Inquiries

Something’s been bugging me lately, and I’ve got to get it off my chest. One of the automotive hats I wear is that of a finance manager. (Ironically, since I basically work alone, I don’t have anyone to bitch at if I can’t get a deal down except myself!) When I run the credit on one of my flakes I like to pay particular attention to the inquiries on their record.

Experienced Car Men know that inquiries can tell you a lot about your customer. It tells you where that sneaking bastard has been and what he’s being doing. It serves as a great lie detector. “The Honda dealer at the mall said they’d get me financed no problem!” your customer claims. But when you check their bureau and there’s no inquiry from the Honda dealer.

I know it sounds hard to believe, but sometimes The Others lie.

Just the amount of inquires on a bureau tells you a lot about your chances of selling a car. 112 inquiries from every car dealership in the tri-county area speaks volumes about the goofball sitting across from you with that blank expression on his face. But I’m not here to talk about The Others, I’m here to talk about the my fellow Car Men out there, many of whom appear to be--dumb shits.

Let me give you an example. If your wonderful, credit-challenged customer has a score of 501, chances are Wachovia or Capital One are not going to take them. A 501 is strictly sub-prime, or more precisely sub-sub-prime. Then why are you, the sales manager or F&I man, sending the deal to a bank that wouldn’t even want your customer to be a passenger in a car they’ve financed?

I’ve pondered the reasons for this. Shot gunning a deal is the term. It’s an easy, simpleminded thing to do. Send it off and go smoke a cigarette. But don’t you realize that it pisses the banks off when you send them crap?

When I look at a bureau I’m thinking, what’s the best source for this goof? Who might buy it, buy it quickly, allow me to sell GAP or a warranty and maybe make a point or two. Once I make I up my mind, that’s where I send the deal.

“So who died and made you the finance God?” you’re thinking.

“No one,” I reply. I just like to pay attention to things. It’s one of the reasons I write this blog: to vent my frustrations. It seems unprofessional and frankly a sign of laziness for a Car Man—supposedly an automotive professional—to do things that are so blatantly stupid. Am I missing something here? If you disagree, please let me know!

If I were one of the traitors and writing an advice blog for The Others, I’d warn them about this. If your score is teetering between getting a loan at 10% verses 15%, it serves you no purpose for a car dealer to send you to ten banks at one time. (God I feel guilty writing that!)

Bottom line: I’m all for making money on those suckers, but let’s do it with a little class, okay? Try using a little control and intelligence before you push the “submit” button on Dealer Track.


Talk to you later,



David