SANTA MONICA, Calif. — Online automotive resource Edmunds.com has released a consumer's guide called Confessions of an Auto Finance Manager. The guide reveals numerous auto finance strategies that dealers use to drive up profits.
"The auto finance process is extremely complicated and foreign to most consumers," said Philip Reed, senior consumer advice editor for Edmunds.com and co-author of the new series. "After negotiating a fair price with a salesperson, consumers are forced to face the auto finance manager who presents an array of confusing options and financing choices. It's no surprise consumers often make poor decisions in this environment."
Packed with real-life stories and back-room secrets, Confessions of an Auto Finance Manager reads like a novel while providing vital self-defense strategies for consumers. The guide touches on topics such as pre-approved loans, credit scores, interest rates and F&I products. The guide is a follow up to Edmunds.com's successful Confessions of a Car Salesman.
"Auto finance managers generate enormous profits for a dealership and are some of the highest paid employees," said Reed. "They profit directly from consumers' lack of knowledge."