax attorney, not

1074
00:50:52,360 --> 00:50:55,040
Speaker 2: an accountant. Definitely want to speak to your accountant and

1075
00:50:55,560 --> 00:50:58,000
Speaker 2: to make sure you're you're in line, because this is

1076
00:50:58,000 --> 00:50:59,239
Speaker 2: one thing you don't want to mess with when it

1077
00:50:59,239 --> 00:51:04,400
Speaker 2: comes to the irs, you know, to go buy a Bentley.

1078
00:51:04,760 --> 00:51:06,840
Speaker 2: Another thing that I found out as a factor is

1079
00:51:06,920 --> 00:51:11,200
Speaker 2: your your company has to show the at least the income,

1080
00:51:11,920 --> 00:51:14,719
Speaker 2: the taxable income for that year has to be over

1081
00:51:14,760 --> 00:51:16,920
Speaker 2: the amount of the vehicle. So you have to keep

1082
00:51:16,920 --> 00:51:18,520
Speaker 2: that in mind. There are a lot of factors. You know,

1083
00:51:18,800 --> 00:51:21,279
Speaker 2: to buy a Bentley. Because you have a company and

1084
00:51:21,320 --> 00:51:23,239
Speaker 2: you're showing on your tax returns that you only made

1085
00:51:23,280 --> 00:51:26,040
Speaker 2: sixty seventy thousand dollars, you know, it's not going to

1086
00:51:26,080 --> 00:51:27,400
Speaker 2: work out that way. It's not going to work out

1087
00:51:27,440 --> 00:51:27,759
Speaker 2: well for you.

1088
00:51:28,440 --> 00:51:30,720
Speaker 1: Talk about the EV incentive.

1089
00:51:30,760 --> 00:51:33,600
Speaker 2: Yeah, EV's are great opportunities for incentives for people who

1090
00:51:33,600 --> 00:51:36,319
Speaker 2: are looking for tax savings. You know, in New York

1091
00:51:37,040 --> 00:51:39,520
Speaker 2: there was a seventy five hundred dollars rebate. Again, that's

1092
00:51:39,520 --> 00:51:42,400
Speaker 2: starting to change based on the on the supplying demand

1093
00:51:42,440 --> 00:51:47,600
Speaker 2: of EV vehicles in New Jersey. At one point, if

1094
00:51:47,640 --> 00:51:51,840
Speaker 2: you registered an electric vehicle in the state of New Jersey,

1095
00:51:52,440 --> 00:51:54,920
Speaker 2: it was you didn't pay tax at all, sales tax

1096
00:51:54,960 --> 00:51:57,200
Speaker 2: on the vehicle. Now that's changed now I think it's

1097
00:51:57,200 --> 00:51:59,680
Speaker 2: about it's a I think about fifty percent you would

1098
00:51:59,680 --> 00:52:02,200
Speaker 2: pay of your tax revenue. I thing it's up to

1099
00:52:02,239 --> 00:52:04,760
Speaker 2: thirty five hundred dollars. But again, this is a moving target.

1100
00:52:04,760 --> 00:52:07,600
Speaker 2: This is something that continues to change, so you have

1101
00:52:07,680 --> 00:52:08,400
Speaker 2: to do the research.

1102
00:52:10,040 --> 00:52:16,680
Speaker 4: All right, let's go to the trade in value of cars.

1103
00:52:17,360 --> 00:52:17,600
Speaker 1: Again.

1104
00:52:17,640 --> 00:52:19,839
Speaker 2: When it comes to trade ins, I recommend do your

1105
00:52:19,840 --> 00:52:24,280
Speaker 2: research online. Don't one, don't be emotionally attached to your car. Okay,

1106
00:52:24,280 --> 00:52:26,840
Speaker 2: if you are emotionally attached to your car, keep it

1107
00:52:26,920 --> 00:52:28,680
Speaker 2: or give it to somebody in the family who can

1108
00:52:28,880 --> 00:52:31,399
Speaker 2: use it and benefit from it, especially if it's there's

1109
00:52:31,400 --> 00:52:33,520
Speaker 2: not a lot of value in it. But if it

1110
00:52:33,560 --> 00:52:35,880
Speaker 2: is something you want to trade in, do your research first.

1111
00:52:35,920 --> 00:52:38,800
Speaker 2: Go on car CarMax, car facts, I mean, carbon of

1112
00:52:38,880 --> 00:52:41,200
Speaker 2: these websites and they'll actually if you punch in your

1113
00:52:41,239 --> 00:52:43,920
Speaker 2: license plate, your vend number, your knowledge and be honest

1114
00:52:43,920 --> 00:52:46,759
Speaker 2: about the condition of the vehicle. Right, don't put on

1115
00:52:46,800 --> 00:52:49,839
Speaker 2: there that your vehicle is, you know, excellent condition when

1116
00:52:49,840 --> 00:52:53,360
Speaker 2: it's you know, had some accidents, or you smoke cigarettes

1117
00:52:53,360 --> 00:52:55,680
Speaker 2: in the car, or you know your dog is ripped

1118
00:52:55,719 --> 00:52:57,759
Speaker 2: up the back seat. I've seen crazy things and people

1119
00:52:57,760 --> 00:53:00,680
Speaker 2: are like, oh no, no, that's nothing. Okay, it is

1120
00:53:00,840 --> 00:53:02,399
Speaker 2: your dog ripped up the back seat of the car.

1121
00:53:02,840 --> 00:53:05,520
Speaker 2: So be honest on these things, and that's going to

1122
00:53:05,560 --> 00:53:06,960
Speaker 2: give you an idea as far as what the value

1123
00:53:06,960 --> 00:53:09,600
Speaker 2: of your car is. Don't go by what they're selling

1124
00:53:09,640 --> 00:53:11,719
Speaker 2: for because a lot of customers will do that. They're like, well,

1125
00:53:11,760 --> 00:53:13,920
Speaker 2: I see that they're selling for X amount of dollars

1126
00:53:14,040 --> 00:53:18,400
Speaker 2: out of other dealerships. That is totally irrelevant to you, okay,

1127
00:53:18,480 --> 00:53:22,040
Speaker 2: because one, you don't know what the dealership one had

1128
00:53:22,080 --> 00:53:24,560
Speaker 2: to pay for that car. Meaning if they bought the

1129
00:53:24,600 --> 00:53:26,680
Speaker 2: car and it's been sitting on there a lot, maybe

1130
00:53:26,680 --> 00:53:28,560
Speaker 2: they bought it when the values were higher and now

1131
00:53:28,560 --> 00:53:31,440
Speaker 2: the values have come down. So even though the customer

1132
00:53:31,440 --> 00:53:33,880
Speaker 2: may be asking for a certain amount for a car,

1133
00:53:34,000 --> 00:53:35,920
Speaker 2: that doesn't mean they're going to get that value for

1134
00:53:35,960 --> 00:53:37,840
Speaker 2: the car. Right. The customers are going to come in

1135
00:53:37,880 --> 00:53:40,759
Speaker 2: and want to negotiate it and maybe, after you know,

1136
00:53:41,239 --> 00:53:42,879
Speaker 2: the couple of months of that car sit in a lot,

1137
00:53:42,920 --> 00:53:44,520
Speaker 2: they may take a loss in that vehicle. Believe it

1138
00:53:44,600 --> 00:53:48,280
Speaker 2: or not, dealerships do take losses. For some reason, people

1139
00:53:48,320 --> 00:53:50,520
Speaker 2: don't want to believe that a dealership is ever going

1140
00:53:50,560 --> 00:53:54,440
Speaker 2: to take a loss. It does happen, But don't go

1141
00:53:54,480 --> 00:53:57,560
Speaker 2: by what the cars are listed for online. That is

1142
00:53:57,600 --> 00:53:59,680
Speaker 2: not the value of your vehicle. Now, if you want

1143
00:53:59,680 --> 00:54:02,680
Speaker 2: to go and sell the car to somebody and you

1144
00:54:02,840 --> 00:54:05,200
Speaker 2: have people come into your house and test driving the

1145
00:54:05,200 --> 00:54:07,000
Speaker 2: car and waiting for people to come bring a check

1146
00:54:07,040 --> 00:54:09,560
Speaker 2: for the car. Then you can try to list it

1147
00:54:09,640 --> 00:54:13,360
Speaker 2: for that price online. But truth be told, if a

1148
00:54:13,400 --> 00:54:16,000
Speaker 2: customer is going to be spending that amount of money

1149
00:54:16,000 --> 00:54:17,759
Speaker 2: for a vehicle, they're probably more likely to go to

1150
00:54:17,800 --> 00:54:21,200
Speaker 2: a dealership where the dealership can offer them financing, warranties

1151
00:54:21,239 --> 00:54:24,560
Speaker 2: and things of that nature. So again, don't be emotionally

1152
00:54:24,560 --> 00:54:26,880
Speaker 2: attached to your car. Do the research online when you

1153
00:54:26,920 --> 00:54:29,640
Speaker 2: go to the dealership. I remember that that very important question.

1154
00:54:30,600 --> 00:54:34,120
Speaker 2: Once you do mention that you have a trade and

1155
00:54:34,160 --> 00:54:36,480
Speaker 2: the dealership does give you a number, so important to

1156
00:54:36,480 --> 00:54:39,960
Speaker 2: ask the question, hey, quick question, if I don't buy

1157
00:54:40,000 --> 00:54:42,120
Speaker 2: a car here, will you still give me that number

1158
00:54:42,120 --> 00:54:43,799
Speaker 2: for my car? Like will you write me a check

1159
00:54:43,840 --> 00:54:47,080
Speaker 2: for that car? If the dealership says no, say okay,

1160
00:54:47,480 --> 00:54:49,640
Speaker 2: how much will you write me a check for? If

1161
00:54:49,640 --> 00:54:51,680
Speaker 2: I give you that car right now and I don't

1162
00:54:51,680 --> 00:54:54,920
Speaker 2: buy another car from you today? That's the real number

1163
00:54:54,920 --> 00:54:55,399
Speaker 2: for your car.

1164
00:54:56,320 --> 00:54:59,759
Speaker 4: What's the cars that appreciate the fastest and what's the

1165
00:54:59,800 --> 00:55:01,640
Speaker 4: car that hold their value the most?

1166
00:55:02,200 --> 00:55:04,480
Speaker 2: So cars that appreciate very quickly, at cars with accidents,

1167
00:55:04,480 --> 00:55:06,480
Speaker 2: car packs, things, of the nature. That's the first one.

1168
00:55:06,719 --> 00:55:09,600
Speaker 2: Right now, there's different brands that don't hold value or

1169
00:55:11,360 --> 00:55:13,640
Speaker 2: in cars that do hold value, right believe it or not,

1170
00:55:13,840 --> 00:55:17,360
Speaker 2: Toyota's Hondas, those hold incredible value. Even now we're seeing

1171
00:55:17,400 --> 00:55:19,799
Speaker 2: it where the value of those vehicles don't. Don't just

1172
00:55:19,840 --> 00:55:22,200
Speaker 2: think it's just Mercedes Bend. Some of the Mercedes Benz

1173
00:55:22,239 --> 00:55:26,799
Speaker 2: vehicles drop in value very quickly, but typically those you know, again,

1174
00:55:26,840 --> 00:55:28,960
Speaker 2: this is something you can do. Research on Lexus vehicles

1175
00:55:28,960 --> 00:55:33,120
Speaker 2: hold great value, Mercedes Benz does BMW's do again, you

1176
00:55:33,160 --> 00:55:35,640
Speaker 2: want to do the research and and kind of check

1177
00:55:35,640 --> 00:55:38,520
Speaker 2: into what the vehicles are selling for compared to what

1178
00:55:38,680 --> 00:55:41,720
Speaker 2: This is very easy to access the information. You can google,

1179
00:55:41,800 --> 00:55:45,399
Speaker 2: like you know, highest value vehicles or vehicles that hold

1180
00:55:45,400 --> 00:55:50,800
Speaker 2: their value. So it's a it's a it's a tricky situation.

1181
00:55:50,840 --> 00:55:53,640
Speaker 2: Porsche holds incredible value. I recommend some some of my

1182
00:55:53,719 --> 00:55:55,760
Speaker 2: big clients to you know that are looking for cars.

1183
00:55:55,800 --> 00:55:57,520
Speaker 2: If you're looking for something that's going to hold value

1184
00:55:57,520 --> 00:56:00,000
Speaker 2: and you're going to keep it for a while, some Porsche,

1185
00:56:00,040 --> 00:56:01,960
Speaker 2: so you can actually you know, buy them and then

1186
00:56:02,080 --> 00:56:05,360
Speaker 2: they'll actually increase in value. So but yeah, that's what

1187
00:56:05,360 --> 00:56:07,600
Speaker 2: you're gonna do. You'll do the research, look online, see

1188
00:56:07,600 --> 00:56:13,680
Speaker 2: what cars like Nissans are dropping in value. Some of

1189
00:56:13,719 --> 00:56:16,760
Speaker 2: the cars, you know, the Volkswagens typically hold good value.

1190
00:56:16,800 --> 00:56:18,760
Speaker 2: But yeah, again, we're going to do the research and check.

1191
00:56:18,640 --> 00:56:22,680
Speaker 3: Online because I've always wondered this, right, like, we don't

1192
00:56:22,680 --> 00:56:24,279
Speaker 3: want to get low balled if we're doing to trade in.

1193
00:56:24,840 --> 00:56:27,640
Speaker 1: But what happens with what does the dealership do?

1194
00:56:27,800 --> 00:56:32,239
Speaker 3: Right, let's just hypothetically have a twenty sixteen BMW I'm

1195
00:56:32,239 --> 00:56:34,680
Speaker 3: trading in because I'm getting a new car. They're not

1196
00:56:34,719 --> 00:56:36,680
Speaker 3: going to put that on their lot. It's kind of

1197
00:56:36,719 --> 00:56:40,040
Speaker 3: outdated for their certified pre owned situation. So where where

1198
00:56:40,040 --> 00:56:41,680
Speaker 3: does that model go? Where does my car go?

1199
00:56:42,719 --> 00:56:46,720
Speaker 2: So great, great question. So a lot of these dealerships

1200
00:56:46,760 --> 00:56:49,480
Speaker 2: will work with wholesalers who they who will buy the

1201
00:56:49,520 --> 00:56:53,239
Speaker 2: cars from them. Okay, so that's where those cars will

1202
00:56:53,280 --> 00:56:56,799
Speaker 2: end up, or they you know, maybe they have a

1203
00:56:56,840 --> 00:57:00,439
Speaker 2: dealership in their group that sells used cars, I believe

1204
00:57:00,440 --> 00:57:02,280
Speaker 2: it or not, sometimes a dealership. And I always recommend

1205
00:57:02,320 --> 00:57:04,160
Speaker 2: this to the dealerships. If you have a nice car,

1206
00:57:04,560 --> 00:57:06,640
Speaker 2: even if it's you know, a car that's not in

1207
00:57:06,719 --> 00:57:09,239
Speaker 2: my lineup right, I'd say hey, listen, hold on to it,

1208
00:57:09,280 --> 00:57:11,319
Speaker 2: put on the lot. If it's a clean car, it's

1209
00:57:11,360 --> 00:57:14,239
Speaker 2: a nice car. You may have a client who may

1210
00:57:14,239 --> 00:57:16,040
Speaker 2: be looking for a second vehicle or a vehicle for

1211
00:57:16,080 --> 00:57:17,800
Speaker 2: their kids, so they may hold on to it. But

1212
00:57:17,880 --> 00:57:21,120
Speaker 2: normally it goes to wholesalers who are willing to write

1213
00:57:21,160 --> 00:57:21,560
Speaker 2: to check.

1214
00:57:21,440 --> 00:57:21,840
Speaker 4: For the car.

1215
00:57:22,800 --> 00:57:25,760
Speaker 1: Here's another sneaky one, and this is kind of like

1216
00:57:25,800 --> 00:57:26,480
Speaker 1: the exit row.

1217
00:57:26,640 --> 00:57:28,840
Speaker 3: Right, Like I know Shanty talks about when we couldn't

1218
00:57:28,840 --> 00:57:31,080
Speaker 3: get first class, you sit in the exit row because

1219
00:57:31,160 --> 00:57:34,120
Speaker 3: you know you got some leg room. Talk about the

1220
00:57:34,200 --> 00:57:38,000
Speaker 3: people who actually buy the test drive cars because they

1221
00:57:38,040 --> 00:57:41,360
Speaker 3: have been used, it's relatively new and in great condition.

1222
00:57:42,080 --> 00:57:43,960
Speaker 1: Is that a strategy that you can use going into

1223
00:57:44,000 --> 00:57:44,560
Speaker 1: a dealership.

1224
00:57:44,720 --> 00:57:47,920
Speaker 2: I'm going to tell you something. So those are called demos, right,

1225
00:57:48,520 --> 00:57:51,080
Speaker 2: I bought demos my cars. Whenever I leased a car

1226
00:57:51,120 --> 00:57:54,479
Speaker 2: for me or my wife, I took demos because those

1227
00:57:54,520 --> 00:57:57,280
Speaker 2: cars are a lot of times they're written down, meaning

1228
00:57:58,120 --> 00:58:00,400
Speaker 2: every month when they put a car into let's say

1229
00:58:00,720 --> 00:58:03,120
Speaker 2: demo status or loaner service or one of the managers

1230
00:58:03,120 --> 00:58:05,439
Speaker 2: to driving the car. Normally those cars are written down.

1231
00:58:06,440 --> 00:58:08,600
Speaker 2: So there's a cost factor to having that done. And

1232
00:58:08,640 --> 00:58:10,240
Speaker 2: you own the car for a little bit less, so

1233
00:58:10,280 --> 00:58:12,680
Speaker 2: you can take advantage of some savings if you're not

1234
00:58:12,800 --> 00:58:15,640
Speaker 2: particular as far as like hey, I want this car

1235
00:58:15,720 --> 00:58:18,440
Speaker 2: with this feature and this color and this interior. If

1236
00:58:18,480 --> 00:58:20,040
Speaker 2: you're open to it and you want to deal, once

1237
00:58:20,080 --> 00:58:22,200
Speaker 2: you negotiated, say hey, listen, let me ask you a question.

1238
00:58:22,240 --> 00:58:23,680
Speaker 2: Do you have any demos that can help me save

1239
00:58:23,720 --> 00:58:27,200
Speaker 2: some money? Dealerships want to move those cars, right, So

1240
00:58:27,480 --> 00:58:29,880
Speaker 2: that's a that's definitely a great way to save money

1241
00:58:30,400 --> 00:58:33,120
Speaker 2: the cars you still have. Now, mind you going back

1242
00:58:33,160 --> 00:58:34,960
Speaker 2: to what I said as far as data first use,

1243
00:58:35,520 --> 00:58:37,880
Speaker 2: this is great for leasing if you're buying it. Remember

1244
00:58:38,520 --> 00:58:42,280
Speaker 2: the data first use is when that car went into service.

1245
00:58:42,600 --> 00:58:46,440
Speaker 2: So when that car started being used, and let's say

1246
00:58:46,440 --> 00:58:50,040
Speaker 2: the dealership, the dealership registered it as a loaner vehicle,

1247
00:58:51,120 --> 00:58:53,760
Speaker 2: that data first use, so that the time the clock

1248
00:58:53,800 --> 00:58:56,120
Speaker 2: on that warranty may have already started. So you want

1249
00:58:56,120 --> 00:58:57,840
Speaker 2: to ask this question, hey, how much time do I

1250
00:58:57,880 --> 00:58:59,560
Speaker 2: have left on that car? Because if that car has

1251
00:58:59,600 --> 00:59:03,560
Speaker 2: been in service for over a year, you may be

1252
00:59:03,640 --> 00:59:05,680
Speaker 2: losing out on a year of warranty on the vehicle.

1253
00:59:05,720 --> 00:59:08,640
Speaker 2: And again monetarily it may make it still may make

1254
00:59:08,720 --> 00:59:10,760
Speaker 2: sense to take it, especially if you're leasing the vehicle.

1255
00:59:10,880 --> 00:59:13,160
Speaker 2: But that's a great option. I recommend that all the time. Again,

1256
00:59:13,400 --> 00:59:15,880
Speaker 2: a lot of my cars. If I can save some money,

1257
00:59:15,920 --> 00:59:19,200
Speaker 2: I'm I'm listen. I've driven, I've driven all kinds of

1258
00:59:19,280 --> 00:59:22,520
Speaker 2: cars in my life. So at this point I want

1259
00:59:22,560 --> 00:59:26,280
Speaker 2: something that's reliable, safe for me, my family, and drives nice.

1260
00:59:26,280 --> 00:59:28,400
Speaker 2: I don't want to have to worry about it. So

1261
00:59:28,560 --> 00:59:31,120
Speaker 2: if I can save some money and and get the

1262
00:59:31,160 --> 00:59:33,800
Speaker 2: exit row instead of first class, and I guess I'll

1263
00:59:33,840 --> 00:59:34,000
Speaker 2: be in.

1264
00:59:33,960 --> 00:59:36,160
Speaker 1: The exit around We're going to the same place.

1265
00:59:37,440 --> 00:59:38,919
Speaker 2: You know, the whole play is going in the same place.

1266
00:59:39,760 --> 00:59:42,240
Speaker 2: But first class is nice. I'm not gonna lie. What

1267
00:59:42,280 --> 00:59:50,680
Speaker 2: about dealership language, sea dealership language, So terminology, terminology in

1268
00:59:50,720 --> 00:59:54,080
Speaker 2: the dealership. Things like when I mentioned earlier over allowing

1269
00:59:54,280 --> 00:59:58,480
Speaker 2: right residual value, the estimated value of the vehicle, and

1270
00:59:58,520 --> 01:00:01,840
Speaker 2: the least cap cost reduct the cap cost reduction. You'll

1271
01:00:01,840 --> 01:00:06,360
Speaker 2: see that it actually says capitalized cost on your contract.

1272
01:00:06,640 --> 01:00:09,440
Speaker 2: That is, that is the what the vehicle is being

1273
01:00:10,000 --> 01:00:12,919
Speaker 2: sold for the cap cost of the vehicle. A cap

1274
01:00:12,960 --> 01:00:16,800
Speaker 2: cost reduction is money to reduce that cap cost. Right,

1275
01:00:17,080 --> 01:00:18,880
Speaker 2: So these are things you want to look at when

1276
01:00:18,920 --> 01:00:24,840
Speaker 2: you're inside the dealership over allowance, when they're over allowing

1277
01:00:24,880 --> 01:00:27,960
Speaker 2: for your trade, meaning maybe there's money in the new

1278
01:00:28,000 --> 01:00:31,480
Speaker 2: car that they're using to show you a higher value

1279
01:00:31,520 --> 01:00:34,920
Speaker 2: for your your trade and vehicle. Things like that you

1280
01:00:35,000 --> 01:00:38,280
Speaker 2: want to make sure you're mindful of. I'm hearing a

1281
01:00:38,320 --> 01:00:41,400
Speaker 2: lot of people use the term smart lease. Smart leases

1282
01:00:41,440 --> 01:00:44,760
Speaker 2: are you know? I had two customers last month that

1283
01:00:46,000 --> 01:00:48,360
Speaker 2: called up and they said, my lease is up, and

1284
01:00:48,520 --> 01:00:50,640
Speaker 2: come to find out, they had what's called a balloon

1285
01:00:50,960 --> 01:00:55,960
Speaker 2: a balloon loan. So a balloon loan, I guess somebody

1286
01:00:56,000 --> 01:00:58,320
Speaker 2: pitched it as a lease. It's not technically a lease,

1287
01:00:58,400 --> 01:01:00,640
Speaker 2: it's a finance of the vehicle. But at the end

1288
01:01:00,720 --> 01:01:02,919
Speaker 2: of that finance there's this balloon payment, like a lump

1289
01:01:02,960 --> 01:01:05,320
Speaker 2: sum payment that you have to make or you can

1290
01:01:05,360 --> 01:01:08,400
Speaker 2: give the car back. But you don't. You're again, you're

1291
01:01:08,400 --> 01:01:10,680
Speaker 2: buying the whole vehicle, you're paying tax on the whole vehicle.

1292
01:01:11,520 --> 01:01:13,280
Speaker 2: It's just you have to be very careful with the

1293
01:01:13,360 --> 01:01:17,120
Speaker 2: terminology the dealership's using. Make sure you read your contracts.

1294
01:01:17,160 --> 01:01:20,600
Speaker 2: If there's a if there's a something you don't understand,

1295
01:01:20,720 --> 01:01:23,280
Speaker 2: don't be afraid to stop and say hey, what is

1296
01:01:23,320 --> 01:01:26,160
Speaker 2: that and then open up your phone and google it,

1297
01:01:26,280 --> 01:01:30,600
Speaker 2: like it's just search the information. You're in control as

1298
01:01:30,600 --> 01:01:33,160
Speaker 2: the consumer, right, and you have to make sure that

1299
01:01:34,560 --> 01:01:39,400
Speaker 2: again not to be confrontational, you know it, but you

1300
01:01:39,400 --> 01:01:41,000
Speaker 2: have to let people know, Hey, wait a second, I

1301
01:01:41,000 --> 01:01:44,600
Speaker 2: don't understand that. I need you know, better clarity on that.

1302
01:01:46,800 --> 01:01:48,800
Speaker 3: There was just I mean, obviously I've gotten the last

1303
01:01:48,880 --> 01:01:51,400
Speaker 3: few cars from you, but there were some dealerships and

1304
01:01:51,400 --> 01:01:52,920
Speaker 3: I don't know if they still use this the OTD

1305
01:01:53,160 --> 01:01:56,640
Speaker 3: the out the door price. Can you talk about what

1306
01:01:56,680 --> 01:02:00,800
Speaker 3: that is, man, so that they know that I don't

1307
01:02:00,880 --> 01:02:03,040
Speaker 3: know that, but I need to know that.

1308
01:02:02,440 --> 01:02:05,320
Speaker 2: That's what dealership shouldn't be using this term. It's I

1309
01:02:05,320 --> 01:02:06,440
Speaker 2: don't know if this is one of the things we

1310
01:02:06,480 --> 01:02:09,520
Speaker 2: teach in our training is speak the customer's language, right,

1311
01:02:09,560 --> 01:02:11,040
Speaker 2: not the internal language that we use.

1312
01:02:11,360 --> 01:02:11,520
Speaker 1: Right.

1313
01:02:11,640 --> 01:02:13,800
Speaker 2: Like if I set to you, you know that's tissue

1314
01:02:13,800 --> 01:02:15,880
Speaker 2: on the car. I've heard salespeople say the customers and

1315
01:02:15,920 --> 01:02:17,520
Speaker 2: dealerships are going to hear this if they hear this,

1316
01:02:17,560 --> 01:02:20,240
Speaker 2: and they'll be like, yeah, we do that. If a

1317
01:02:20,240 --> 01:02:21,920
Speaker 2: dealership said, hey, well listen, I'm selling you the car

1318
01:02:21,920 --> 01:02:25,360
Speaker 2: a tissue, would you know what that means. No, okay,

1319
01:02:25,760 --> 01:02:28,160
Speaker 2: so why use that terminal tissue? Is like the cost

1320
01:02:28,200 --> 01:02:30,440
Speaker 2: of the vehicle? Right, that's like what their invoices in

1321
01:02:30,480 --> 01:02:34,520
Speaker 2: the vehicle, right or their cost? Why use that terminology

1322
01:02:34,760 --> 01:02:37,840
Speaker 2: OTD or out the door price? That means including and

1323
01:02:37,920 --> 01:02:40,800
Speaker 2: it should mean because you don't want to come back

1324
01:02:40,840 --> 01:02:43,560
Speaker 2: and then it changes that out the door price is

1325
01:02:43,600 --> 01:02:47,800
Speaker 2: the price of the vehicle plus any taxes fees motor vehicle.

1326
01:02:48,200 --> 01:02:51,360
Speaker 2: That's that's the total amount. And this is what I

1327
01:02:51,400 --> 01:02:54,720
Speaker 2: tell people all the time. Make sure you say if

1328
01:02:54,760 --> 01:02:56,880
Speaker 2: you're leaving a dealership and you know, they tell you,

1329
01:02:56,880 --> 01:02:58,880
Speaker 2: all right, you're giving five thousand dollars down to say, hey,

1330
01:02:58,960 --> 01:03:01,240
Speaker 2: quick question, is that the total amount that I have

1331
01:03:01,320 --> 01:03:03,960
Speaker 2: to give you at signing? Okay? That's the out of

1332
01:03:04,040 --> 01:03:07,120
Speaker 2: door price. Is that the total number that I will

1333
01:03:07,120 --> 01:03:09,080
Speaker 2: be writing a check for. Let's say I'm paying the cash.

1334
01:03:09,480 --> 01:03:11,240
Speaker 2: Is that the total amount that I have to bring

1335
01:03:11,240 --> 01:03:13,680
Speaker 2: you a check for or are there any additional fees?

1336
01:03:14,440 --> 01:03:16,919
Speaker 2: They say, no, that's the out of door price. That's

1337
01:03:16,920 --> 01:03:17,720
Speaker 2: the outdoor price.

1338
01:03:18,480 --> 01:03:21,320
Speaker 1: All right, Now you get this this is the term.

1339
01:03:21,840 --> 01:03:26,080
Speaker 3: Unfortunately, one of our Macolose friends and you know this

1340
01:03:26,120 --> 01:03:29,160
Speaker 3: person as well, got into an accident, right, but they

1341
01:03:29,160 --> 01:03:32,560
Speaker 3: had what they call gap insurance. Can you talk about that?

1342
01:03:33,120 --> 01:03:38,720
Speaker 2: Huge very important. Now, gap insurance is very I can't

1343
01:03:38,760 --> 01:03:40,720
Speaker 2: tell you how important it is to have in your vehicle.

1344
01:03:40,880 --> 01:03:47,280
Speaker 2: Most New York State leases have gap insurance. So it's

1345
01:03:47,440 --> 01:03:50,960
Speaker 2: part of the acquisition fees normally factored into that, the

1346
01:03:50,960 --> 01:03:54,400
Speaker 2: acquisition fee, which is the bank fee you pay up front. Now,

1347
01:03:55,320 --> 01:03:57,320
Speaker 2: let's say your vehicle that you buy your cars thirty

1348
01:03:57,320 --> 01:03:59,320
Speaker 2: five thousand dollars, or you lease your vehicles thirty five

1349
01:03:59,360 --> 01:04:03,040
Speaker 2: thousand dollars, and halfway through the lease, the vehicle gets

1350
01:04:03,120 --> 01:04:06,560
Speaker 2: totaled and you owe the bank let's say twenty thousand dollars,

1351
01:04:06,920 --> 01:04:09,479
Speaker 2: but the book value has dropped and the book value

1352
01:04:09,560 --> 01:04:14,040
Speaker 2: is now seventeen thousand dollars. The insurance company will pay

1353
01:04:14,320 --> 01:04:17,240
Speaker 2: the seventeen thousand dollars because that's the value of the vehicle.

1354
01:04:18,200 --> 01:04:21,200
Speaker 2: What you need is gap, the gap insurance to kick

1355
01:04:21,240 --> 01:04:25,600
Speaker 2: in and pay the difference. All right, Any any money

1356
01:04:25,720 --> 01:04:28,400
Speaker 2: owed on top is covered on top of what the

1357
01:04:28,400 --> 01:04:32,320
Speaker 2: insurance company deems the vehicle's value. That is, gap insurance

1358
01:04:32,320 --> 01:04:35,760
Speaker 2: should cover. Now very important when you're financing a car,

1359
01:04:36,360 --> 01:04:38,800
Speaker 2: all right, dealerships will ask you if you want to

1360
01:04:38,840 --> 01:04:42,040
Speaker 2: purchase gap insurance. Gap insurance can range, you know, roughly

1361
01:04:42,040 --> 01:04:44,160
Speaker 2: in that five hundred dollars range, and you know, depending

1362
01:04:44,200 --> 01:04:46,800
Speaker 2: on how much they're selling it for. But if you're

1363
01:04:46,840 --> 01:04:49,040
Speaker 2: buying a vehicle and you're not putting any money down,

1364
01:04:49,280 --> 01:04:51,280
Speaker 2: it is I can't tell you how important it is

1365
01:04:51,320 --> 01:04:54,439
Speaker 2: to make sure you get gap insurance because if that

1366
01:04:54,520 --> 01:04:57,840
Speaker 2: vehicle is totaled or stolen and not recovered, the insurance

1367
01:04:57,840 --> 01:05:00,000
Speaker 2: company is going to pay the bank what the value

1368
01:05:00,200 --> 01:05:03,520
Speaker 2: the vehicle is, not what you owe. Okay, I want

1369
01:05:03,520 --> 01:05:04,960
Speaker 2: to be clear with that. They will pay the value

1370
01:05:04,960 --> 01:05:07,520
Speaker 2: of the vehicle, not what you owe. If you don't

1371
01:05:07,520 --> 01:05:10,040
Speaker 2: have gap insurance, you're on that hook, on the hook

1372
01:05:10,120 --> 01:05:13,960
Speaker 2: for that negative equity. And trust me, you're not gonna

1373
01:05:14,000 --> 01:05:16,240
Speaker 2: want to pay money for a car that you don't

1374
01:05:16,240 --> 01:05:19,200
Speaker 2: have anymore nobody does, but you're on the hook for

1375
01:05:19,200 --> 01:05:21,080
Speaker 2: it and it'll be on your credit if you don't

1376
01:05:21,080 --> 01:05:23,160
Speaker 2: pay it.

1377
01:05:23,200 --> 01:05:25,240
Speaker 4: Is it better to finance through a dealership or a

1378
01:05:25,240 --> 01:05:27,200
Speaker 4: third party?

1379
01:05:27,320 --> 01:05:30,520
Speaker 2: Great question. So I encourage people, like a lot of

1380
01:05:30,520 --> 01:05:32,880
Speaker 2: people if they're members of federal credit unions or you know,

1381
01:05:32,960 --> 01:05:34,919
Speaker 2: let's say they're a teacher or something like that. Check

1382
01:05:34,960 --> 01:05:37,880
Speaker 2: what their interest rates are. Check what their interest rate is,

1383
01:05:37,960 --> 01:05:40,320
Speaker 2: rus see what you qualify for. Make sure you know

1384
01:05:40,360 --> 01:05:43,760
Speaker 2: the parameters, because some credit unions will tell you, hey,

1385
01:05:43,760 --> 01:05:46,600
Speaker 2: we'll finance you up to X amount of dollars. But

1386
01:05:46,680 --> 01:05:49,320
Speaker 2: let's say the car you're actually buying is a couple

1387
01:05:49,360 --> 01:05:50,880
Speaker 2: of dollars over that. Then you want to you're gonna

1388
01:05:50,880 --> 01:05:52,760
Speaker 2: have to come up with money out of pocket for that, right.

1389
01:05:53,960 --> 01:05:57,840
Speaker 2: Sometimes credit unions have great interest rates, especially if you're

1390
01:05:57,840 --> 01:06:00,760
Speaker 2: an employee. You know, if it's making the funds right

1391
01:06:00,800 --> 01:06:03,120
Speaker 2: out of your paycheck, right, they may give you a

1392
01:06:03,160 --> 01:06:06,200
Speaker 2: better interest rate, But find out what the interest rate is.

1393
01:06:06,480 --> 01:06:09,200
Speaker 2: A lot of dealerships are actually set up with credit

1394
01:06:09,280 --> 01:06:12,280
Speaker 2: unions so they have that option as a bank to

1395
01:06:12,520 --> 01:06:14,560
Speaker 2: use and go to and say and process the loan

1396
01:06:14,600 --> 01:06:16,520
Speaker 2: through them. And it's the same as going through the

1397
01:06:18,600 --> 01:06:20,400
Speaker 2: through the credit union. Right, they're set up with them

1398
01:06:20,400 --> 01:06:23,160
Speaker 2: to do the loan directly with them. So have that information,

1399
01:06:23,440 --> 01:06:25,680
Speaker 2: have all the parameters in place, and then you can

1400
01:06:25,680 --> 01:06:27,800
Speaker 2: go to the dealership and say, hey, listen, you know

1401
01:06:27,840 --> 01:06:29,280
Speaker 2: what's your best rate that you can give me on

1402
01:06:29,280 --> 01:06:31,400
Speaker 2: this loan. Keep that information in your back pocket. And

1403
01:06:31,440 --> 01:06:32,840
Speaker 2: if they say, well I can get you six point

1404
01:06:32,880 --> 01:06:36,320
Speaker 2: four to nine percent. Okay, my bank got me five percent.

1405
01:06:37,400 --> 01:06:40,080
Speaker 2: Do you want to try to match it? Beat it?

1406
01:06:40,920 --> 01:06:42,440
Speaker 2: How do you want to work it out? Sometimes they're

1407
01:06:42,480 --> 01:06:44,120
Speaker 2: willing to say, hey, you know what, maybe we're set

1408
01:06:44,160 --> 01:06:45,680
Speaker 2: up with that bank, or maybe let me see if

1409
01:06:45,680 --> 01:06:47,200
Speaker 2: there's another bank that can give me a better rate.

1410
01:06:47,960 --> 01:06:49,720
Speaker 2: So I guess said keep the information in your back

1411
01:06:49,720 --> 01:06:52,720
Speaker 2: pocket when you are negotiating, when you are in that office,

1412
01:06:52,760 --> 01:06:56,120
Speaker 2: that finance office, and you're going over interest rate things

1413
01:06:56,120 --> 01:06:58,240
Speaker 2: of the nature, that's when you want to bring that

1414
01:06:58,280 --> 01:07:00,080
Speaker 2: information up and say, hey, listen, this is the the

1415
01:07:00,160 --> 01:07:02,240
Speaker 2: rate that I have for my credit union. What can

1416
01:07:02,280 --> 01:07:05,040
Speaker 2: you do again? Get their rate first, right, get their

1417
01:07:05,080 --> 01:07:07,960
Speaker 2: rate first in the dealership, and then you can say

1418
01:07:07,960 --> 01:07:08,760
Speaker 2: this is what I've got.

1419
01:07:09,200 --> 01:07:11,800
Speaker 3: I actually did that with a I think my second car.

1420
01:07:12,720 --> 01:07:15,360
Speaker 3: It was a used car, and so I got the

1421
01:07:15,400 --> 01:07:17,480
Speaker 3: price for it. I was like, okay, I'm not going

1422
01:07:17,560 --> 01:07:20,520
Speaker 3: to use you to try to buy this car. I

1423
01:07:20,600 --> 01:07:23,240
Speaker 3: actually had the credit union purchase it. They had a

1424
01:07:23,240 --> 01:07:25,480
Speaker 3: lower interest rate, and obviously when you work with a

1425
01:07:25,520 --> 01:07:27,600
Speaker 3: credit union, it could come directly out of your paycheck.

1426
01:07:28,480 --> 01:07:30,680
Speaker 3: It could come out monthly or bi weekly, so you're

1427
01:07:30,680 --> 01:07:32,920
Speaker 3: not even thinking about it. It almost became like another

1428
01:07:32,960 --> 01:07:35,280
Speaker 3: bill that was coming out of your paycheck. But I

1429
01:07:35,280 --> 01:07:36,880
Speaker 3: got a lower the interest rate for a long term.

1430
01:07:36,920 --> 01:07:38,080
Speaker 3: So that's a good strategy.

1431
01:07:38,920 --> 01:07:41,640
Speaker 2: Yeah, if you can it coun definitely save you some money.

1432
01:07:41,720 --> 01:07:44,440
Speaker 3: Yeah, we talked about if we're going to lease the

1433
01:07:44,520 --> 01:07:48,440
Speaker 3: car and potentially you know, you hear zero down. This

1434
01:07:48,480 --> 01:07:50,560
Speaker 3: feels almost like the home buying process in a sense,

1435
01:07:50,600 --> 01:07:53,160
Speaker 3: where like what is the amount or down payment that

1436
01:07:53,240 --> 01:07:56,320
Speaker 3: I should have or think about allocating if I'm going

1437
01:07:56,360 --> 01:07:58,800
Speaker 3: to finance a vehicle, Like is it ten percent? Is

1438
01:07:58,840 --> 01:08:01,760
Speaker 3: it twenty percent? Like traditionally what puts me in the

1439
01:08:01,760 --> 01:08:03,040
Speaker 3: best shape? Or is this conditional?

1440
01:08:03,840 --> 01:08:05,800
Speaker 2: So I always recommend at least ten percent down on

1441
01:08:05,880 --> 01:08:11,840
Speaker 2: the vehicle just your taxes alone, right, Or let's say

1442
01:08:11,840 --> 01:08:13,440
Speaker 2: you're in New York eight and a half percent right,

1443
01:08:13,440 --> 01:08:16,240
Speaker 2: eight point eight seventy five percent is your taxes right

1444
01:08:16,240 --> 01:08:18,160
Speaker 2: on the vehicle, So at least want to cover your

1445
01:08:18,200 --> 01:08:23,719
Speaker 2: taxes and the motor vehicle fees. Again, the people don't

1446
01:08:23,800 --> 01:08:27,200
Speaker 2: realize that. Now, if you have it available to you right, right,

1447
01:08:27,240 --> 01:08:28,880
Speaker 2: if you can put the money down and get yourself

1448
01:08:28,920 --> 01:08:32,120
Speaker 2: a lower interest rate because sometimes the bank will if

1449
01:08:32,120 --> 01:08:34,000
Speaker 2: you're financing a certain amount, they may give you a

1450
01:08:34,000 --> 01:08:36,840
Speaker 2: lower interest rate, or if you're financing for a shorter term.

1451
01:08:37,000 --> 01:08:39,599
Speaker 2: People don't realize that you get a better interest rate

1452
01:08:39,640 --> 01:08:41,880
Speaker 2: if you do a thirty six month finance a post

1453
01:08:41,880 --> 01:08:45,320
Speaker 2: of forty eight or sixty month or seventy two month finance,

1454
01:08:45,920 --> 01:08:47,920
Speaker 2: so because there's less risk to the bank.

1455
01:08:48,240 --> 01:08:48,519
Speaker 4: Right.

1456
01:08:48,600 --> 01:08:51,000
Speaker 2: So that I mentioned earlier that zero percent interest rate

1457
01:08:51,080 --> 01:08:53,960
Speaker 2: with Ford that was for thirty six months. So the

1458
01:08:54,000 --> 01:08:57,920
Speaker 2: client that that was working with me, they're like, yeah,

1459
01:08:58,000 --> 01:08:59,719
Speaker 2: you know, instead of writing to check, they were actually

1460
01:08:59,720 --> 01:09:01,880
Speaker 2: first about buying the car cash and writing a check,

1461
01:09:01,920 --> 01:09:04,120
Speaker 2: and they're like, wait a minute, I can get zero percent. Yeah,

1462
01:09:04,120 --> 01:09:05,840
Speaker 2: I'll just do zero percent for thirty six months, keep

1463
01:09:05,840 --> 01:09:07,759
Speaker 2: the money in my pocket and make the monthly payments

1464
01:09:07,760 --> 01:09:11,760
Speaker 2: and paid off early. So keep don in mind. But yeah,

1465
01:09:11,800 --> 01:09:15,240
Speaker 2: it's I recommend ten percent. The moment you could put down,

1466
01:09:15,400 --> 01:09:17,920
Speaker 2: the lower your monthly payments are going to be. On

1467
01:09:18,000 --> 01:09:20,840
Speaker 2: a finance. On a lease a little bit different. I

1468
01:09:20,840 --> 01:09:22,680
Speaker 2: don't believe in putting a lot of money down on

1469
01:09:22,720 --> 01:09:28,519
Speaker 2: a lease during the pandemic when prices are really high.

1470
01:09:29,160 --> 01:09:32,200
Speaker 2: I did my taxes and fees upfront. All right. Now,

1471
01:09:32,280 --> 01:09:36,080
Speaker 2: if you're working within a certain budget and you want

1472
01:09:36,080 --> 01:09:38,280
Speaker 2: a particular car, that's the car you want, then you

1473
01:09:38,320 --> 01:09:40,720
Speaker 2: may want to put a couple of dollars down on

1474
01:09:40,800 --> 01:09:44,160
Speaker 2: the lease in order to bring your payment down. People like, oh, well,

1475
01:09:44,200 --> 01:09:46,439
Speaker 2: you lose that money. Well, no, you're kind of getting

1476
01:09:46,520 --> 01:09:48,760
Speaker 2: it back in the sense that the payment is lower, right,

1477
01:09:49,040 --> 01:09:50,759
Speaker 2: So you're not technically losing the money.

1478
01:09:52,600 --> 01:09:57,200
Speaker 4: So before we wrap, first time home buyer, any me,

1479
01:09:57,320 --> 01:10:02,280
Speaker 4: first time car buyer need info for the first people.

1480
01:10:02,360 --> 01:10:05,719
Speaker 4: That's you know, just buying a car, young people.

1481
01:10:07,080 --> 01:10:12,960
Speaker 2: So it's it's a it's an exciting time. Enjoy it

1482
01:10:13,320 --> 01:10:17,920
Speaker 2: right again, be prepared to get your information and don't

1483
01:10:17,920 --> 01:10:21,439
Speaker 2: make it an emotional purchase. Let it be emotional after

1484
01:10:21,520 --> 01:10:24,160
Speaker 2: you buy the car. Does that make sense, right, Like,

1485
01:10:24,479 --> 01:10:27,040
Speaker 2: enjoy it and do the whole celebrating after you buy

1486
01:10:27,040 --> 01:10:30,200
Speaker 2: the car. But while you're in the process. So I

1487
01:10:30,479 --> 01:10:33,000
Speaker 2: see a lot of you know, younger folks that are

1488
01:10:33,000 --> 01:10:35,240
Speaker 2: coming in to buy a cars. They're so excited about

1489
01:10:35,240 --> 01:10:38,600
Speaker 2: the car, is they lose sight of the finances, the

1490
01:10:38,640 --> 01:10:41,880
Speaker 2: financial side of it, and then they make a bad decision. Okay,

1491
01:10:41,880 --> 01:10:43,960
Speaker 2: and that's how they get hurt. Don't be afraid just

1492
01:10:44,000 --> 01:10:46,720
Speaker 2: because you love the car. I've seen people crying in

1493
01:10:46,840 --> 01:10:50,640
Speaker 2: dealerships because they you know, it was too much or

1494
01:10:50,680 --> 01:10:52,040
Speaker 2: you know, whatever the case, or they didn't have the

1495
01:10:52,040 --> 01:10:53,680
Speaker 2: money down, or they didn't get approved of the car.

1496
01:10:53,920 --> 01:10:58,160
Speaker 2: It's a car, okay, stop it all right to just

1497
01:10:58,200 --> 01:11:01,280
Speaker 2: slow things down. It it's still gonna get you want

1498
01:11:01,280 --> 01:11:02,560
Speaker 2: to where you want to be. You don't want to,

1499
01:11:02,960 --> 01:11:05,519
Speaker 2: you know, strap yourself into a payment that maybe you're

1500
01:11:05,560 --> 01:11:07,439
Speaker 2: gonna have a hard time paying, and then you're affecting

1501
01:11:07,439 --> 01:11:09,559
Speaker 2: your credit down the line. There's more important things to

1502
01:11:09,560 --> 01:11:12,320
Speaker 2: do with your credit than you know, worrying about what

1503
01:11:12,400 --> 01:11:14,640
Speaker 2: your what your car is. So don't be emotional in

1504
01:11:14,640 --> 01:11:16,720
Speaker 2: the process. Be okay with walking away. There will be

1505
01:11:16,800 --> 01:11:19,559
Speaker 2: another car that that maybe works for you or works

1506
01:11:19,560 --> 01:11:22,559
Speaker 2: within the budget. But for the first time buyer, test

1507
01:11:22,600 --> 01:11:25,559
Speaker 2: drive vehicles, go out, look at different cars. Everybody makes

1508
01:11:25,600 --> 01:11:28,439
Speaker 2: a great car nowaday nowadays. So if you see your

1509
01:11:28,439 --> 01:11:31,160
Speaker 2: car on the road that you're absolutely in love with

1510
01:11:31,560 --> 01:11:34,160
Speaker 2: and you're like mom and dad or whoever it is,

1511
01:11:34,200 --> 01:11:38,320
Speaker 2: I want to get that car, be okay with maybe

1512
01:11:38,320 --> 01:11:41,120
Speaker 2: waiting a little while for that vehicle and maybe getting

1513
01:11:41,160 --> 01:11:44,920
Speaker 2: something else. Now that is maybe more reasonable as far

1514
01:11:44,920 --> 01:11:47,639
Speaker 2: as monthly payment, more comfortable as far as monthly payment.

1515
01:11:47,680 --> 01:11:50,240
Speaker 2: Hey listen, if you can afford that car, if it's

1516
01:11:50,240 --> 01:11:53,360
Speaker 2: well within the budget, go for it. But don't be

1517
01:11:53,439 --> 01:11:56,120
Speaker 2: afraid to say, hey, let me just take a step

1518
01:11:56,160 --> 01:11:58,400
Speaker 2: back and look at the bigger picture. I make the

1519
01:11:58,479 --> 01:12:00,800
Speaker 2: right decision for myself. Financial I see a lot of

1520
01:12:01,479 --> 01:12:04,799
Speaker 2: younger people, of first time buyers getting into vehicles because

1521
01:12:04,800 --> 01:12:09,400
Speaker 2: they're buying with their eyes instead of with their wallet,

1522
01:12:09,720 --> 01:12:10,519
Speaker 2: if that makes sense.

1523
01:12:11,960 --> 01:12:13,800
Speaker 1: All right, Our last thing here is the end of

1524
01:12:13,800 --> 01:12:14,519
Speaker 1: the lease guide.

1525
01:12:14,520 --> 01:12:16,360
Speaker 3: So we talked about some of those fees that might

1526
01:12:16,479 --> 01:12:18,599
Speaker 3: that come inside the contract for the lease.

1527
01:12:19,000 --> 01:12:21,280
Speaker 1: But this has happened a few times. Right.

1528
01:12:21,600 --> 01:12:23,960
Speaker 3: Let's say I have a three year, thirty six month lease,

1529
01:12:24,160 --> 01:12:26,120
Speaker 3: I have twelve thousand miles.

1530
01:12:26,880 --> 01:12:27,400
Speaker 1: I'm about to.

1531
01:12:27,400 --> 01:12:29,439
Speaker 3: Turn the car back in, but I've only driven eighteen

1532
01:12:29,520 --> 01:12:33,160
Speaker 3: thousand or twenty thousand. Is there any type of incentive

1533
01:12:33,280 --> 01:12:35,760
Speaker 3: that I get paid back or what happens.

1534
01:12:35,400 --> 01:12:36,000
Speaker 1: With the mileage?

1535
01:12:36,040 --> 01:12:37,960
Speaker 3: I don't use a lot of people runningto this issue

1536
01:12:37,960 --> 01:12:39,920
Speaker 3: and it's like, well what do I do now? I

1537
01:12:40,000 --> 01:12:42,040
Speaker 3: kind of overshot it. Is it just hey, get less

1538
01:12:42,080 --> 01:12:45,240
Speaker 3: next time? Or are our dealerships offering things to to

1539
01:12:45,400 --> 01:12:48,200
Speaker 3: customers who actually go under the value of mileage that

1540
01:12:48,200 --> 01:12:48,680
Speaker 3: they paid for.

1541
01:12:49,280 --> 01:12:51,639
Speaker 2: Okay, so very few I know. BRIMW I think used

1542
01:12:51,640 --> 01:12:53,000
Speaker 2: to do this a while back, where they would give

1543
01:12:53,000 --> 01:12:55,200
Speaker 2: you some money back for unused mileage. I don't know

1544
01:12:55,200 --> 01:12:57,320
Speaker 2: if they do it anymore. This will all be in

1545
01:12:57,320 --> 01:12:59,440
Speaker 2: the contract, definitely a question you can ask the dealership

1546
01:12:59,640 --> 01:13:03,439
Speaker 2: up front. Now, there are some brands I know Infinity

1547
01:13:03,479 --> 01:13:07,120
Speaker 2: does it now where if you start to do more

1548
01:13:07,200 --> 01:13:10,040
Speaker 2: mileage then you thought you were going to do, let's say,

1549
01:13:10,080 --> 01:13:12,240
Speaker 2: do the ten thousand mile of your lease and you realize, way,

1550
01:13:12,280 --> 01:13:16,040
Speaker 2: I'm way over. You can buy additional mileage at the

1551
01:13:16,120 --> 01:13:18,800
Speaker 2: same price as you would have purchased it up front

1552
01:13:19,360 --> 01:13:22,000
Speaker 2: during the lease. So again, I know Infinity does it

1553
01:13:22,080 --> 01:13:24,000
Speaker 2: right now. This doesn't mean they have to continue to

1554
01:13:24,040 --> 01:13:26,080
Speaker 2: do it. If you're on the website, you can see it.

1555
01:13:26,240 --> 01:13:28,720
Speaker 2: I actually have an Infinity now and I realized that

1556
01:13:28,720 --> 01:13:30,000
Speaker 2: we were going to go over mileas and I looked

1557
01:13:30,000 --> 01:13:31,439
Speaker 2: at it and on their website it says you can

1558
01:13:31,479 --> 01:13:35,479
Speaker 2: buy the mileage upfront, you can buy the mileage during

1559
01:13:35,520 --> 01:13:38,200
Speaker 2: the lease up until I think it's thirty days before

1560
01:13:38,200 --> 01:13:40,040
Speaker 2: the lease expires, so you have to be careful of

1561
01:13:40,040 --> 01:13:41,800
Speaker 2: when you do it. Don't do it like the day

1562
01:13:41,800 --> 01:13:43,439
Speaker 2: before you give your car back. It's not going to work.

1563
01:13:45,680 --> 01:13:47,360
Speaker 2: So what I tell people all the time is, look

1564
01:13:47,360 --> 01:13:49,840
Speaker 2: at what your driving habits are, right, look at your

1565
01:13:49,920 --> 01:13:52,599
Speaker 2: current car, what you've been driving it over the last

1566
01:13:52,640 --> 01:13:54,479
Speaker 2: three years. How many miles have you put on the vehicle.

1567
01:13:54,760 --> 01:13:57,080
Speaker 2: If you anticipate your mileage is going to stay the same,

1568
01:13:57,560 --> 01:13:59,599
Speaker 2: then that's what you should base it off of. Okay,

1569
01:14:00,120 --> 01:14:01,960
Speaker 2: I tell people all the time it's better to do

1570
01:14:02,000 --> 01:14:04,880
Speaker 2: a ten thousand miles a year lease if you're going

1571
01:14:04,920 --> 01:14:07,120
Speaker 2: to if you think you may do eleven thousand miles

1572
01:14:07,160 --> 01:14:09,840
Speaker 2: a year. If you think you may do eleven thousand

1573
01:14:09,840 --> 01:14:11,920
Speaker 2: miles a year, then to do a twelve thousand dollar

1574
01:14:11,920 --> 01:14:15,800
Speaker 2: a year lease because you're definitely paying for twelve thousand

1575
01:14:15,840 --> 01:14:20,200
Speaker 2: miles a year. Right to me, I'd rather save the money,

1576
01:14:20,240 --> 01:14:23,400
Speaker 2: keep it in my pocket, and maybe I get out

1577
01:14:23,400 --> 01:14:25,320
Speaker 2: of my car three to six months early.

1578
01:14:25,720 --> 01:14:25,880
Speaker 1: Right.

1579
01:14:25,960 --> 01:14:28,000
Speaker 2: Let's say let's say you're thirty six month lease. You

1580
01:14:28,000 --> 01:14:29,880
Speaker 2: have a thirty six month lease, and you have twelve

1581
01:14:29,880 --> 01:14:31,800
Speaker 2: thousand miles a year. That's a thousand miles a month

1582
01:14:32,520 --> 01:14:35,240
Speaker 2: or twelve thousand miles a year. Now, remember it's not

1583
01:14:35,960 --> 01:14:38,320
Speaker 2: you're not allowed twelve thousand miles per year. You're allowed

1584
01:14:38,360 --> 01:14:40,640
Speaker 2: thirty six thousand total miles in the vehicle when you

1585
01:14:40,640 --> 01:14:45,200
Speaker 2: return it. Now, if I return my car in thirty

1586
01:14:45,280 --> 01:14:50,439
Speaker 2: months with thirty six thousand miles, there's no penalty to me. Okay,

1587
01:14:51,000 --> 01:14:53,120
Speaker 2: so I'm not over mileage. I'm not supposed to be

1588
01:14:53,160 --> 01:14:55,320
Speaker 2: at thirty thousand miles because of get my car in early.

1589
01:14:55,920 --> 01:14:58,880
Speaker 2: I'm allowed to thirty six thousand miles even if I

1590
01:14:58,880 --> 01:15:01,160
Speaker 2: give the car back early. So that's a lot of

1591
01:15:01,160 --> 01:15:02,720
Speaker 2: times the dealership would do that. If you see you're

1592
01:15:02,720 --> 01:15:06,360
Speaker 2: about to go over mileage, contact the dealership. Some brands,

1593
01:15:06,720 --> 01:15:09,200
Speaker 2: like right now, Mercedes Benz has what's called a pull ahead.

1594
01:15:09,640 --> 01:15:12,760
Speaker 2: They if you're going into another Mercedes, they will waive

1595
01:15:13,520 --> 01:15:16,360
Speaker 2: I think it's anywhere from three to five remaining payments

1596
01:15:16,360 --> 01:15:17,840
Speaker 2: on your car. Right you don't want to have to

1597
01:15:17,920 --> 01:15:22,000
Speaker 2: roll those payments into the into the next car, so

1598
01:15:22,200 --> 01:15:23,799
Speaker 2: you want to, you know, kind of ask the dealership

1599
01:15:23,840 --> 01:15:25,160
Speaker 2: the question, if you guys have a pull ahead, I

1600
01:15:25,160 --> 01:15:27,439
Speaker 2: don't want to roll that negative those other payments into

1601
01:15:27,439 --> 01:15:31,719
Speaker 2: my next car. But I always say if you think

1602
01:15:31,760 --> 01:15:37,360
Speaker 2: you may go over do the lower mileage amount because

1603
01:15:37,520 --> 01:15:39,600
Speaker 2: it's better to maybe have to pay it than to

1604
01:15:39,680 --> 01:15:41,240
Speaker 2: definitely have to pay and not have it used.

1605
01:15:41,280 --> 01:15:47,080
Speaker 4: It no valuable information. Appreciate that before we wrap, tell

1606
01:15:47,120 --> 01:15:49,360
Speaker 4: the people what you what you have going on as

1607
01:15:49,360 --> 01:15:54,240
Speaker 4: far as your your company and service and contact information

1608
01:15:54,280 --> 01:15:55,320
Speaker 4: and all that type stuff.

1609
01:15:55,920 --> 01:15:58,559
Speaker 2: So, like I said, during the pandemic, when I left

1610
01:15:58,560 --> 01:16:00,680
Speaker 2: the retail side of it, when we first the call

1611
01:16:00,720 --> 01:16:03,519
Speaker 2: I was working at Mercedes Benz, I left the industry

1612
01:16:03,560 --> 01:16:07,200
Speaker 2: to start a training company for the automotive for automotive

1613
01:16:07,200 --> 01:16:10,439
Speaker 2: salespeople to help them better connect with clients and make

1614
01:16:10,479 --> 01:16:12,400
Speaker 2: the process easier for not just for them, but for

1615
01:16:12,439 --> 01:16:14,639
Speaker 2: the client as well, and to build that long term career.

1616
01:16:15,040 --> 01:16:18,200
Speaker 2: Obviously the pandemic hit, nobody was investing in training at

1617
01:16:18,200 --> 01:16:20,320
Speaker 2: that time, so I kind of had a pivot. And

1618
01:16:20,320 --> 01:16:24,599
Speaker 2: it's kind of it goes to what I teach, right,

1619
01:16:24,960 --> 01:16:26,960
Speaker 2: the clients who had sold cars to start reaching out

1620
01:16:26,960 --> 01:16:29,639
Speaker 2: to me for cars. So I just basically helped customers

1621
01:16:29,640 --> 01:16:31,920
Speaker 2: buy vehicles. So we started a company that basically help

1622
01:16:31,960 --> 01:16:35,640
Speaker 2: customers navigate the process of buying the vehicle, make the

1623
01:16:35,680 --> 01:16:39,160
Speaker 2: process super easy. But we still do. We still have

1624
01:16:39,200 --> 01:16:41,479
Speaker 2: our training company, which is obviously picking up and doing

1625
01:16:41,600 --> 01:16:44,640
Speaker 2: very well, thank God. But I will tell you this

1626
01:16:44,760 --> 01:16:49,720
Speaker 2: if you do have questions, my company's Automotive Mentorship. We

1627
01:16:49,800 --> 01:16:53,200
Speaker 2: do sales training and job placement for people in the industry.

1628
01:16:54,240 --> 01:16:56,719
Speaker 2: We do leadership training every aspect of the automotive industry,

1629
01:16:56,720 --> 01:16:58,519
Speaker 2: which has done very well. What I'm going to do

1630
01:16:58,600 --> 01:17:01,400
Speaker 2: for the members of EYL, I'm going to add an

1631
01:17:01,400 --> 01:17:05,000
Speaker 2: email to our website and it's going to be deals

1632
01:17:05,040 --> 01:17:09,120
Speaker 2: at Automotive mentorship dot com. So if you have questions

1633
01:17:09,560 --> 01:17:12,200
Speaker 2: about buying a vehicle, they'll be able to contact us,

1634
01:17:12,800 --> 01:17:14,640
Speaker 2: send us an email. We'll do our best off. It's

1635
01:17:14,720 --> 01:17:16,560
Speaker 2: depending on the amount of emails as we get, we

1636
01:17:16,600 --> 01:17:18,600
Speaker 2: will do our best. Me and my team will do

1637
01:17:18,640 --> 01:17:20,639
Speaker 2: our best to get back to everybody and answer as

1638
01:17:20,640 --> 01:17:23,479
Speaker 2: many questions as we can. Obviously, if when you guys

1639
01:17:23,520 --> 01:17:25,960
Speaker 2: post this with the questions, even on the last video,

1640
01:17:26,080 --> 01:17:27,920
Speaker 2: I make sure I still go back when people do

1641
01:17:28,000 --> 01:17:30,120
Speaker 2: have questions, I try to answer as many questions as

1642
01:17:30,120 --> 01:17:30,960
Speaker 2: I can on that video.

1643
01:17:32,800 --> 01:17:33,519
Speaker 4: Appreciate it.

1644
01:17:33,640 --> 01:17:35,639
Speaker 1: Appreciate it man, Thank you God.

1645
01:17:35,640 --> 01:17:35,960
Speaker 2: I said.

1646
01:17:36,000 --> 01:17:38,920
Speaker 4: Always a wealth of information and it definitely is another

1647
01:17:38,920 --> 01:17:41,240
Speaker 4: option as far as buying a car, to use a

1648
01:17:41,320 --> 01:17:43,880
Speaker 4: broker as opposed to a dealership. We didn't we didn't

1649
01:17:43,880 --> 01:17:46,240
Speaker 4: talk about that, but that's something that you might want

1650
01:17:46,280 --> 01:17:48,840
Speaker 4: to consider if you're in the car buying process, as

1651
01:17:48,840 --> 01:17:51,200
Speaker 4: far as you know, not having to go to ten

1652
01:17:51,240 --> 01:17:55,679
Speaker 4: different dealerships, just having a broker that can actually service

1653
01:17:55,760 --> 01:17:59,559
Speaker 4: all types of cars. And Chris, that's you know, kind

1654
01:17:59,600 --> 01:18:04,719
Speaker 4: of us. But make sure you, guys, email that email address.

1655
01:18:04,760 --> 01:18:05,519
Speaker 4: What was the email again?

1656
01:18:06,479 --> 01:18:09,479
Speaker 2: Deals at automotive mentorship dot com.

1657
01:18:09,680 --> 01:18:14,600
Speaker 4: Deals at automotivemntorship dot com. All right, Chris, thank you,

1658
01:18:14,640 --> 01:18:15,320
Speaker 4: appreciate it.

1659
01:18:15,320 --> 01:18:16,879
Speaker 1: My God, appreciate you as always.

1660
01:18:17,360 --> 01:18:18,280
Speaker 2: Thank you guys.

1661
01:18:18,800 --> 01:18:21,559
Speaker 4: All right, guys, that's it. Take care please.

1662
01:18:21,960 --> 01:18:25,639
Speaker 5: An illegal alien from Guatemala charged with raping a child

1663
01:18:25,680 --> 01:18:29,480
Speaker 5: in Massachusetts. An MS thirteen gang member from El Salvador

1664
01:18:29,720 --> 01:18:33,840
Speaker 5: accused of murdering a Texas. Man of Venezuelan charged with

1665
01:18:33,920 --> 01:18:37,800
Speaker 5: filming and selling child pornography in Michigan. These are just

1666
01:18:37,920 --> 01:18:41,679
Speaker 5: some of the heinous migrant criminals caught because of President

1667
01:18:41,720 --> 01:18:45,240
Speaker 5: Donald J. Trump's leadership. I'm Christy nom the United States

1668
01:18:45,320 --> 01:18:50,120
Speaker 5: Secretary of Homeland Security. Under President Trump, attempted illegal border

1669
01:18:50,120 --> 01:18:53,679
Speaker 5: crossings are at the lowest levels ever recorded, and over

1670
01:18:53,760 --> 01:18:56,960
Speaker 5: one hundred thousand illegal aliens have been arrested. If you

1671
01:18:57,040 --> 01:19:01,120
Speaker 5: were here illegally, your next you'll be fine nearly one

1672
01:19:01,240 --> 01:19:05,799
Speaker 5: thousand dollars a day, imprisoned, and deported. You will never return.

1673
01:19:06,120 --> 01:19:09,120
Speaker 5: But if you register using our CBP home app and

1674
01:19:09,240 --> 01:19:12,559
Speaker 5: leave now, you could be allowed to return legally. Do

1675
01:19:12,680 --> 01:19:17,799
Speaker 5: what's right. Leave now. Under President Trump America's laws, border

1676
01:19:18,000 --> 01:19:19,799
Speaker 5: and families will be protected.

1677
01:19:19,920 --> 01:19:22,040
Speaker 1: Sponsored by the United States Department of Homeland Security,