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Optional add-ons can protect, enhance your purchase - October 17, 2009
But customers should never feel pressured by offers from dealership's business manager
After you've chosen a vehicle and negotiated your best price with a sales rep, the car-buying process isn't over yet. The next stage usually involves a visit to the financial services manager (also referred to as a business manager, or FSM).
Some car buyers are intimidated when they visit the business office, feeling that they'll be strong-armed into buying products and services that they don't want or need. Customers should never feel intimidated at any point in the buying process.
The first thing to know about the business office is that it serves an important function in all vehicle transactions. This office coordinates all of the financial and contractual aspects of your purchase.
The business office is run by a business manager, who usually has a strong finance, accounting or sales background. He or she facilitates the sale of the vehicle on behalf of the dealership and serves as a liaison between the customer and various suppliers (banks, insurance companies, etc.).
The business manager's job involves meeting the customer, drawing up the purchase or lease documents, checking the customer's credit worthiness (if applicable), contacting the customer's insurance company, and preparing a final bill of sale.
Aside from these responsibilities, the business manager is also required to present various finance and insurance options, or "extras," to help protect the customer's investment and to provide him or her with peace of mind.
These include life and disability insurance coverage, extended warranty protection, vehicle service contracts, undercoating protection, tire and wheel plans, anti-theft systems, accessories for new vehicles and more.
These products are presented individually or in groups, along with an explanation of the costs and benefits of each. If you have questions about any of the products, now is the time to ask.
Any extras that you intend to purchase should be based on your driving habits and budget. If you're a salesperson who drives more than 60,000 kilometres per year, a service protection plan might be a wise investment. Or if you drive only occasionally, plans can be tailored to individual needs.
For pennies a day, you could avoid thousands in potential repair costs after your manufacturer's factory warranty expires. But such a product is not for every customer.
Or let's say you purchased a make and model that is often targeted by thieves. Investing in a security alarm system would minimize the probability of your car being stolen and, as a result, preclude you from having to make an insurance claim.
It goes without saying that purchasing any extras will increase the overall cost of your vehicle. That's why it's important to establish your needs and budget before visiting the business office.
As a new vehicle owner, the ultimate decision about whether or not to purchase a product rests with you, the customer. No business manager can (or should) force you to purchase a product against your wishes.
Are there car buyers who occasionally purchase extras that they later regret? Yes, it happens. Keep in mind, however, that it's the business manager's job to present all options to all customers. Are there car buyers who purchase "extras" later on, after the initial purchase, who are glad they did? Yes!
The key to a successful visit to the business office is to be prepared and informed. Research the products and services that you need ahead of time, so that you can make the right decisions.
Remember that the business manager is only doing his or her job in presenting various options. As the customer, you have the right to refuse any products that are offered, but it's really in your best interest to at least know what they are.
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