Monday, September 5, 2011

Objection Handling: How to Handle the "I'll Think it Over Objection"

Even though this is an F&I blog, the techniques in this close are VERY GOOD GUIDANCE for anyone selling cars for a living. Whether you are a rookie or a veteran, I highly recommend taking 9 minutes to go through this clip with Mark and re-apply these tried and proven sales tactics.

Maybe send the clip to your GM to show during a sales meeting...

Wednesday, August 24, 2011

Feel Felt Found - Good Monday Sales Meeting!

Objection handling. Simon Bowkett shows how one of the oldest objection handling techniques still works today.

Good Stuff !!!

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Monday, July 11, 2011

FTC Announces $1.8 Million Settlement for Violation of Fair Credit Reporting Act

Hmmmmm.... here is another example that the credit bureaus will continue to violate Federal Law and lose a few million ... while raking in hundreds of millions of dollars per year --- by selling YOUR credit report to whoever wants to pay them for it.

Read the article here:

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Tuesday, June 28, 2011

Dealer Practices to be Scrutinized by the FTC and CFPB

“Bottom-Feeders” to Be the First Scrutinized...

By: Thomas Hudson

When you are a lawyer, it seems that all your friends insist on telling you every lawyer joke they hear. One of my favorite recent ones: “What’s the difference between a lawyer and a carp?” The answer, after my obligatory “I give up” was, “One’s a scum-sucking bottom-feeder, and the other one’s just a fish.”

I immediately thought of that one when I read that Federal Trade Commission Chairman Jon Leibowitz, in a speech to the U.S. Chamber of Commerce, used the term “bottom-feeder” in describing the FTC’s agenda for the coming year in light of the creation of the Consumer Financial Protection Bureau (CFPB), with which the FTC will share enforcement authority over financial services companies.

Read the rest of this excellent article here:

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Tuesday, May 10, 2011

Compare Spending Habits With Your Peers

This is a neat website that allows you to compare spending habits with your peers in the same geography. Very cool engine at

Man, I am bored. This probably should have gone out on Twitter. If anyone wants to follow my tweets, Auto Finance Insider is located at

Have a fantastic day!!!


Next Post: Rewriting the Rules of Credit

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Thursday, March 17, 2011

Former Automotive F&I Manager and Wife Face ID Theft Charges

The former finance manager of a General Motors dealership in Harlan, Ky., and his wife face theft and identity-theft charges in Harlan County Circuit Court this week for allegedly using customer names and personal data to obtain loans for cars he bought and resold for profit, according to the Kentucky State Police.

Paul Anthony Casolari, 42, the former finance manager at Creech Chevrolet-Buick Inc. in Harlan, and his wife, Christy Casolari, 32, both of Cumberland, Ky., have been charged with alleged thefts that took place from 2008 to 2010, police said. Harlan is in southeastern Kentucky about 15 miles from the Virginia border.

Paul Casolari obtained loans and bought cars using personal information from real customers, said Trooper Walt Meachum, a spokesman for the Kentucky State Police.

“He was getting loans using stolen identities,” Meachum said. “He would try to resell them quickly, but if he didn’t get them sold in time, he was making payments on them until he did sell them for profit.”

Christy Casolari took part in the alleged thefts with her husband, but she was not employed by the dealership, Meachum said.

Customers found out cars had been bought in their names when they checked their credit reports, Meachum said. He said police believe the alleged thefts involved “about eight” vehicles, and that multiple charges are linked to each vehicle.

Reached by phone, dealership owner Joe Creech declined to comment.

The Casolaris are scheduled to be arraigned, or formally notified in court of the charges against them, on Thursday, March 17. They were arrested Feb. 21 and freed almost immediately after posting bond, police said.

Paul Casolari faces 106 counts of forgery, plus 12 counts of identity theft, nine other theft-related charges, plus trafficking in stolen identities, according to court records. Christy Casolari faces similar charges, minus the forgery counts, court records show.

A court clerk said court records did not identify any attorneys representing the Casolaris, and the Casolaris could not be reached for comment.

AFI's take on this: It could have been A LOT WORSE. So he was using stolen identities to buy and flip vehicles. That's just the first step toward taking everything and skipping town. Maybe that was the plan anyway and they got caught before they could run.

This is just another example that identity theves will get caught, and if it happens to involve an F&I Manager - throw the book at 'em. We have to trumpet honesty and integrity in the F&I profession.

Yet another reason for F&I Managers to become AFIP Certified. Contact me at: for contact information of a dynamic and vivacious agent who will prepare and proctor the AFIP exam for your F&I Managers.

Link to original article: from: (Lexington, KY)

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Thursday, February 17, 2011

Rewriting the Rules of Credit

In his new book, A Call for Judgment: Sensible Finance for a Dynamic Economy, economist and Tufts University professor Amar Bhidé laments a banking system that bases decisions on complex algorithms rather than good old-fashioned loan reviews, a practice that has greatly choked off financing to small business.

AFI Interview excerpts:

Lending used to be a subjective matter. Why did we wind up with a system of stringent rules?

First, there was an ethos that developed in academia that said that all risks can be quantified. What economists did was say the stuff that we cannot quantify is really on the margin. And what's essential to risk, we can pretend to reduce to one or two numbers. Once you do that, then you can create a machine. If you're required to think of risk in a broad, holistic kind of way, it's much more time-consuming.

Implicitly and explicitly, the government embraced this view of risk. Almost unwittingly, [Fannie Mae and Freddie Mac] created the largest mechanistic model of lending in the world simply by saying we will underwrite the risk of mortgages if they meet XYZ criteria. If you followed the model for a loan, the government would take it.

The interesting part is that not all lending can be equally mechanized and scaled up. And therein lies the rub. It means that if I'm a bank, and I want to expand, I'm going to favor the activity where I can put pedal to metal fastest.

And small-business lending does not fit into that mold.

Correct. It was and remains an activity that requires a banker to go and talk to the borrower. Analysts can pretend that all housing loans are the same, but with small business, the pretending completely defies belief. So small business gets the short end of the stick.

What about the bank bailout? Why did so little money reach small businesses?

The way to get more credit into the hands of the small-business owners has been long impaired, and for the money to reach the people who need it, you need more channels. Small-business lending requires a mechanism that frankly will take a long time to rebuild.

How can the U.S. revive small-business lending?

The government should demand that any depository institution whose liabilities are ultimately guaranteed by the taxpayer make its loans prudently—where a banker and an examiner understand the risks and where each loan is made with a case-by-case examination of the risk in the bank. Small-business lending will remain risky. But there's a difference between a risk taken after a bank has obtained a deep understanding of the situation and a risk taken based on algorithms or rules that do not in fact make a lending decision safer.

What role should regulation play?

I think one of the great strengths of America is people's willingness to borrow and consume in the expectation of a better tomorrow. That is one of the things that distinguishes America from Europe. I think it's fantastic that three million iPads have been sold even in a recession. But that primal urge needs to have a brake applied to it sometimes and the brakes used to be provided by the banking system. Something healthy and useful was taken to extremes. It becomes insane. It's like, protein is good for you so you go on an all protein diet.

For regulators, instead of continuously experimenting with things like quantitative easing, why not pay attention to the things we know are bad?

But there's no hard and fast rule that says more regulation is good or more regulation is bad. You have to look at the facts of the case. And the facts said with banks that self-policing did not work. We ought to examine the brakes.

I agree wholeheartedly!

You should buy this book. It is awesome!

Next post:  Risk based pricing webinar.

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