Open
What state requires the mini-miranda both inbound and outbound?
Iowa
When do we start fact finding?
After opening and customer states intentions
How many times should you ask for BIF
3 times
opening, how short of bif are you, and first rung of the ladder
Why is the close important?
So both parties have an understanding of the next steps, sets clear expectations, last thing the customer hears
What does ABC stand for
Always be collecting
What do you need to verify for an authorized party?
Name and 4 digit code
What are 2 questions to ask when RFD is I lost my job.
Examples: When was your last check? When did you lose your job? What other income is in the household? Have you applied for unemployment? Have you applied at any new jobs? Do you have any interviews set up?
How do you deliver a knock out no (sod, failed plan, recent mod or redeem)
Empathy-why-Bump
aka BIF firm and friendly
Give an example of a follow up close
recap what was discussed, state time and method of follow up to the customer
where do you find the payment plan and recency guideline?
Drive Dashboard under chf & underwriting
After compliance pieces, what else needs to be stated in opening?
Make and model, days late and asking for BIF
What is a word track to start or transition back to fact finding?
What is the negotiation ladder
What do I want BIF
What am I okay with- Half or resetting delinquency
What will I take- GFP
What should every call end with?
Payment, Plan, or follow up
Practice an out bound opening for Adam Smith Jr has an 06 ford focus, 21 days late balance due is 396.
Must state name, carhop, call recorded, cust first,last name and suffix , calling on 06 ford focus, 21 days late with balance due of 396. How will you be taking care of that today?
What are the 4 points of compliance on the outbound opening
your name, carhop, call is recorded, and customer first and last
What are 4 questions you can ask with the RFD of other bills?
1. What happened to get you behind? Or why are you behind? Or What’s going on? Or Tell me about
you situation.
Use empathetic listening statements (I am sorry you are going through this, I can understand how this
would be difficult, This must be hard but allow me to try and help, etc.)
2. What other bills do you have? Were the bills unexpected?
3. How much did the other bills set you back?
4. What has changed since you purchased the car? Do you get any other income?
5. What is your plan to get current?
6. How short of the balance are you today?
What are 2 WIIFM's
If I could_________, would you________
To keep you driving-
Practice close: scenario payment plan 6/09 210, 6/23 300 to get current.
Recap plan (date, amount. time and method), thank customer, make sure notes match
RFD: death in the family
must give 4 fact finding questions
Must show empathy, How did that affect your ability to pay, Did you have out of pocket cost and how much? How many days did you miss work, did you have PTO or bereavement pay? What is your plan to get current, How short of BIF are you?
What are the 5 points of compliance in every inbound opening?
Your name, Carhop, call is record, first and last name, last 4 of the social
What are the 2 questions you should always ask during the fact finding and before negotiation?
What is your plan to get current? How short of BIF are you today?
What are the 5 rules to Negotiation
Demand Bif , Don't make the first offer
Always bump the customer's first offer
use planned silence
Get as much as you can
What are the 4 types of closes
1. customer pays bif
2. cust agrees to payment plan
3. has a follow up ($resources, mod signature)
4. no arrangement unable to reach an agreement
RFD: Mechanical new account
What are 5 fact finding questions to ask
Must show empathy, Are you in a safe location, Where is the vehicle, is it drive able, Are there any dash lights on, when did it start, walk me through what is going on, have you taken it to auto parts store to get a free code reading, Have you taken it to a shop, what out of pocket expenses have you paid, If it is not covered under warranty what can you cover,