How to Manage Customer Payment Concerns

4. What interest rate are you using?

A. “We just use a standard factor until we have a call from a bank. Speaking of that, who do you bank through?  Chances are we represent them here.”

In all fairness, there are customers who seem more focused on interest rate than they do the price of the vehicle or the trade value.  But what this counter is designed to do is to quickly turn the attention away from the rate and toward the deal as a whole.  If your customer presses you on the issue, go for a close…

B.“If everything comes down to rate, why don’t we go ahead and fill out a credit application, continue with the other paperwork, and schedule a time for you to pick up your new vehicle?”

As always, this tactic will almost always bring up any other concerns or objection your customer might have.  If it seems a little to forward or abrupt, remember it’s all how you say your words.  Say them with kindness, empathy, and the matter-of-fact nature will not become an obstacle.  If they continue to press, here is one more that should put it to bed…

C.“Rest assured that you will not be asked to sign a contract until your rate is disclosed down to the 100^th of a percent and your payment to the cent. You have no worries.”

Then move forward and attempt to counter anything else and close the sale.  Always ask for the business.  Moving on…

5. That interest rate is too high.

Okay, if all goes well, our finance or business manager will be taking care of the interest rate concerns or objection when it comes right down to it.  But there will be some instances in some facilities when the sales consultant is dealing with this.  It happens often when a worksheet is given that shows an average interest rate of some kind.  It can be any rate, but the customer will see it and assume that this is an actual rate quote, which it is not.  If you are a salesperson who frequently shows rates, here is a counter for you to use in this case…

A.“John, there are many factors that go into arriving at an interest rate. The fact of the matter, however, is that we don’t set it.  A bank does.  The banks we represent, your bank or credit union, whatever.  Try to understand that your goal and ours is to secure the best rate for you, and we can.”

Try to move on, as if this is the simple truth of the matter, and that it is no big deal.  Happens everyday.

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