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Sometimes getting deals takes work |
 The rumor in the industry is that lenders are moving away from automatic scoring systems and back to real analysis. That's good news for those who are willing to work the deals and get help from their lenders.
When I started in the finance office, it was about the time everyone was moving toward automatic scoring. This made it easy to be lazy, but I had one salesperson who pestered me about every deal that wasn't automatically approved. And in retrospect, I'm glad he did.
What I learned was that even automatic scoring systems have their opportunities; therefore, I worked with the lenders on how to structure deals that made them fit into appropriate parameters. That's right! Some lenders actually taught me how to sell them my paper.
Now keep in mind, these were not bad deals. These were good deals that were on the bubble. They just needed some additional information or slight adjustments to receive better scores. And while I could tell you some sneaky little tricks to get bad deals bought, it's not within our value system to do that because most of them are unethical or illegal.
Instead, you can get a number of deals down if you're willing to do some additional work. Here are a few ideas:
- Ask your analyst, "What needs to change in order for you to buy this deal?"
- Double check your partner's deals and have him/her check your deals. Another set of eyes can make all the difference.
- Check with lenders who haven't bought in a while. Lenders are often looking to re-ignite old relationships.
- Ask your customers to participate in the effort. If you've been honest with them, and you explain the need, they're often willing to find family members and other resources to help.
- Network - Ask others about deals and get some assistance.
Don't give up on a deal because of a bad score or even several declines. In the same way that it takes 7 times before a customer will say yes, it often takes several attempts to get difficult deals bought.
What are your ideas? Please post your ideas for getting difficult deals bought by clicking here: |
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For more information or should you have any questions please contact:
shawn.ryder@autouniversity.com© 2008 Auto University - A Division of Ted Ings Group, Inc. All Rights Reserved 
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