Turnover
What is turnover?
Turnover is when you provide documents/info to F&I for credit apps and deliveries
What rate are all used vehicles quoted at?
9.99%
How many KM are allowed per year on a standard KM lease?
24,000
How much do you earn for a warranty sale on one of your deals?
$125
When should you bring turnover to your BM for a cash deal?
As soon as possible! At minimum, it must be before the customer gets payment information!
Yes! All comes down to credit and income.
Which leasing customers need XS wear?
ALL OF THEM!
Will be built into every lease at first pencil.
What are 2 things are never covered by warranty?
Wear and tear
Damage that would be covered by insurance
What 2 things should you do with the customers driver's license prior to bringing it to the BM?
1. Print it!
2. Scan to dealersocket
How many years can a 2020 vehicle be financed for with Prime Credit.
72 months
What is the maximum leasing term?
60 months, some units cap out at 48 months.
Do extended warranties cover vehicles that have been modified? For example, a lift-kit is added.
If the right coverage is selected, yes!
Free oil changes/Vehicle health checks
Dealertrack Consent
Privacy Statement
Name at least 2 factors influence a prime applicants available interest rates?
1. Term
2. Amount Financed
3. Year of vehicle
4. Credit Profile
Name at least 3 reasons to lease
1. New vehicle more often
2. Protected from negative equity
3. Often better payments
4. Paying only for the best miles
5. Pay only for what you drive
6. Flexible options at end of term
What is a disappearing deductible?
The customer will not need to pay a deductible if the service work is done at our dealership.
Why is it important to give the BM the exact purchase and trade odometer?
What is a blended rate?
When subventing, if the financed amount is considerably higher than the MSRP, the rate may "blend" with a standard bank rate and increase the actual interest rate. E.G. 2.99% may blend to 3.07%
What is a residual?
The amount owed at the end of a lease term to purchase the vehicle.
This is calculated at the beginning of the lease based on estimated depreciation.
What is trip interruption overage?
Some of our warranties will provide reimbursement for trip interruptions when the customer experiences a mechanical breakdown away from home. For example, i-select can reimburse up to $150/day up to $450 when the customer is more than 160KM from home.