In case you didn't figure it out

"RickyD" (RickyD)
09/18/2014 at 20:52 • Filed to: None

I manage a stealership, 90% of my clients are sub-prime, and I abhor the lack of empathy for people in my field.

DISCUSSION (48)

GhostZ > RickyD
09/18/2014 at 20:54

Empathy costs money.

IDROVEAPICKUPTRUCK > RickyD
09/18/2014 at 20:56

I abhor the lack of empathy for people in my field.

Which way do you mean this, you abhor the amount of empathy people in your field have for your customers or you abhor the lack of empathy people have for dealers?

The Transporter > RickyD
09/18/2014 at 21:01

If dealerships have but one enemy, it is themselves.

PatBateman > RickyD
09/18/2014 at 21:03

What kind of car can you sell me at cost minus rebates?

Jeff-God-of-Biscuits > The Transporter
09/18/2014 at 21:06

And spiders.

The Stig's Rustbelt Cousin > RickyD
09/18/2014 at 21:34

Car salespeople are almost universally reviled, and for good reason; you have at least half a century of bad experiences working against you. Good luck.

RickyD > PatBateman
09/18/2014 at 23:36

None, I'm non franchise

Brian, The Life of > RickyD
09/18/2014 at 23:51

EMPATHY IS FOR CLOSERS!

RickyD > The Transporter
09/19/2014 at 15:15

Greed is wide pit when you are making money easily.

RickyD > Jeff-God-of-Biscuits
09/19/2014 at 15:15

At least I don't sell in Australia

RickyD > Brian, The Life of
09/19/2014 at 15:15

All I ever get is coffee :(

RickyD > IDROVEAPICKUPTRUCK
09/19/2014 at 15:18

For people who do my job. Sell the car too cheap, can't afford to fix it should a problem arise, or pay my salesman a decent commission. Everyone thinks we are all just here to make millions and wear gold chains and rings. I have nice things because I work hard, no one handed me this.

IDROVEAPICKUPTRUCK > RickyD
09/19/2014 at 15:24

what kind of interest rates do you offer on your loans and over how many months?

RickyD > IDROVEAPICKUPTRUCK
09/19/2014 at 15:26

Depends on credit, varies from 1.99 to 24.95. Credit that is horribly disfigured will garner 17.99 to 22.95

IDROVEAPICKUPTRUCK > RickyD
09/19/2014 at 15:27

How long are the loan terms for your high interest loans?

RickyD > IDROVEAPICKUPTRUCK
09/19/2014 at 15:46

Usually max 42 months, but I've gotten approvals up to 60/mo

IDROVEAPICKUPTRUCK > RickyD
09/19/2014 at 15:47

I'm pretty morally opposed to interest rates that high, but at least you aren't those scumbags offering 84 month loans with 20%+ rates.

IDROVEAPICKUPTRUCK > RickyD
09/19/2014 at 15:48

What are you default rates like on your sub-prime loans?

RickyD > IDROVEAPICKUPTRUCK
09/19/2014 at 16:20

The thing is that I never force people into the loan. I don't even push them to buy the cars really. I let them choose their fate so to speak. These are not people who have good jobs and pay bills. They are people who have 5 pages of bad credit, collections, multiple repossession, and are more than likely coming with $500-$1000 down. A decent percentage are also on SSI with 4 kids trying to buy a BMW or Lexus. I take no responsibility for other people stupidity, but I will facilitate their poor life choices for profit.

IDROVEAPICKUPTRUCK > RickyD
09/19/2014 at 16:25

I will facilitate their poor life choices for profit.

And you wonder why people don't have empathy for dealers. Fuck off.

RickyD > IDROVEAPICKUPTRUCK
09/19/2014 at 16:41

I am not holding a gun to the head of the customer. I don't drag them off the street, there are people who inherently don't care. Taken out of context that quote is amazing.

crowmolly > RickyD
09/19/2014 at 16:46

That can be true of a lot of industries.

Healthcare is a big one too. Speaking of bad reputations.

GhostZ > IDROVEAPICKUPTRUCK
09/19/2014 at 16:46

Cheap, unhealthy food exists as a way to move money out of the lower classes and into the hands of middle-class skilled labor.

Luxury goods exist as a way to move money out of the hands of the idle rich and into the hands of middle-class skilled labor.

Loans, mortgages, cars, houses, etc. exist as a way to move money out of the hands of the middle-classed and into the hands of the wealthy skilled management.

Wage laws and the labor-price market exists as a way to move money out of the hands of the wealthy skilled management and into the lower classes.

Everything in the economy is built around convincing others that they need something they don't. If you condemn him for what he's saying, you have to condemn a lot of other businesses too or admit to being a hypocrite. That's the way the world works.

IDROVEAPICKUPTRUCK > RickyD
09/19/2014 at 16:46

Whatever helps you sleep at night buddy. You openly brag about how you take advantage of poor people with no financial education to make money. At least you were honest about calling your place of business a stealership. Your contempt for your customers is admirable.

yamahog > RickyD
09/19/2014 at 16:49

Luckily, the context is available right above, and it ain't doing you any favors either.

RickyD > IDROVEAPICKUPTRUCK
09/19/2014 at 16:49

I will take my industry low $750 profit per vehicle and sleep well in my 4 bedroom home, that I earned with my warehouse jobs, no formal education, and drive my Jaguar on the weekends.

Also, fuck those guys at Sears for selling a tv to people on credit who can't afford it, Rent a Center, and any other business who sells a product and doesn't tell their clients no I won't sell it because I don't think you can afford it.

mcseanerson > IDROVEAPICKUPTRUCK
09/19/2014 at 16:50

The more he talks the more stars I want to give you.

RickyD > yamahog
09/19/2014 at 16:52

I should just close up shop, and get into a business that doesn't profit from the exchange of goods and services.

IDROVEAPICKUPTRUCK > RickyD
09/19/2014 at 16:54

Yes, fuck those people at Sears and Rent a Center. Those places are terrible. So are you. You remind me of the loan originators before the mortgage crisis.

Do you tell your clients that they can't afford a 20% interest rate loan? I notice you never answered my questions about your default rates.

R Saldana [|Oo|======|oO|] - BTC/ETH/LTC Prophet > RickyD
09/19/2014 at 16:56

Are you in Memphis, because I did exactly this, there.

R Saldana [|Oo|======|oO|] - BTC/ETH/LTC Prophet > RickyD
09/19/2014 at 16:58

Because they immediately file for bankruptcy, and the lawyers preserve the "buyers" ownership of the vehicle because it is an asset that permits gaining new income to pay toward bankruptcy.

yamahog > RickyD
09/19/2014 at 17:00

Do what you want, but maybe you should know better than to expect "empathy for people in your field" when you're going to show absolutely none for the people you are bragging about being complicit in the financial exploitation of.

R Saldana [|Oo|======|oO|] - BTC/ETH/LTC Prophet > IDROVEAPICKUPTRUCK
09/19/2014 at 17:00

Grow up, a lot of buyers out there are low information individuals. Remember, regardless of what the liberal agencies of this world tell you, no one forces you to sign a contract.

RickyD > IDROVEAPICKUPTRUCK
09/19/2014 at 17:01

I tell my clients that the payment should never exceed %15 of their monthly income.
Lower my prices as much as possible to get it closer to that number. I do move people from high end to more economical models with lower prices as I can, but some don't care, why is the burden on me?

I also give a 30 day warranty bumper to bumper, give my personal cell number and email to all clients, in addition to providing transport in event of a major issue. None of this is require by law since I am not a "Buy Here Pay Here" dealership. So fuck me, right?

@ %15 of income about %85 will complete the loan in sub prime

@ %20 of income about %75 will complete the loan in sub prime

@ %25 of income about %50 will complete the loan in sub prime

RickyD > R Saldana [|Oo|======|oO|] - BTC/ETH/LTC Prophet
09/19/2014 at 17:05

I had to fight for 3 years to get a tahoe back that this woman purchased from me. went through bankruptcy and I was sent a check for 18 dollars a month on a $20k car.

RickyD > yamahog
09/19/2014 at 17:06

I tell my clients that the payment should never exceed %15 of their monthly income.

Lower my prices as much as possible to get it closer to that number. I do move people from high end to more economical models with lower prices as I can, but some don't care, why is the burden on me?

IDROVEAPICKUPTRUCK > RickyD
09/19/2014 at 17:06

Alright, I'm sorry you do sound better than most. I rushed to judgment, which I think is somewhat fair considering the reputation of your industry and the callousness of your previous comments.

R Saldana [|Oo|======|oO|] - BTC/ETH/LTC Prophet > RickyD
09/19/2014 at 17:08

Seems, legit. I too sold many sub-prime loans while working "wholesale"/retail in Memphis. We had two of our own in-house financing services that had that amazing rane of interest rates that allowed you to sell 10 year old cars with less than 120k on the clock for at least 11,995. But mandatory 1,000$ down.

RickyD > IDROVEAPICKUPTRUCK
09/19/2014 at 17:17

True, coincidentally I am on the phone buying a new motor for a customer who bought a Malibu last week. Oil pressure sensor failed and leaked, she drove it without oil and blew the motor. Not my fault, she should have pulled over, but I am splitting the cost of the vehicle repair which amounts to 1400 leaving me a resounding $50 profit.

I do these kinds of things all the time, not because I am required or asked to, because it is something I feel a compunction and need to do.

No harm or foul on the judgement, but I stand by my convictions. I am not responsible for the financial responsibility of my customers, but my secretary, salesman, and mechanic all have families that I am directly responsible to provide for.

yamahog > RickyD
09/19/2014 at 17:21

LOL, do you want a cookie or something? What makes you think we're supposed to be empathizing with you in the first place? I used to work in defense, fully aware that I was designing things that kill people, but I didn't go around begging sympathy for poor little me when protesters were demonstrating outside our manufacturing facilities. No one forced you to be a used car dealer, either find a more heroic profession or quit your whining about the hole you keep digging yourself deeper and deeper into here.

RickyD > yamahog
09/19/2014 at 17:27

I happen to have an entire box of cookies in our office. Begging for sympathy and asking for empathy are two different things by definition.

I also used to be a funeral director, and sold fancy caskets to people who refused to rent one, so that a loved one could be stylishly buried. I am used to deep holes to be dug.

RickyD > R Saldana [|Oo|======|oO|] - BTC/ETH/LTC Prophet
09/19/2014 at 17:30

Fuck I always hated those. I usually price my cars at about %120 wholesale book to cover bank fees, and adjust for small down payments. When I worked for Cadillac we did a huge output of sub prime through Drive financial. People were picking up $20k cars w/ 1000 for 60/mo @ %25

yamahog > RickyD
09/19/2014 at 17:32

....so?

Kinja'd!!!

nermal > RickyD
09/19/2014 at 18:41

It's unfortunate, but your business model works because unfortunately there is a need for cheap used cars and subprime financing. As long as you're upfront with disclosing rates, etc, there's nothing wrong with the business.

The big issue behind "stealerships" is tacking on "dealer fees", marking up interest rates, 84 or 96 month loans, scotch guard, vin etching, etc. On the service side, things like recommending 3,000 mile oil changes on a new car with a 10k interval, and things like that.

As long as you don't do any of that, congrats on running a successful business. Unless of course your hair has 3 lbs of grease in it, you never take off your Ray Bans or button the top 4 buttons on your shirt, and you've got mad chest hair busting out the top. In that case, piss off, you wanker.

RickyD > nermal
09/19/2014 at 18:43

*buttons shirt*
*removes D&G Sunglasses*
*sets appointment to wax chest*

lol

RickyD > yamahog
09/19/2014 at 19:09

So long and thanks for all the fish

R Saldana [|Oo|======|oO|] - BTC/ETH/LTC Prophet > RickyD
09/20/2014 at 08:03

Holy fuck 25% on 20K, that's every bit of 50k by end of loan

RickyD > R Saldana [|Oo|======|oO|] - BTC/ETH/LTC Prophet
09/20/2014 at 11:35

I tell all my customers to refinance after 6 months, but no one ever does hardly.