FOR IMMEDIATE RELEASE
Dealership Finance Secrets Revealed by Edmunds.com
"Confessions of an Auto Finance Manager" Guides Consumers Through Hazardous Last Step in the Purchase Process
SANTA MONICA, Calif. — August 6, 2008 — The auto finance manager's office, where most vehicle purchases are finalized at dealerships, is a treacherous place for consumers. Many enter with a great deal only to end up getting fleeced. Edmunds.com, the premier online resource for automotive information, has followed up on the success of "Confessions of a Car Salesman" with "Confessions of an Auto Finance Manager." The new exposé reveals numerous auto finance strategies that can rob consumers and drive up dealership profits.
"The auto finance process is extremely complicated and foreign to most consumers," said Philip Reed, Senior Consumer Advice Editor for Edmunds.com, and co-author of the new series. "After negotiating a fair price with a salesperson, consumers are forced to face the auto finance manager who presents an array of confusing options and financing choices. It's no surprise consumers often make poor decisions in this environment."
Packed with real life-stories and back room secrets, "Confessions of an Auto Finance Manager" reads like a novel while providing vital self-defense strategies for consumers.
"Confessions of an Auto Finance Manager" advises consumers to do the following:
- Get a pre-approved loan before entering a dealership or, at the minimum, know your credit score and interest rates you qualify for.
- Finance managers have access to wholesale lending rates but often present a higher interest rate to consumers in order to increase dealership profits.
- Don't buy unnecessary and overpriced add-ons and avoid falling for "menu selling."
- Finance managers may only offer consumers financing in a package with other add-ons, including extended warranties and paint protection. Consumers are often tempted to select an entire package even though they may not want or need any of the add-ons.
- Know the market value for the vehicle you are interested in purchasing.
- Consumtlyers can protect themselves from overpaying by knowing a reasonable purchase price for the vehicle. Edmunds.com's True Market Value® is a resource for this information.
"Auto finance managers generate enormous profits for a dealership and are some of the highest paid employees," said Reed. "They profit directly from consumers' lack of knowledge."
More detailed guidelines for successful navigating the auto finance process are available in "Confessions of an Auto Finance Manager," located at http://www.edmunds.com/car-buying/confessions-of-an-auto-finance-manager.html
About Edmunds.com, Inc.
Edmunds.com, Inc. publishes three Web sites that empower, engage and educate automotive consumers and enthusiasts. Edmunds.com, the premier online resource for automotive consumer information, launched in 1995 as the first automotive information Web site. Its most popular feature, the Edmunds.com True Market Value® , is relied upon by millions of people seeking current transaction prices for new and used vehicles. Edmunds.com was named "Best Car Research Site" by Forbes ASAP, has been selected by consumers as the "Most Useful Web Site" according to every J.D. Power and Associates New Autoshopper.com Study(SM), was ranked first in the Survey of Car-Shopping Web Sites by The Wall Street Journal and was rated "#1" in Keynote's study of third-party automotive Web sites. Inside Line launched in January 2005 and is the most-read automotive enthusiast Web site. CarSpace launched in February 2006 and is an automotive social networking Web site and home to the oldest and most established automotive community. AutoObserver.com launched in 2007 and provides insightful automotive industry commentary and analysis. Edmunds Inc. is headquartered in Santa Monica, California, and maintains a satellite office in suburban Detroit.