on line credit requests

Mark Rask

As a finance manger how do you handle online credit requests?

Get em approved! 

Amanda Gordon

Instantly get them on the phone to confirm their information and get to work. Let them know the process, 1. We are going to pull your credit and find a lender that will give you the best rate 2. When you will call them back (and stick to it). 

NEVER NEVER EVER use the statement "we have you approved" or they will instantly start shopping all around town thinking they qualify for a new Bently. Tell them "we have a way to go however we have to verify your documents, pay stub etc" and set the apt. 

Derrick Woolfson

@Amanda, HANDS-DOWN 1000% agree! If the customer keeps asking "am I approved?" I say Mr. Customer, we are working on it. But I need you to come in making sure to bring in your pay-stubs, which is what I will need to verify income. Otherwise, I cannot secure an approval w/ out proof of income," which is the god's honest truth. This often works. And the biggest thing I have learned is to be firm w/ confidence. Not arrogance, BUT confidence. In fact, in some cases where the customer is at a 430 credit score, I will offer "Mr. customer, with the current situation I am doing everything I can. And would not intentionally waste yours or my time. That said, as we discussed I need X, Y & Z so that I can work with the lenders. Without that information I have nothing. When are you available to come in? Now or later today?" 

Derrick Woolfson

Oh, and the other thing is when they are approved I ***NEVER*** tell them a payment as that is entirely dependent on final APR, which can change depending on the *exact* vehicle they choose, money down, title/tag, etc. I have found that to only be digging myself a hole. And if the customer is persistent I will say "I understand, let me ask you this - I can sit here and tell you payments and what not. When we both know that in reality that it is entirely irrelevant if this is not the car you end up taking home. And I am not in the business to waste yours or my time. Now that said, I can give you a payment without APR as I do not have that information, BUT again it means nothing until we have an approval or know if this is the right car. What time works best for you to come in? Now or later today? I have both a 2:15 or 2:45 PM opening?" 

In the beginning, I was so hesitant to use this tactic, BUT it works. And you just have to remember to match the customer's tone & voice inflection. Never losing your confidence. As the moment you do they will sniff it a mile away and take charge of the conversation. 

Great advice, Derrick! 

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