Posts describe B2B marketing for Wells Fargo Auto Finance offering dealers cash to place underwater customers into new 72-month subprime loans; mentions of dealer phone conversations about paying cash, dealers requiring in-person sales, concerns about false advertising, and a reference to Illinois state regulations.
Created 14 hours ago • 63 documents • Range: 4/4 5:52pm – 4/4 11:28pm"Every time I see one of those half million dollar Ferrari crossovers my notion of the ideal maximum tax rate goes up another percent"
Quarter million dollars and it can be yours
I called Ford corporate and and demanded an alternative when I lived in Gunnison. The dealership sent me home with a tool left on top of my engine, forgot to replace the oil when doing the oil change on a coworkers car, and then somehow dropped someone’s car off the lift. All within a few weeks.
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Runs and drives real good https://www.evshift.com/432121/runs-and-drives-real-good/ https://sanantonio.craigslist.org/cto/d/san-antonio-1990-chevy-custom-truck/7925606503.html by jjopm
By comparison, my dad bought a custom Ford F-150 pickup in 1978 with weird choices. IIRC, it came with no rear bumper and no back seat. He welded his own (superior?) bumper and ... never got around to building or installing a back seat. But you could order it and get what you wanted.
Nissan dealer told me it's corporate policy not to have customers order a car with exact features they want. Whatever they decided to produce & whatever the dealer has on hand is what you can get. You want baseline model? Nope. They're always going to tack on packages like $300 floor mats.
His phone conversations with dealers reveal the absolute lunacy. "I'm willing to pay you cash today for the price you state on your website" Dealer "No, in person is the only way we can sell you this car" How dealerships get away with false advertising at minimum is something I don't understand.
Back in the 1960s Ford introduced a dealer business model known as Service Absorption & widely copied. The service dept had to make enough revenue to cover the entire business overhead. If you didn't sell a car you were still in business. Great when cars came in every 3000miles for a service.
Can confirm. Dealerships are all inhabited by red pilled, fox news watching, Rush Limbaugh listening (or whoever the pod God is this month now), lying, grifters. I have tried to work at dealerships twice in my life. The culture is awful if you aren't a true believer. They're all aware of the grift.
"I did B2B marketing for Wells Fargo Auto Finance and the sales sheets we sent our guys out with literally told dealers we'd give them a stack of cold hard cash if they put a customer already underwater on another car loan into a new 72 month subprime loan with us. We were doing 09 housing with cars"
There was no state level regulation for that sort of thing? Illinois has (weak, but existing) regulations on that.
I did B2B marketing for Wells Fargo Auto Finance and the sales sheets we sent our guys out with literally told dealers we'd give them a stack of cold hard cash if they put a customer already underwater on another car loan into a new 72 month subprime loan with us. We were doing 09 housing with cars
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