How you handle the initial call is critical to the success of your department, timing is everything.; try to adhere to the 15-minute rule; make the first contact attempt within 15 minutes of receiving the lead.

Call every special finance lead.  Even if you think they do not qualify for a loan.  A large percentage of the special finance leads that you think do not qualify will purchase a car within a 48 hours of submitting the application online.  Many people have to buy a car so they may add a cosigner or come up with additional cash money down. They need an automobile most will do whatever it takes to get one.  It’s our job to explain to them what it will take to get into a new car.
Get into the habit of contacting the prospect prior to submitting the application to a lender or running a credit report.  This practice will not only increase favor with your lenders but will save time, and money.

Goals of the first call:

Complete the credit application, verify information with a customer interview, and set the appointment.

If you think you may get them approved:

  • DO: Set an appointment for them to come in with all Their STIPS.
  •  DON'T: Just gather their information and tell them “I’ll see what I can do”.  You have them on the phone now.  Get the appointment.

If you are certain that they cannot be approved:

  • Explain why they do not qualify.
  • Ask for a cosigner.
  • Ask for more money down.
  • If you have pulled a credit report and have not submitted their application to a lender you are required to send them a Credit Denial Letter.

It’s also a good idea to identify your self as being part of the special finance lead company which sent you the information.