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MrV

Car finance 247 dealer requirements

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Does anyone know WHAT CF247 class as a "reputable dealer"? ie what are their requirements to be one of their dealers? 

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3 minutes ago, Stalker said:

That you have a car for sale and a pulse.

That'll do then

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You can negotiate a better rate or quite often I tell them i don’t have the margin in this deal so it’s up to them if they want to go ahead.

Have they come to you on a car?

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10 hours ago, David Ayers said:

And you are willing to give them £150. + Vat per deal

And you can’t pass it on to your customer as an arrangement fee.

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1 hour ago, David Ayers said:

You can negotiate a better rate or quite often I tell them i don’t have the margin in this deal so it’s up to them if they want to go ahead.

Have they come to you on a car?

I've got a lead on a Corsa I need to move on, saying all sorts of rubbish, first it was "2k cash & 1k finance" then "I've been accepted with CF247" 

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24/7 are robbing leaches :ph34r:

The charge now is £180 = VAT too . Robbers :ph34r:

Ask the customer how they found your Car , if its your advert then they 24/7 cant charge you . 

Tell them there's not enough in the deal and they will reduce the charge .

Best still tell them to F##ck off 

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19 minutes ago, David Horgan said:

24/7 are robbing leaches :ph34r:

The charge now is £180 = VAT too . Robbers :ph34r:

Ask the customer how they found your Car , if its your advert then they 24/7 cant charge you . 

Tell them there's not enough in the deal and they will reduce the charge .

Best still tell them to F##ck off 

Thanks David "if its your advert then they 24/7 cant charge you", that's important info! 

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Read the CF247 "Dealer Assurance Agreement" carefully. It's extremely onerous against the dealer.

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1 hour ago, MOTORS said:

Read the CF247 "Dealer Assurance Agreement" carefully. It's extremely onerous against the dealer.

Very true, however we have found that if you simply tell them you are not prepared to sign it they then tell you to just submit your normal invoice.

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2 hours ago, andymc1973 said:

pass it on as an admin fee

and wait for a knock on the door from Trading Standards. Unless all your sales have the same admin fee.

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That's Correct 

Customer finds your car on 24/7 web site they will charge you £180 + vat 

Customer finds car on your web site they cant charge you commission .

Try passing the cost onto your customer and its illegal unless you advertise all cars with the same admin .

 

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3 hours ago, andymc1973 said:

pass it on as an admin fee

FCA Regs.That’s void deal and full refund territory when the customer defaults,gets repossessed and then takes advice,so good luck with that.

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If they are approved with 24/7 then they are an approvable customer so just bang it over to your broker and earn some coms rather than having to pay it.  

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On 24/12/2018 at 10:25 AM, Tadams said:

If they are approved with 24/7 then they are an approvable customer so just bang it over to your broker and earn some coms rather than having to pay it.  

247 may then stop sending their client to your dealership, the car finance broker network could soon change, if brokers are getting annoyed with car dealers doing exactly this.
what then happens when 247 and other major players in the network start selling cars themselves and bypass the car dealer network. They could make more £££ .

PPC on google is now at an all-time high £14 per click for some keywords, brokers will either die or morph into one stop car shops?




 

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53 minutes ago, MotorNet said:

247 may then stop sending their client to your dealership, the car finance broker network could soon change, if brokers are getting annoyed with car dealers doing exactly this.
what then happens when 247 and other major players in the network start selling cars themselves and bypass the car dealer network. They could make more £££ .

PPC on google is now at an all-time high £14 per click for some keywords, brokers will either die or morph into one stop car shops?




 

On 24/12/2018 at 10:25 AM, Tadams said:

If they are approved with 24/7 then they are an approvable customer so just bang it over to your broker and earn some coms rather than having to pay it.  

Great idea but 24/7 will try like mad to get the billy to sign up first before they tell them where your place is ,. 

Its about time 24/7 appreciated the customers they drag from us and stopped charging us for the privilege .

If 24/7 Started selling cars it would be a disaster move on their behalf in my mind .

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6 minutes ago, David Horgan said:

If 24/7 Started selling cars it would be a disaster move on their behalf in my mind .

why? 

I used to own a cricket equipment shop, the owner at the time said "nobody would buy a £200 cricket bat online" , he ate his words, as more and more people bought online , even £400 cricket bats without them being seen.

Do people really need to see their cars these days, some buyers are that desperate for any car they would buy without seeing... Ar we going to see a "buy it now" type car industry?

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8 minutes ago, MotorNet said:

why? 

Have you ever attempted to communicate with their 'highly trained staff' before?

 

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ive been to 247 and there are some lovely people, together with floors full of highly trained staff ;-)

i see your point

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21 hours ago, MotorNet said:

247 may then stop sending their client to your dealership, the car finance broker network could soon change, if brokers are getting annoyed with car dealers doing exactly this.
what then happens when 247 and other major players in the network start selling cars themselves and bypass the car dealer network. They could make more £££ .

PPC on google is now at an all-time high £14 per click for some keywords, brokers will either die or morph into one stop car shops?




 

Its YOUR client as it's your stock that is what has made that customer apply !! ... this is why i cant stand 24/7 ! 

I personally think 24/7 is a piss take as with their "stock search" being open to the general public and not secured, they get people to apply using your cars as bait and then charge you for the privilege of selling your own stock when it was your car that made them apply originally.

There are other brokers that have a stock search but you have to apply to get acsess to it so you can kind of accept theses are actually organic customers and I don't mind paying for them but 24/7 is just Car Craft !! all your cars are on Car Crafts website so as above people see YOUR car and want to buy it so your car has generated the lead for 24/7 and they charge you for it... if you actually sit back and look at this its a joke !!! 

Edited by Tadams
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2 hours ago, Tadams said:

 

Its YOUR client as it's your stock that is what has made that customer apply !! ... this is why i cant stand 24/7 ! 

I personally think 24/7 is a piss take as with their "stock search" being open to the general public and not secured, they get people to apply using your cars as bait and then charge you for the privilege of selling your own stock when it was your car that made them apply originally.

There are other brokers that have a stock search but you have to apply to get acsess to it so you can kind of accept theses are actually organic customers and I don't mind paying for them but 24/7 is just Car Craft !! all your cars are on Car Crafts website so as above people see YOUR car and want to buy it so your car has generated the lead for 24/7 and they charge you for it... if you actually sit back and look at this its a joke !!! 

Completely agree, we point blank refuse to deal with cf247/zuto. If the customer is accepted through them, we can have them accepted through our own companies direct, and pick up a bit of commission.

I’d lose a sale over giving them business. Just sign up direct to a couple of lenders and/or a broker offer the service “in house”. Makes the job look more professional and cuts out any other middlemen taking a piece of the ever reducing size of pie. 

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10 minutes ago, NickGCS said:

Completely agree, we point blank refuse to deal with cf247/zuto. If the customer is accepted through them, we can have them accepted through our own companies direct, and pick up a bit of commission.

I’d lose a sale over giving them business. Just sign up direct to a couple of lenders and/or a broker offer the service “in house”. Makes the job look more professional and cuts out any other middlemen taking a piece of the ever reducing size of pie. 

24/7 We don't deal with full stop for the reasons above. 

Zuto we do quite a bit with as their process shows that the customer has applied for finance and then found our car in their stock search so there is no need for us to burn that bridge. It's a steady stream of pre approved customers that we "might" not of had without them, they also don't charge us either (something to so do with conversion) so we'd be daft to pinch those customers and lose 7/8 free deals a month. 

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