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A valuable lesson in financing - tell your clients

7th Jun 2016
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As a petrolhead with an eye for fine motors I finally chanced upon the car I have been chasing for 18 months or so , in the colour and spec I want , at alomist half price after 13 months from new and hardly run-in. So off I trotted to the dealer , having already agreed in principle a finance deal at 4.7% APR to the shortfall from the Bentley proceeds.

The garage had offered me 7.7% but when they heard that I was going elsewhere they promptly matched the bank , just like that - no haggling , no messing .  

The bank rang back and when I told them about th egarage they dropped to 4.0% APR . I am now wondering if either of them will soon pay me to borrow the money.

The lesson to take away is that everything is negotiable and you need to be a wee bit brazen sometimes. However, what bugged me the most was that when I asked the salesman to split his commission with me he said that he had never been asked that previously and went away to find out how to respond. The upshot was that I would have to write to the group finance director who may or may not agree to give this to me post de facto. I was under the impression that the commission has to be declared if asked but perhaps I am wrong. In any event I had a feeling he was lying , as he was also pleading poverty on this deal  . 

Either way, it has now come back to bite him as I am going to the bank ...unless of course tomorrow's call from the garage to take my credit card details changes the maths yet again.

Have you or your clients had a similar experience ?

 

Replies (5)

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Glenn Martin
By Glenn Martin
08th Jun 2016 15:21

Why would you expect the salesman to half his commission with you?

Do you do that in your business?

I am not suprised he had not been asked that before if he works in a Bentley Garage.

Your already getting the car for half list price, the garage have halved the interest charge on the deal, yet you expect to take food of the guys table who is doing you such a good deal.

I often find in these situations that people will always help you and provide good service if you allow them to earn. If your so greedy he might not be so helpful in 6 months time when there is a problem with the car and you need his help.

He will remember you as the guy who bled him dry and likely will not be as helpful, or take the opportunity to lift your leg.

Thanks (3)
Man of Kent
By Kent accountant
10th Jun 2016 14:57

Well said Glennzy.

No-one likes a scrooge*

* - I was going to say tight [***] but on reflection it could have been taken the wrong way, oh that doesn't quite sound right either...

Thanks (0)
mcleod tartan
By K McLeod
11th Jun 2016 09:29

Why are people in Britain so afraid of hard negotiating, and taking their business elsewhere to get a better deal? I doubt the supermarket would "do a deal" on a tin of beans, but there is nothing to stop you asking. On high value items like cars it's well worth it. I recently bought a desktop computer and a laptop from our local PC World, and talked the salesman into throwing in a free laser printer (RRP £140). Everything is negotiable, remember they are not doing you a favour by selling to you, it's you doing them a favour by offering to buy from them and not their competitors.

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By cheekychappy
14th Jun 2016 10:38

Go on then ... what did you get?

I've just traded by Jaguar XF in. Nice car but I wanted something sportier (midlife crisis?).
Couldn't afford something brand new, but spotted a V12 Vantage up at £92,000. They took £87,000 after a bit of toing and froing. Could probably have got them down a bit more looking back.

I always negotiate. Half the time it pays off.

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avatar
By Knight Rider
16th Jun 2016 14:15

I have had a salesman offer to split his commission on the sale of the vehicle but not any commission from the loan provider.
With rates this low its a wonder anyone saves at all.
Is it another Bentley?

Thanks (0)