Vegas Transplant
Active member
- Oct 11, 2011
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How do they make money?
- Thread starter OCD Detailing
- Start date
OCD Detailing
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- Jul 31, 2014
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- #22
Actually some people just don't like spending money on certain things. My old roommate had a ton of money and he wasn't cheap. The amount he spent (and gave me to spend) at strip clubs alone would have fed a small country but when he needed new tires on his SL500 he went out and traded it for a new one. I asked him why he said he hates spending money on tires. His water heater at his house went out. He spent 2 months boiling water downstairs and taking it upstairs to take a warm bath until I talked him into just getting one and I'll install it. Lol I guess he just found the act of buying certain things boring. We all have our quarks.
215Detailing
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- May 19, 2011
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http://www.autogeekonline.net/forum/off-topic/44091-10-00-hand-car-wash-detailers.html this may be informative
Nth Degree
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- Jan 6, 2012
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He wants you because he isn't happy with the quality of the $20... Don't compromise. Quality costs. To only go up $5 is a deal for him and his staff.
Take a look at a few of the local tunnel washes for their prices. Find an option that is similar to what you offer. You then should be doubling that. Higher quality, safer wash and convenience all have a value. Set a price and offer a bulk discount for 10 or more cars.
Example: My maintenance wash is $45 (exterior only). I offer a deal of $35/car for 10 or more in one location. The catch: discount only applies if the vehicle receives a full exterior detail within the first 3 months and annually after with quarterly wax/sealant (quick detail) at regular price. Interior services are added as appropriate.
Take a look at a few of the local tunnel washes for their prices. Find an option that is similar to what you offer. You then should be doubling that. Higher quality, safer wash and convenience all have a value. Set a price and offer a bulk discount for 10 or more cars.
Example: My maintenance wash is $45 (exterior only). I offer a deal of $35/car for 10 or more in one location. The catch: discount only applies if the vehicle receives a full exterior detail within the first 3 months and annually after with quarterly wax/sealant (quick detail) at regular price. Interior services are added as appropriate.
Rmd
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- Dec 27, 2012
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Dude, it was a bit tongue in cheek. Based on seeing your posts over the years, you are stand up guy. There are obviously good apples and bad apples in every profession. I know some very good ones, and also some very bad ones. I have some exposure to the industry and have seen way too many horrible loans during the go go years with guys pushing inappropriate loans to unsophisticated borrowers. Stuff like 2/28's with an intro of 2.0, or worse yet, stated income no doc pick your pay neg am loans, which led people with a $50k household income to think that it was perfectly normal to buy a $500k house and have a $1500 payment. As I'm sure you are aware a payment on a $500k fully amortizing loan at a normal rate like 4-5% is about $3000-3500 PITI. Conservative lending standards would require an income of over $10k a month to qualify for that. Some guys never sold that stuff, but too many did. Its not all on the brokers, lots of blame to go around, but we have seen the debacle that resulted.
Rant over.
:iagree:but as brokers, we only sold what the lenders where willing to fund.rops:
And we packaged them to the highest bidder and well sometime the quality on the surface may not have always matched the underlying quality. But everyone in the pipeline got paid. Gone are the days of $100k quarterly bonuses.
OCD Detailing
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- Jul 31, 2014
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- #28
Loved those option arms. Made a killing on those. BTW it's easy to look back and say they were bad loans. But at the time property values were going up like crazy the logic was they could refi down the road.
It's funny but I don't recall holding a gun to people's head. I do recall how happy they we're to get the loan.
I'm glad growing up my mom didn't have that same attitude on Halloween. She could have easily just have said, "Sure, you can eat all your candy in one night." and then laughed and gloated while, hours later, my stomach was in pain, "Hey, I didn't force you to eat it all."
That's how your comment comes off, in my opinion.
OCD Detailing
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- Jul 31, 2014
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- #30
Your mother knew eating too much can cause a stomach ache but did she know exactly how much was too much? We didn't know when the boom was going to end. First house I bought increased in value almost 200k in less than 2 years. We had an option arm to keep the pmt down. 2 years later when we sold it we had enough equity to buy a bigger house and go into a fixed loan. You are assuming everybody was tricked into them. Many people got them believing they were going to be earning more before the option ended. Others were flipping. Many thought the boom was going to last. But all the forclosures weren't option arms. Many were somewhat normal loans with a few years fixed. People wanted to keep taking money out of their house.
There was also some gov push to give loans to those that previously couldn't qualify.
There was also some gov push to give loans to those that previously couldn't qualify.
Rsurfer
Well-known member
- Jan 26, 2007
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The difference is that home owners are not kids.
That was the biggest downfall.
OCD Detailing
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- #32
Or that. Lol. I took the long winded approach.