Key Points to Remember

• Thank the Customer

  • Always start by thanking the customer for considering our dealership.

• Acknowledge Their Position

  • Recognize their concerns and show empathy towards their situation.

• Offer Solutions

  • Be prepared with possible solutions or compromises to address their objections.

• Encourage a Visit

  • Emphasize the benefits of visiting the dealership for an in-person appraisal.

Encouraging a Visit

After addressing the customer's concerns about their budget or credit situation, the primary focus should be on encouraging them to visit the dealership. This will allow us to explore financing options in detail, discuss payment plans, and potentially find a vehicle that better fits their budget. Below are specific scenarios, but each should include some variation of the following approach:

• “[Customer Name], I get your concerns about getting an approval. Why don’t you come by the dealership? We can go over financing options, check out some vehicles that might fit your budget better, and find a solution that works for you. Would later after work or tomorrow work better for you?”

Common Objections:

“I need to check with my bank on rates.”

Response Strategy:

• Understand and Acknowledge the customer's need to compare rates.

  • Obtain the name of the finance institution to assist in the research and comparison process.

• Highlight the Benefits of financing through the dealership.

• Offer our credit application to you can get the customer a competitive rate with one of our lenders.

Word Tracks:

Acknowledgment and Understanding:

• “I completely understand that you want to check with your bank on rates. Which bank are you working with? Do you know the rates off the top of your head? Let me look up what they have posted for you.”

  • Check the institutions website to see what they are offering on the vehicle of reference if the customer doesn’t know.

Highlight Dealership Benefits:

• “One of the benefits of financing through us is that we work with multiple lenders to get you the best possible rate. Often, we can match or even beat the rates your bank might offer.”

Offer Competitive Information:

• How about this? Let me gather some competitive rate information for you. That way, you can make a well-informed decision and see if we can save you some money. Do you have some time to fill out a credit application for me so I can see what you qualify for?”

  • Get a sales manager or a finance manager involved at this point so they can help guide the conversation properly.

“I'm not sure if I can get approved”

Response Strategy:

• Reassure the Customer and emphasize your willingness to help.

• Explain the Various Options available to improve their chances of approval.

Word Tracks:

Reassurance:

• “I understand that getting approved can be a concern. We have a lot of experience working with customers in similar situations.”

Explaining Options:

• “There are a few ways we can improve your chances of approval, such as adding a co-signer or putting more money down. Let’s explore these options together to find the best solution for you. But let’s start with an online application first to see if we even need to go down that road.”

Encouragement:

• “We work with a variety of lenders and have had success in getting approvals for customers with different credit backgrounds. Let’s see what we can do to help you out.”

Online Credit Application:

Use the credit application to begin the process and show you are getting to work for the customer. This will also give you a better idea of how to help the customer and save time here at the dealership.

• “To get started, you can fill out our online credit application. It’s quick and easy, and it will give us a better idea of your options. Can I send you the link to get started?”

“I'm waiting until I get a down payment together”

Response Strategy:

• Understand and Acknowledge the customer's plan to save for a down payment.

• Highlight the Benefits of starting the process now, even without a full down payment.

• Offer Solutions that can help bridge the gap in their down payment.

Word Tracks:

Acknowledgment and Understanding:

• "I understand that you want to get a down payment together before making a move. That’s a smart approach, but it might not be completely necessary. I wouldn’t want you to miss out on this RAV4."

Highlight Dealership Benefits:

• “One of the benefits of working with us is that we have flexible financing options. Sometimes we can work out a deal with a smaller down payment than you might expect.”

Offer Solutions:

• “How about this? Let’s explore some options together. We can try to figure out ways to make this Tacoma fit your budget now, or look at other financing options that allow for a smaller initial payment. Did you have some time to stop by after work or would Friday be better for you?”