Kick the Dealer, Not the Tires!: Stop Car Dealers From Using Your Credit Against You
By Mark Marine
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Kick the Dealer, Not the Tires! - Mark Marine
Pull the curtain, Toto.
Kick the Dealer...Not the Tires! Copyright © 2005 by Mark Marine
All rights reserved. No part of this book may be reproduced or transmitted in any form or by any means, electronic or mechanical, without written permission from the author or publisher, except in the case of a brief quotation in a review.
Illustrations Copyright © 2005 Frank Barber
Cover Design Copyright © 2005 Brian Twede
First MOTOM printing 2005
MOTOM
76 W. 2100 S.
Salt Lake City, UT 84115
www.motom.biz
Publisher’s Cataloging-in-Publication Data
Marine, Mark.
Kick the dealer-- not the tires! : your comprehensive credit guide to stop car dealers from using your credit against you / by Mark Marine ; edited by Tom Barber.
p. cm.
Includes index.
LCCN 2005926801
ISBN 0-9768878-1-9
eISBN: 9781483518923
1. Automobiles--Purchasing. 2. Negotiation.
3. Consumer credit. I. Barber, Tom, 1977- II. Title.
for Paula,
to whom I send flowers just so the rose can meet her.
and,
Nate & Jessica,
for being the sunshine that makes them bloom.
Special thanks to:
GMB, you know you’ve lost a good friend when the memory of all the laughter makes you cry.
Tom Barber, for your combination of natural skill, acquired wisdom, and a never-ending willingness to endure the pain of editing what I had to say.
Jill Anderson, for your ever-present clear thinking.
Mr. Yong Joo Kim and Dr. Yong Shin Kim, for your beautiful minds and your friendship without borders.
Josephine Marine, for teaching me to never be afraid to make my argument, and then grounding me for doing it.
Jule Marine Sr., for teaching me that a kick in the butt is still a step forward.
Jule Marine Jr., for always offering an opposing argument even when I knew you knew I was right.
Sharon Martin, for being a living, breathing, wake-up-everyday example of unconditional love.
And thank you to:
Brady Anderson, Glo Anderson, Cherie Baddley, Dan Baddley, Will Badger, Bob Barber, Francie Barber, Frank Barber, Stephanie Barber, Stan Blank, Craig Cheney, Brandon Dansie, Josie Marine, Matt Misner, Chhouk Phoung, Dee Randall, Patricia Roser, Liz Tadros, Brian Twede, Emil Vargason, and Neil Vargason.
Table of Contents
Introduction
Part I. Empowering the Customer
1 The Car Buying Experience
2 Empowering the Customer
3 The Fault in the Credit World
4 Credit Driven vs. Credit Score Driven
5 Pre-Approval
6 Good Credit Begs for Abuse
7 Bad Credit Demands Protection
8 There is No Such Thing as Credit Repair
9 Debt Management Programs
10 Signature Loans
11 Building Credit
12 The Fine Print
Part II. Kick the Dealer
13 The Dealer
14 Priorities
15 Exit Strategy
16 Sale Price
17 Down Payment
18 Trade-Ins
19 Cosigning
20 Front-End Profit
21 Back-End Profit
22 Spot Delivery
23 Buy Here Pay Here
24 The 0% Interest Loan
25 Refinancing
26 Contracts
27 The Bottom Line
Appendix
The Credit Application
Credit Dispute Form
Trade-In Appraisal Record
Payoff Verification Form
Test Drive Checklist
Notice to Cosigner
Requirements and Stipulations
Privacy Disclosure
KicktheDealer.com
Glossary
Index
Cars are a bad invention. They cost too much, they depreciate, and they break!
—Mark Marine
Introduction
Look at what car dealers parade in front of you: low monthly payments, 0% interest, huge discounts, zero down, free gifts. These gimmicks are all designed to make it appear the dealer is sacrificing something for the customer. The truth is, without an insider’s knowledge, you, the customer, will be making the sacrifice.
Regardless of your credit score, you are most vulnerable when it comes to borrowing money. There is just too much room for manipulation of your credit by car dealers. In fact, the entire system of most car dealerships is set up to use your credit against you.
I entered the car business in 1989, and from the very beginning I couldn’t understand why the bank was the last to know what was going on in each car deal. It just seemed backwards to me. My first day on the job, I was told to show the customer a car, sell them on it, and then send the deal to the bank. So, when my first customer walked in, I showed him a car, sold him on it, and sent the deal to the bank. The bank said no. The customer had to come back to the dealership, and he and I went back on the lot and picked out a different car. And I sent the new deal to the bank. The bank said no again. We repeated the process for a third time, and again the bank said no. By this time it was three days later and I was beginning to think it was all a joke. I thought I was going through some sort of car salesman initiation. I thought I was being hazed. Well, it turns out I wasn’t.
That’s how cars are sold.
Or rather, that’s how cars used to be sold. Because I soon began asking the banks to give me, in advance, their requirements for structuring each deal. In other words, I decided to go to the bank first, not last. It seemed so obvious to me. Going to the bank first would make life easier for everybody involved; the bank, the dealer, and the customer. Yet this idea was met with looks of confusion. Nobody wanted to change. Not the car dealers, not the banks. I persisted. It was one go-to the-bank-first deal at a time. Until finally, one bank after another became convinced it made sense to lend money for cars the Mark Marine way.
My philosophy is simple. I believe it’s my responsibility as the dealer to provide all the information and all the explanation up front, so you, the customer, never have to make a decision. You can simply do what’s obvious.
This book is about empowering the customer. It will arm you with all the information you need to facilitate your own deal when you make a purchase with borrowed money. You can change the way you use credit. You can stop paying too much for the things you buy with credit. With this book, you can take the frustration out of the car buying experience.
I want you to hear what I have to say. I want you to use it... And I think I’m obvious.
Mark Marine
Salt Lake City
June 2005
Part I
Empowering the Customer
1
The Car Buying Experience
The haft of the arrow is feathered with one of the bird’s very own plumes.
Consumers often give car dealers the means of their own destruction. The advertising that motivates you to go to a particular car dealership is exactly what that dealer is going to use to divert your attention to make profit. What motivates you?
- Low monthly payments?
- 0% interest?
- Maybe an offer to pay off your trade, no matter how much you owe?
- Or is it the fun stuff?... A trip to Disneyland? A cruise? Maybe Las Vegas?
No matter what motivates you, the dealer can always manipulate the deal structure and turn it into profit. Ask yourself, What do I have to compromise to get the advertised special? Consider the following:
- Low monthly payments extend the life of the loan
- 0% interest eliminates most cash rebates
- Negative equity on your trade increases sale price
- And the Vegas trip is simply added to your bill
Always remember, with advertised specials something has to give. And the giving is always going to be on your end of the deal. It’s tactical marketing specifically designed with somebody’s commission in mind. The advertisements are the bait to get you in the door so the commissioned sales force can do their job.
Do you know how many people can touch your deal expecting a