Matt: 00:08
Hey, listeners. It’s your host, it’s Matt. I’m here at Simi Valley Chevrolet, and today, I have a special guest. His name is Lashawn Williams. Sir, I appreciate your time. Thank you for doing this with me. Why don’t you go ahead and just tell our listeners about who you are and what you do here.
Lashawn: 00:22
Okay. So my name’s Lashawn, I’m the finance manager. I’m one of the two people in our finance department. I secure your financing, do your relevant documents and paperwork, and get you on the road as soon as possible after you finish all the details of your new vehicle.
Matt: 00:38
Okay. Oh, perfect. So financing is something that, obviously, is important to a lot of our listeners out there, so I’m glad we can have some of your time. I want to talk about some of the questions that we’ve been getting on some of our blog posts and things like that. People are wanting to know about the pre-approval process. I guess, first and foremost, is pre-approval necessary? Should they be getting that before they come in?
Lashawn: 01:01
It’s not a necessary step. We work with over 200 different banks and credit unions, so– as well as GM Financial, which is our parent financing source. So we have multiple different ways. It’s rare that we get a rate we can’t beat or a deal we can’t beat. Now, you can come in– if you have a relationship with your own credit union and stuff like that, you can get pre-approved, get those details, and bring it with you, but be open to the fact that there might be another way that we can actually save you money. For example, if your credit union’s giving you 4% but you might finance at 6% and get $10,000 more in rebates. Now, that’s a big difference. Your 4% payment might actually be higher than a 6% standard rate through GM Financial, or seven or whatever it is. It’s different upon each vehicle where it might be– but a $10,000 difference to your amount financed would lower your payment lower than the 4% rate.
Lashawn: 02:02
So it all just depends. We do whatever the best deal is for you, to where we got to ask for less money out of your pocket. But so, just when you come in, if you come in with your own pre-approval, great. But at the same time, be open to that there’s different possibilities because we try and slice and dice it to make the bottom line the best for you.
Matt: 02:20
So is that something that I’d have to request or you’d be doing that automatically?
Lashawn: 02:22
We’re going to do that automatically. That’s part of the full service here.
Matt: 02:25
Oh. Okay, perfect. That sounds great, honestly. So you don’t necessarily recommend it either? Or do you think it– I mean, it can’t hurt?
Lashawn: 02:33
It can’t hurt. It can’t hurt. But at the same time, we’re still going to go through the same process to try and find the best deal for you. And we’re part of a thing called Credit Union Direct Lending, so most of the time, nine times out of 10, your credit union, we do business with them anyway. So you’re causing yourself more time before you come here, when that could be time here just letting us take care of everything for you.
Matt: 02:56
Is it possible to do this, if I were to go on your website,
Lashawn: 02:59
Oh, yeah. So that’s the other side, is that you can actually go to our website and click on “Get Pre-Approved”, and it will ask you some particular information, and then we can actually start that process before you come in. So that saves you time when you come in. So we can do that as well, so. That comes directly to our sales team, someone will give you a call, go over the information, because sometimes when we enter stuff it may not be exactly what the bank may need. So we actually will do all that for you and get that leg rolling so that when you get in, it’s less things for you to do when you get here. Save you a little time when you come in.
Matt: 03:35
That’s beautiful. So we could actually go to the website, we’ll hit “Get Pre-Approved”. You can also go ahead and check out whichever vehicle you’re looking for now that you might be able to get the little price range.
Lashawn: 03:44
Right. So when you go to our– when you go on our website, there’s vehicles there, and it shows you the different ways– most of our vehicles require financing with GM Financial, for a certain amount of time. And that way you get the maximum rebate, stuff like that. There are terms and conditions that are there that show we– nothing to hide, nothing like that. Everything’s there for you to see how we get to what we’re offering you. So everything’s there, you can take a look. When you do your online pre-approval, you can actually tell us which vehicle you’re looking at. You can actually do the pre-approval, I believe, as well, from the actual vehicle you’re looking at– that you’re interested in, too.
Matt: 04:19
So the fact that you are working with, I think you said, 200 different banks or lenders, does that mean you’re going to be hurting my credit each time you check?
Lashawn: 04:27
So that’s one of the biggest misconceptions we have. If you go to Experian’s website right now, in their frequently asked questions, it’ll tell you that, as long as you keep your car shopping to a two-week period, I believe, that it all counts as one inquiry. Even though it’s multiple inquiries, they know that we’re going to run it; the bank, they’re the ones with the money so they’re going to double check everything, they’re going to run it again; and they know that we’re going to try at least two, three, four banks to find you the best rate. So they know all this already, so it doesn’t hurt you as much. So that’s one of the common misconceptions that every time we run your credit– if it’s all done within a certain amount of time– and you can verify this. And actually, I can get you the link because GM Financial actually shared that with us. I can get you the link to post in your blog that says, from Experian, that as long as you keep it within a certain period of time, you’re good.
Matt: 05:21
Okay. So is it only Experian that you’re working with?
Lashawn: 05:24
No. We work with all the bureaus, I’m just using that as an example of, this is the credit agency telling us that if you keep it within a certain amount of time, you’re good.
Matt: 05:32
That’s beautiful. I’m glad you mentioned that. I had no idea myself, so that’s going to be great. So anybody out there that’s willing to– that needs a new car, wanting a new car, obviously, go ahead. Start your search right there on the website. You can also come on in. I personally like to come in just because it helps me kind of vision what I’m going to be driving and where I could take that, how I see myself in that. And they’re going to be finding you the best rate anyway, so. You heard it right here from Mr. Williams himself. Go ahead and save yourself some time. Obviously, we’d rather be spending our time just looking at the right car anyway, I’m pretty sure.Over 200 banks? That’s a lot. So we have a two-week time period.
Lashawn: 06:16
Like I said, I’ll get that link for you, but they know that it’s a certain amount of time. Just the way credit works, they know that. Buying a car, if I choose one bank, it’s a minimum of three inquiries. So the credit unions and Experian and your TransUnion and stuff, they all know that that’s going to happen.
Matt: 06:36
Okay. Now, obviously, if I do come in with my own pre-approval and then you guys tell me you found something better or whatnot, are you still going to give me the option or, I mean–?
Lashawn: 06:47
Well, my thing is, is that at that point, you make a decision, “Do I want to go with my credit union that’s costing me more money or do I want to go over here with something that’s better?” We run the numbers, and if you want to pay more, which is rare, then we go with what you want to do. But if I’m saving you $50 a month to go over here, I mean, come on. We all know what the decision’s going to be, so. And we have a thing, where I can actually see everybody’s rates, so. That’s a report that’s published, so we know what everybody’s doing.
Matt: 07:18
All right. All right. So I think it’s just important to note, I think there is just a huge misconception right now, if I were to come into a dealership and–
Lashawn: 07:26
Well, the misconception is of time. We got to separate the two. Somebody’s going to think that if I go to my bank and get my own pre-approval, then it saves me time at the dealership. The bulk of the time is spent finding the right vehicle. You get in there, you get in and the seat doesn’t hold the way you wanted, or you get the car seat in the back– this happens all the time. You get the car seat in the back, doesn’t fit. So now you’re going up to the next class vehicle. Now the budget is more, now we got to redo everything again. All kinds of different things. It’s finding the right car, then getting to the right numbers, because at the end of the day, the bulk of it is taking care of the stuff that’s the intangible and then narrowing it down to, at a certain point, math is math, so.
Matt: 08:12
Yeah. Yeah. So about how long do you think that whole process would take? Not just finding the right vehicle but just sitting down with yourself and just making sure [crosstalk]–
Lashawn: 08:20
Well, once you get to me?
Matt: 08:22
Lashawn: 08:22
Everything’s done. I’m doing the paperwork. That should take you a whole lot less time. So now everything’s been finalized and it’s going over– doing your relevant disclosures and all the documents, DMV paperwork, all that kind of stuff. But to get to that point, it shouldn’t take very long. A couple of hours to find the right car, hour to get the deal negotiated, half an hour to me. That’s it.
Matt: 08:47
Wow, half hour? All right. Well, so once you see Mr. Williams, you’re just about done.
Lashawn: 08:50
No. You see me, I’m the very, very tiny speed bump before you go to get out of the door. That’s me.
Matt: 08:57
Before you drive off. Perfect. All right, Mr. Williams. Well, I know you’ve been helping a lot of people, we’ve seen you in action today, man. So we really do appreciate your time. Just wanted to get those questions out of the way, and, hopefully, this is going to help some of our listeners and some of our blog readers. And hopefully, we’ll get some people in here for you.
Lashawn: 09:16
No, not a problem. We are here to help, and I haven’t really met many people that we can’t get financed, so. Like I said, if some things are a little bit of challenge, if you have documentation that you know you think you might need, bring it. If you know your credit’s a little bit challenged, just bring the documentation that you might need with you, save yourself some time.
Matt: 09:38
And just be up front. Be honest, like, “This is my situation.”
Lashawn: 09:41
The faster– the more up front and honest you are, the faster the process goes because we know what we’re dealing with, there’s no surprises. We get everything taken care of for you.
Matt: 09:51
Okay. Perfect. All right. Well, thanks a lot, man, I really appreciate it, and we’ll let you go ahead and get back to work, man. Thank you.
Lashawn: 09:56
All right, sounds like a plan. Thank you.
Matt: 09:57
All right. Listeners, I appreciate your time. We’ll see you next month.