1. Actual Cash Value-This is used to describe the true worth of a customer trade and the figure the used car manager assigned to the vehicle in real money.
2. Bump-A term used to describe getting a customer to increase their offer or accept a higher payment. This is also known as putting the customer on the “ladder”
3. Buried-This is when a customer owes far more on their trade than what the vehicle is worth(also known as negative equity), and perceived as hopeless by the dealer without a substantial downpayment to offset the situation. This is used interchangeably with flipped or underwater, but these terms are usually used to describe milder cases of negative equity.
4. Burning gas-This is a slang that describes when a customer has taken delivery of their vehicle. The term ‘in traffic” is also used to describe the same thing.
5. Closer-This is usually a manager, or a seasoned veteran who comes in to “close” the sale for the salesperson. They are usually more skilled at negotiations and overcoming objections. They are also referred to as “The Hammer”.
6. Choke and Puke-Slang term for life, accident, and health policies (not available in many states now due to regulation).
7. Credit criminal-Derogatory term for someone who has bad credit.
8. Five liner-This is an older term used to describe running a customers credit report.
9. Four Square– A method of presenting numbers to a customer. It consists of price, trade, downpayment, and monthly payment set up in four squares. It allows the salesperson to isolate what is most important to the customer, and focus on that aspect of the sale in hopes of leading to a close of the sale.
10. Fully Protected Payment-The use of this term has been prohibited by the Federal Trade Commission or anything resembling it. It was used by finance managers when the payment was “packed” with all protection products and warranties, then presented as the buyer was fully protected at the higher payment. If a payment is ever presented to you in this fashion, get up and walk out.
11. Ghost– A term used by the banks to describe a person with no credit file. This is usually a younger buyer, or someone new to the United States.
12. Grinder– A term used to describe a customer who continues to negotiate the terms of the sale, beyond what is considered normal negotiations.
13. Rebate– This is a term used to describe any cash incentives that are provided by the manufacturer or lending institution.
14. Spot Delivery-When a customer takes immediate delivery upon sale of the vehicle.
15. Stiff-This is a derogatory term used to describe a customer with a really poor credit score and repayment history.
16. Sulev– This is an acronym for super ultra-low emissions vehicle. This means that the vehicle produces 90% less emissions than an equivalent gasoline powered vehicle.
17.The Box-A slang term used to describe the business/finance office.
18. Trade Allowance– This is a combination of actual cash value, discounts, and any additional incentives/rebates and presented as the trade value.
19.Up-A slang term used to describe a customer coming on the lot by salespeople.