Answer: Ge Money offers a variety of different programs depending on what industry you wanna working. We have several different programs in automotive-specific industry. The best way to find out is to call GE Money National Sales Team: 866-209-4457.

Question: What are some of the helpful words to use when bringing up the topic (GE Money Financing) early? Some of the typical words we're hearing from other dealers on how they bring up the topic early.

Lisa Glander (Client Services Mgr. Emerging Markets) Answer: Do you use credit card? First of all just let them know this is a store card. This is a preferred card. Save your Visa and Master Card creditlines for emerging seasons, for day to day expenses. You definitely wanna offer this early on. Don't wait until the last minute when someone has already decided to have gonna pay their product. Offer early in the beginning of the transaction when someone comes in. And make sure that you let them know it is a store card. I think credit cards scares people. No one else needs a another Visa or Master Card. Let them know this is a preferred store card. It makes returning merchandise easy that can make repeat purchases. It's got your store name embossed on it. So it's def ... Read more »

Question: One of my people told me that talking about the GE Money financing in filling out the application, disrupts his flow and his convinced that he lose some sales because of it. Do you have any advice for him?

John Pershing (Strategic Account Manager) Answer: I think that one goes back really to looking at kinda going on early in the conversation and making it a part. When it disrupts the flow of conversation, that's because the person the person is not comfortable with financing. They don't understand what the benefits are. They don't feel like to answer questions about it. That would be like saying "I don't wanna talk about selling this temper-pedic mattress" because I think it disrupts the flow of the conversation. It disrupts the flow when you don't understand the selling points and what's great about that mattress. It doesn't disrupted when you're excited about it. If you can say "No, no, no, no. Sir, stand up over here on the side of the mattress. I'll ... Read more »

Question: How do this particular financing compares with that offered by Lowes and Home Depot? If I got employees who have come across from another retailer, is it similar type of product? Does it need to be talked at the same way? differently?

Answer: Those are very similar types of financing. What you see at Lowes who actually GE does the financing for Lowes as well or Home Depot, they're very similar. They're most often using a 12 or 18 month with paid deferred promotions. So it's almost exactly the same the way you hear them talk about it and the way that you see on their national tv advertising campaigns. You can promote them at the exact same ways. You see them out there. If you see the Lowe's commercial ad, it was saying, "Bring in or come in today." I think it was 12 months no-interest financing. You can do the exact same way and take advantage of what those big bucks retailers doing. Bring it down to us in the big one store level.

Question: What are some examples of ways to introduce or bring up the payment promos without a sounding scripted? How to do that in a natural way?

Answer: Ge Money offers a lot of different types of financing promotions. The ones that are used the most are deferred interest promotions - something like a twelve (12) month deferred interest promotion. The way that works really well when you're talking to a customer is this. Deferred interest doesn't sound very exactly. It doesn't mean you go out there and walking up to the customer and saying, "Hi, just to let you know, we have 12 months deferred interest available", doesn't sound really good. But going up to a customer and say, "Hey, Yano, we've got this available that you can take it home today and you'll only be paying about 50 bucks a month. That sounds pretty good. It's kinda breaking it down. Figuring it out how much that product is gonna be. Looking at in the report in the minimum payment which is just under 4 ... Read more »

Question: Let's talk a little bit about some other salespeople who have been adept for few years. And you know maybe sometimes they kinda think they know it all. They have been selling for years that are pretty set on their ways. How do you recommend getting them the move more towards using financing when they are already posing a good sales numbers with their current approach? Is their a way maybe to get them involve in the training if some of the other associates who are not as strong at offering financing?

Answer: Absolutely, Salespeople constantly need a hone on their sales skills, constantly need to practice. If somebody has a lot of sales experience, they absolutely have a lot to share with the newer people on the team, objections that they need to overcome, etc. A season salesperson could help out there of the additional sales team.

Those season sales representative are also the ones that typically the best. They're the top people in your shop. You ju ... Read more »

Question: What is the best way to have the sales staff be less afraid to bring GE Money credit financing up to every person? How do you get them comfortable?

Answer: I think it's just practicing and role-playing and making someone more comfortable. If you constantly talk and share tips on best practices, I think that someone is gonna work comfortable selling financing. If your unfamiliar with something, it's a little harder to do. But if you practice and share success stories and then your sales team would feel much comfortable in offering it to every customer that comes in.

The funny thing it about it is that doing the practice and role-play can seem really kind of goofy and hunky is you're going through when you practicing it with everything else. But a couple of the dealers that I worked with, that kind of thing that turned into a game where they try to stamped the other person right. So you walk around the shop and there's no customer in there. They're q ... Read more »

Question: My sales are always guys worried that certain customers won't get approved in their GE Money credit application. So they refuse to bring up financing in hope that customer will just pay cash or the major credit card. How do you recommend to train them how to handle that?

Answer: That is absolutely the biggest fear that people have. When the one come through it and somebody's not going to get approved. There are two things that to be pointed out. First one is that you are really going to approvals. You'll see a high approve rates with GE Money than other lenders out there. If someone is not really to get approve, they typically know it in advance. Financing is something that is out there in the market whether you're buying a TV, a car, a furniture, or a bike, it doesn't matter. People are used to getting financing. And when they're applying for financing with you, it's not the first time that they've applied for financing. So the first thing to do is know ... Read more »

How quickly does approvals come through from a submitted credit application in GE Money?

Answer: Within a matter of minutes, you can get approval back from a submitted credit application. Takes no time at all. If by any chance you have a any issues, you can always call to GE Money merchants services line. They can assist you as well.

GE Money merchants services phone number: 1-800-333-1082

If I only make the minimum monthly payment each month of my GE Creditline Card, will I pay off my interest free purchase within the interest free start-up period?

Answer: No. Each month, GE Creditline only ask you to pay 3% of the outstanding balance or $20 (whichever is greater). If you only pay the minimum monthly payment, you may not pay it all off in that time.