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Interesting Automotive Facts:
Mercury is an automobile brand name of the Ford Motor Company founded in 1939 to market semi-luxury cars slotted between entry-level Ford and luxury Lincoln models. To this day most Mercury models are based on Ford brand platforms. Mercury was its own division at Ford until 1959 when it was combined with Lincoln and the ill-fated Edsel into the Mercury-Edsel-Lincoln Division; with the demise of Edsel, it has been in the Lincoln-Mercury Division ever since.

In This Article:
Every Dealership has their own finance department and they call their finance people different things but usually give them the title of Finance Manager even though many times they are simply a good salesperson that they sent to Finance and Insurance School to learn to sell the financial products and be licensed to do so.

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How To Deal With The So Called Automotive Finance Manager

By: Gregg

Every Dealership has their own finance department and they call their finance people different things but usually give them the title of Finance Manager even though many times they are simply a good salesperson that they sent to Finance and Insurance School to learn to sell the financial products and be licensed to do so.

These people are well trained to take your money so you need to be on your guard; unfortunately many people think the danger is over once they get through the sales process. Nothing could be further from the truth.

The finance office is where they go after the back end add-ons like warranties, paint protection, rust proofing, and other virtually worthless items that just add profit to the dealer’s bottom line. This is in addition to ripping you off on the finance rate.

Many dealers these days rely on the back end profits because the front end profits are getting harder to maintain with increased competition. They will take a “short deal” on the front and make it up by making a killing on the back end.

This is another reason why you really need to know all you can about the car you intend to purchase. One of the biggest scams they will pull on you is to keep the rebate if you don’t know about it.

Think about it, if the car you are looking at has a $2,000 rebate and you don’t know about it the dealer can just have you sign a form and keep the rebate as profit in the deal. Some cars these days have rebates as high as six thousand dollars. Wouldn’t it make you sick knowing you gave that away?

Another thing they will try to do is switch you to a lease. Beware of this; there are even companies that will lease late model used cars these days. If you aren’t prepared and haven’t got all the knowledge you need in order to negotiate a good lease deal don’t even consider it.

Don’t buy packages like rustproofing, undercoating, and paint protection from the dealer. You can get it much cheaper if you decide you want it from other sources, Dealers mark these up astronomically and you don’t want to pay the price.

Another thing they will try to push is the extended warranties and service agreements. Don’t buy these either. New cars come with great warranties these days plus they are built well. These extended warranties are a waste of money.

Editors' Note:

We disagree with the writer of this article about extended warranties.

Sure, they are generally regarded as a high-profit item at the dealerships, but with current part prices, one breakdown not covered by warranty could put your car in the unrepairable category.

To be honest, we had a five-year-old Hyundai Sante Fe that had some items still under warranty and others that we had to pay out of our own pocket. One item still under warranty would have cost us $2500 out-of-pocket, and the other items cost us in excess of $3000 out-of-pocket. All of these auto repairs were necessary within just a six-month period.

Any one of these repairs could have been handled at a much lower cost if we had purchased the extended warranty package, and every single repair was a "must" in order to use this vehicle we still owed $9000 to the bank for.

One more note, the $3000 we did spend in repairs would have been much more expensive if we did not have a friend that is a shade-tree mechanic who cut us a very special price to do the work for us.

So yes, we believe that the extended warranty package, while it might be high profit for the dealership, it is worth every penny you pay for it, in the event your vehicle needs major repairs.

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