17 Down Payment Closes Flashcards Preview

SALES: Cardone, Grant > 17 Down Payment Closes > Flashcards

Flashcards in 17 Down Payment Closes Deck (35):
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DOWN PAYMENT CLOSE I
Funds Not Available or Not Comfortable?

When someone says they "don't have it" that doesn't mean they don't "have" it but that they may not want to use it. Find out which is true here as they are completely different issues. Determine which it is and handle the real issue.

Very important for you to watch the clients response. If they squirm a bit in the chair and don't immediately say, "we don't have it" then know that the money is available and they are just negotiating terms with you. If they don't have it you will either have to find it from other sources or prepare to justify an increase in monthly payments.

Remember I would rather close my proposal on payment, down payment and terms than on just price.

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DOWN PAYMENT CLOSE II
Before You Say That

"Before you commit to that allow me to share with you some of the benefits you will receive from putting that amount down…"

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DOWN PAYMENT CLOSE II
Before You Say That
This close is to be used during negotiations and must be initiated prior to the buyer actually objecting. This requires that you are paying attention to your client and prevent them from taking a position in the close that they lock down on.

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DOWN PAYMENT CLOSE III
Share the Benefits

"I understand how you feel, however allow me to share the benefits from using that amount as a down payment, which is lower payments, less interest, shorter term, peace of mind, and instant equity."

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DOWN PAYMENT CLOSE III
Share the Benefits
Get to the benefits of using money down as a down payment. Do not just ask for it, sell it.

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DOWN PAYMENT CLOSE IV
Compare to the Recommended

"No problem, let us just look at what your situation would be using this amount down so that you can compare what is recommended to what you decide, fair enough?"

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DOWN PAYMENT CLOSE IV
Compare to the Recommended

This makes the buyer then responsible for the ultimate decision rather than you. Always position yourself so that you give your client a choice, a way to solve the problem; that they will later either solve a problem or be the reason for the objection.

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DOWN PAYMENT CLOSE V
Requested by the Bank

"I didn't say that was what you had to put down, only that this amount is what is normally requested by the financial institutions. What portion of this amount are you in a position to use as equity, thereby reducing your cost to own?"

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DOWN PAYMENT CLOSE V
Requested by the Bank
Separate what you want or suggest from what the bank or credit union may suggest. You don't want to be the bad guy here; let banking recommendations set the stage for the negotiations.

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DOWN PAYMENT CLOSE VI
Seem Like The Type of Individual

"I am surprised you say that. You seem like the type of individual that would want to put more down and provide yourself with the monthly freedom and equity from day one."

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DOWN PAYMENT CLOSE VI
Seem Like The Type of Individual
Again, sell the value and benefits of money down. Don't just ask for something without justifying the benefits and presenting it as a normal condition.

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DOWN PAYMENT CLOSE VII
Keep All Your Cash and Replace at Regular Intervals

"And I agree. Since you don't like putting your cash into the ____, would you consider a way to keep all of your cash and be able to replace it at regular intervals?"

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DOWN PAYMENT CLOSE VII
Keep All Your Cash and Replace at Regular Intervals

This is preparing you to move from a finance/ownership situation to a lease/ownership position whereby there is a future value attached to the purchase or equipment that allows the cost to be lowered.

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DOWN PAYMENT CLOSE VIII
Besides the Equity

"Besides the equity requested how do you feel about the other figures? Ok, assuming I can work with your down payment and still keep the other terms agreeable do you have any other reasons not to purchase?"

DOWN PAYMENT CLOSE VIII
Besides the Equity

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DOWN PAYMENT CLOSE VIII
Besides the Equity

Very important that before you take on any single objection you make sure that it is the objection that needs to be handled rather than finding your client objecting to an endless list of items.

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DOWN PAYMENT CLOSE IX
Until We Examine

"It seems like that is a big amount until we examine what 1/3 cash down will do for you. Part of that amount is covering your taxes and license which is controlled by the state. The remainder is providing you with equity or true ownership. Would you prefer paying for the taxes over a period of time?"

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DOWN PAYMENT CLOSE IX
Until We Examine

Down payment ensures that your transaction will get done. Money down typically equals money earned. Make sense of the down payment and don't be scared to ask for it.

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DOWN PAYMENT CLOSE X
Keep Your Cash and Pay More per Month

"So would you rather keep some of your cash and pay a little more monthly?"

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DOWN PAYMENT CLOSE X
Keep Your Cash and Pay More per Month

Give the choice of reducing the down payment and get agreement to a higher monthly payment. Wait to hear your client's reply and then shift concern to the payments which will suggest that money is available if the payments become too uncomfortable.

DOWN PAYMENT CLOSE X

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DOWN PAYMENT CLOSE XI
Don't Want to or Don't Have it?

"I certainly understand if your not in a position to put more down but then that is not your situation is it? Is the issue that you don't want to put the money down, or you can't?"

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DOWN PAYMENT CLOSE XI
Don't Want to or Don't Have it?

There is a difference between what someone wants to do and what they can do. Remember objections are not always objections but more often than not just complaints. Find out which this is.

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DOWN PAYMENT CLOSE XII
Money Remains Invested

"It seems like that now, but that money will always remain invested in your ____ allowing you to be in a much better position to replace and negotiate on your next ____ as well as provide you with lower payments now."

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DOWN PAYMENT CLOSE XII
Money Remains Invested

Remind the customer when they say they "don't want to put that much down" that financing money down does not mean the money is gone but that that it results in savings on a monthly basis that would have been paid out anyway.

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DOWN PAYMENT CLOSE XIII
Alternative With Bank Representative

"If your not going to use that amount down I would strongly suggest you consider talking to our bank representative about an alternative way to get the ____ with less money down."

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DOWN PAYMENT CLOSE XIII
Alternative With Bank Representative

This can only be used when you have another person available within your company to help you work with a lender on down payment and financing terms. Your job is not to predict the future but to get a commitment to purchase.

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DOWN PAYMENT CLOSE XIV
Certainly

"Certainly you were figuring somewhere close to that amount?"

"Certainly you were figuring somewhere close to that amount?"

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DOWN PAYMENT CLOSE XIV
Certainly

When you hear that it is too much down, respond immediately with the idea that the client had to know it was somewhere around that amount. They can not be the one that is surprised. Most of the negotiations that are taking place at this point are pure negotiations and nothing more.

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DOWN PAYMENT CLOSE XV
Same Amount
"The reason I am suggesting that amount is that it would put you in the situation of financing the same amount as you did last time, which would provide you with the same monthly payments. Does that make sense to you?"

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DOWN PAYMENT CLOSE XV
Same Amount

Particularly useful when a similar situation (almost always) has been done before. If I can just bring my client to a similar situation as before and have them finance the same amount as an earlier time, I will be able to justify the monthly cost as it should be equal to the earlier purchase.

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DOWN PAYMENT CLOSE XVI
Amount Sufficient

"That is the amount sufficient to support us in paying your current situation while still having enough money to qualify you for preferred rates, have lower interest cost and equity throughout ownership -- how close can you get to this figure?"

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DOWN PAYMENT CLOSE XVII
Amount Sufficient

"That is the amount sufficient to support us in paying your current situation while still having enough money to qualify you for preferred rates, have lower interest cost and equity throughout ownership -- how close can you get to this figure?"

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DOWN PAYMENT CLOSE XVII
Amount Sufficient
Justify the down payment by making sense of why you are asking for it and what it does for your client.

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DOWN PAYMENT CLOSE XVIII
We Provide You With The Down Payment
"What if we can provide the down payment for you? We're going to provide you with (the Down Payment), get you a second loan on that amount, so that you're in a position to have equity on the first purchase now and pay off the second loan when you can. Either way it is going to be money down or would you rather do it now and be done with it."

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DOWN PAYMENT CLOSE XVIII
We Provide You With The Down Payment
Always offer a solution, even solutions that may or may not ultimately be available. Once you present a solution even if it is not available in the end it gives your client a look at the fact that either way they are going to do it. This also gives you more to discuss than just a drop in your terms.

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DOWN PAYMENT CLOSE I
Funds Not Available or Not Comfortable?
"When you say too much money down does that mean the funds are not available or that you're not comfortable with using that amount to reduce the balance?"

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