When you have identified several cars that you have an interest in, you are ready to make the INITIAL CONTACT with the owner. Throughout this conversation your goal will be to find out if the owner is in a NEGATIVE EQUITY POSITION (or upside down) on their vehicle. Best results are obtained if the owner is just asking for what they owe on the car.
A TYPICAL PHONE CONVERSATION MAY GO AS FOLLOWS:
Caller: Hello, I m calling about the car you have advertised in the paper. Is it still for sale?
Owner: Yes, it s still for sale.
Caller: Can you tell me about it, what color, mileage, options, etc. , (reference TELEPHONE INFORMATION SHEET). Are there any nicks or scratches?
Owner: (The owner will normally give you all the information, except for the price of the vehicle.)
Caller: How much are you asking for the car?.
Owner: $12,188.00
Caller: Is that what you owe on it?
Owner: (Answer) Yes or No
Caller: (If the answer is Yes , ask how long have you been trying to sell the car) The reason I am asking these questions is because I would like to take over the payments on this type of car . How much are your monthly payments? (Try to get a feel for how badly they want to get out of their car. If this vehicle sounds appealing to you, and you sense the owner is flexible, set up an appointment to look at the car).(If the answer is No , the owner may have put a large down payment on the car, and it may not be in a NEGATIVE EQUITY SITUATION , or they may not owe anything on the vehicle at all. BE PERSISTENT:
You will typically have to make twenty or more phone calls to find a vehicle owner willing to assign their vehicle. One very important thing to remember, BE PERSISTENT , keep calling. There are thousands of desperate people needing to get out of their vehicles in every area of the country. It s also a good idea to call the owner back a week or so after your first contact. The longer they see that they can t sell their vehicle, the more eager they will be to work with you.
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BACK TO BUYING AND SELLING CARS FOR PROFIT
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