20 Terms To Know On A Car Lot

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20 Terms To Know On A Car Lot

1. “BE BACK” (BB).
A person who leaves the car lot without purchasing a car but whom the salesperson believes will come back (be back) to the lot soon.

2. BURIED.
A person who is in debt from a car that has little to no value.

3. BUYERS REMORSE.
A person who was happy when they first purchased a vehicle but whom now regrets the purchase. This feeling of remorse usually happens in people who made an uneducated purchase or a snap decision.

4. LOW BALL.
An offer a salesperson will make that is well below asking price.

5. CHAINED.
When the salesperson has somehow added money to the ‘low ball’ offer he has made earlier. Many times a salesperson will increase the amount you pay for a car through its finance department or by adding extras to your vehicle.

6. CLOCKED/CLOCKING/CLOCKER.
When the odometer of a vehicle has been rolled-back.

7. CRÈME-PUFF.
A trade-in vehicle that a dealership has underpaid for and that is in exceptionally good condition. The dealership will make a huge profit on this trade-in. Of course, they won’t tell you that the car is a crème-puff.

8. CURBING.
A person (private seller) who sells many cars a year. They do not have their dealers’ license or a dealer’s lot; instead they sell these cars from their home or by the ‘curb.’

9. DEMONSTRATOR/DEMO/LOANER.
This is a vehicle that the dealership gives out to people for a test-drive. These vehicles have usually been driven hard by many different people.

10. DOWN DIP/DIPPING.
This is when the dealership loans you the money for your down payment until your loan goes through.

11. DOWN DUMP/DOWN STROKE/LUMP.
This is the amount (or trade-in value) put down on a vehicle.

12. HARD DOLLARS.
The amount of money a dealership is investing in your trade-in. This investment is usually in the form of repairs and detailing.

13. LEMON.
A car with a lot of problems.

14. LOOKY-LOU.
A potential buyer that is not easy to sell a car to.

15. OFF-LEASE.
A vehicle that’s lease is up and is now on the used vehicle market.

16. REPOSESSION/REPO.
A vehicle that has been taken back by the loan company due to non-payments from the owner.

17. SOFT SHOW/SHOW DOLLARS.
An inflated amount the dealership is paying for your trade-in vehicle. The dealership will usually make this money back somewhere else in the deal.

18. SPIFF.
A selling competition a dealerships management has engaged its selling team in.

19. UP.
There is an order in which salespeople pick up their clients. Each salesperson takes a turn as each client walks through the door. Example, if you walk through the door and it’s Mike’s turn to have a client you will be referred to Mike’s up.

20. UPSIDE DOWN.
A situation where you owe more money on a vehicle than the vehicle itself is worth.

By Gina Goldenberg – Personal Auto Brokers http://www.personalautobrokers.com FREE Personal Auto Brokers Idea Pak, filled with tips and information articles to help you purchase/lease your next vehicle.



Written by: Gina Goldenberg




 





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