Ask Ventura Toyota: Ep 008 Car Finance Questions Answered

Are you concerned about the car finance process? 😰 Don’t worry, on today’s episode we brought in finance director, Marion Swain, to join our host, Michael Stamakinley, to answer your finance questions. 💵👍

On today’s show we’re talking finance with our very own finance director marion swing roll the intro hey everybody what’s happening what’s going on mics damaged kill me here with ventura to it and this is episode 8 of the ask ventura toyota show today i have with us our very own marion swain our finance director here at ventura toyota we’re going to be talking

About finance but before we do that we’re gonna talk a little bit about what’s going on our current events a little bit crazy out there today yeah we sent our condolences to all our family friends everybody affected by the thomas fire as of today this morning there’s a 150 plus structures burn there were a thousand firefighters out there fighting it first responders

Anyhow 27 thousand plus people evacuated yeah we’ve had so far some pretty major tragedies so one of our finance managers actually lost his house this morning and i think rob van newberg who was on fso debris he was early for everyone knows rob i think he might have had that happen as well he didn’t have his house burnt down thank god but he was evacuated so his

House is okay as far as we know thank god it’s still going right now 45,000 plus acres burned it’s humongous the winds are going crazy 80 mile an hour gusts here and there steady third 60-something so it’s very surreal very unbelievable even the trees everything is blowing over there’s a lot of smoke so our hearts and prayers go out to all those affected in our

Community and we are going to go on with the show because that’s what you do in show business the show must go on very true so today we’re time of finance and you know a lot of people in the market are a little afraid of the finance manager in the office and marion’s been doing this for a little while a little while and she really has a knack for putting people at

Ease making her feel comfortable with the process and so there’s a few questions that people have had that come up quite consistently you ready i am think i’m ready here we go wait that is question that came through a process but it’s not an easy process yeah first question i can’t do the wire is how long does it take to complete the paperwork once the customer gets

Into finiteness specially we try to get customers in and out be a little bit more attentive to their needs because we don’t want to keep people here any longer than they want to be here and so as long as we try to be as efficient as possible get customers information correct in the system so that it carries along with them throughout their process of paperwork it

Can depend on how many questions they also may have it usually will take about 20 minutes to 40 minutes but some transactions are a little bit longer than others depending on products that are gone over and or paperwork that needs to go that we need to go through they’re purchasing or if they’re leasing so there’s some lot of scenarios in that process unfortunately

But we try to make it as fast and as easy as possible there’s a lot of paperwork that people don’t realize those involved with completing a transaction there’s you know different paperwork a set of paper for just a finance deal just a lease deal that is correct and you had the trade in paperwork it if it’s not in your your name there’s a third party trade paperwork

That has to go along and that person has to be here and there’s they have a payoff on the car so there’s a lot of things that they go through in a short amount of time you really have to get right that kind of it’s kind of like a like it’s tough a little bit easier which makes it nice a lot of things are now done electronically thank god for modern technology so

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That does make a little bit of a difference for people and people who haven’t gone through that process before like oh this is a little bit easier than it was you know three years ago or five years ago and some people even ten years ago so they used to have those long con you know you can’t even read them barely but now if the process again has is a little short

And compared to the way that used to be so that does make it a little bit nicer they call it the contracting contracting so that’s cool yes that’s the process so you get to sign on a keypad and it’s very nice actually that’s cool yeah so how many documents are actually printed and needed and signed up approximately there’s five ten twenty thirty hundred you usually

100 i don’t know i’m embellishing okay no anywhere from probably about 10 to 20 documents depending on if there is a trade-in if there is a cosigner if there’s a payoff on a trade-in and then of course if it’s a lease and or a purchase so it does depend on what type of transaction it is so yeah it’s not too bad there’s a lot easier than it used to be that’s for

Sure easier than when i was doing it he used to work for me yeah a hundred years ago mike came in so now he’s a great sales manager so that’s a good thing so yeah it’s a good thing thank you i’m very humble detail so the next question is this person walks in the showroom floor these customers walking this short floor and their cars are so expensive and they go well

I want to own it should i buy it or should i lease it just you know what’s you know that’s kind of an abstract question so i know there’s a lot of variables going on with that answer there is a lot of people these days also with credit and stuff it comes into play too so a lot of the times they don’t know that if they have marginal credit and or they’re able to

Finance versus lease a lot of the times now these days people just want a cheaper payment that’s just what they’re looking to do is get a cheaper payment so they want all the bells and whistles as we all do and they just don’t want to pay for all the bells and whistles which i can definitely and so we just try to give them a program that or sign them up for a

Program that fits their needs in their budget and that’s what everybody’s here which they all know their budget better than we do so that’s when you keep that in mind mean to be sensitive to people’s money and budget yeah so that’s what we definitely try to accommodate there’s advantages to both both programs depends on how long you keep it on the amazi drive you

Know if you’re consistently trading your car every two three years i’m gonna go the lease probably better leave hang on to their cars like they used to back in the day they hang on doom they’re from five to ten years and that’s what they did they drove them all the way into the ground until they were you know on their last tire and now that’s not the case we all

Don’t want older vehicles or we all don’t want to drive an old car and then put money and you know into repairs and costs and things like that so leasing is designed to be able to put a minimal amount of down minimal amount payment with a minimum amount of responsibility they have to maintain and also you know i saw him hair here you know yeah so it’s nice yes it

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Is really nice it is really nice that’s why i do i’ve had yeah i think we all do personally i’ve had ten cars in the last 20 years and then of course my wife has had 20 cars in the last 20 years so you know that’s not rules in my household yes no about you guys i get a car a little bit more frequently than that you get a demo that’s another so like sorry every time

So there’s another question about leasing is that someone’s credit have to be perfect to lease it does not have to be perfect there these days you know credit is a little bit more challenging for most so these days with toyota and other financing companies with the credit is based on credit score but these days are a little bit more lenient on the credit and what

They used to be back in the day so where the credit score is used to go to 850 it now goes to 900 so a little bit differences of you know where people used to score compared to where they score now but with the banks and or in toyota financial services they’re a little bit more lenient when it comes to score so that makes it really nice that’s why a lot of people

Are now leasing because they do qualify not thinking that they did when they first walked in the door yeah when i was in finance you had to be perfect gold credit no issues no lates no nothing yeah it was like so frank was kind of afraid to get that car back yeah but now it’s they see the bank ceases less risk is less time out they’re coming back 36 months and it’s

Less than the 16th or 72 month contract as far as the bank get their money back and even on financing they have great you know incentives and things like that so when you give the 0% it’s hard to you know walk away from that but then people don’t want that payment on a retail purchase to finance so then they’ll you know go to a lease and the leasing just designed

To have a lower payment which makes it really nice people love them – technology – everybody loves new technology in the new camrys ours yeah she does okay one of the last questions how much money down should you put to get the best rate is there is that like a thing no no it’s not actually um we have an emergency broadcast our fires another alert i didn’t get it

Ventura county is crazy right now so everyone’s getting alerts on their phones with this yeah you did okay it’s probably turned off i got on my google emails i got like 20 overnight yeah the evacuation here evacuation there in fact and it’s just going down the hill and then over the hill down this part sorry that everyone that’s coming through all that it’s brutal

It is right for christmas it’s not not good mac it’s not good any time but more so of people losing their houses right now it’s not good what are we talking about we’re talking up money down oh come on edie i’m sorry weird the alerts um money down a lot of people will put money down to get a lower monthly payment and that’s what your down payment or your money down

Is designed to do on at least you have it as called as drive offs but any additional down payment you put gets applied towards the cap cost which then lowers your your monthly payments so that’s why people will put money down or lease at a retail purchase so more money done you put the lower your payment is more famous that’s why people put money down to get a

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Lower payment money has nothing to do with rate there you go money down has nothing to do so it’s based on your credit score so should people be afraid to come talk to you after they’re done with me because that guy put the deals together and i go in a few minutes your finance manager marian or a finance director marian is gonna come out and talk to you and help you

And do the whole paperwork thing and sign with the eat contract and all this stuff because i have now have all this ammunition you just gave me to talk to them that’s until the customers ahead of time before they come and see me yeah it’s gonna be so cool you’re into e contracted she’s nice she’s been on aspen transmitter.com there’s a video we’re supposed to give

Them to it’s not about combat is it just a spender – okay so oh we do have a video that tells them that that actually tells them about it then the process and/or the steps in what it’s not that video it explains the products that we offer and what they can expect in the process and what’s next it helps them protect their investment it helps protect their investment

Vehicle service agreements guaranteed auto protection toyota auto care tire and wheel protection paint and fabric protection alarm systems those are what we offered some very cool and many more and there is twitter loves to the financial services love is number one in the region every month every year for like the last hundred years you know they’re all gonna see

This and go okay she’s not being humble that’s what we said we say on the on the show when somebody’s like awesome we see their home luis martinez started that out very very humble yet but i’m humble very humble he is though yeah were you able to talk with him and he was sitting here oh yeah really he turned towards the end he says hey mike you’re there okay cool

He can’t take over the shoulder but you know that’s how it goes when you have a big person i like that next you’re next to some of the big personnel you’re gonna just kind of have to let them go a little bit they show you’re the one who’s got the good personality the big personality this time just part-time it’s not my forte part time i’m doing it’s not my forte

Though so i think that is a wrap unless you got everything else anything else to go zizi right it’s easy fun right yeah so we’ll see you on another episode sure awesome sure okay so that’s a wrap today thanks for all the questions we will be doing a starbucks gift card again very soon and we need to come up with a question of the day for people out there to answer

So you can get that gift card what do you want it based on towards whatever you want how many reindeer does santa’s sleigh have in a two-part question will be what are the names of the reindeer thanks for joining us post your comments below your answers below dm us and remember you keep asking the questions and we’ll keep answering them thanks for joining us where’s my finn you

Transcribed from video
Ask Ventura Toyota: Ep 008 Car Finance Questions Answered By Ventura Toyota