F&I Training - When The Customer Says “I’ll Take My Chances!”

In the world of sales, there are few phrases as common—and as daunting—as “I’ll take my chances.” You’ve made your pitch, explained your product’s benefits, and feel like you’ve done everything right, only to be met with those five words. But what does this phrase really mean, and how can you effectively overcome it?

This article will explore the underlying psychology of this common sales objection and share a proven strategy to handle it. By the end, you’ll have actionable steps to transform a potential rejection into a closed deal.

Key Takeaways

• “I’ll take my chances” often indicates a customer perceives risk.
• Overcoming this objection requires empathy and aligning the solution to mitigate the perceived risk.
• Sharing real-world consequences helps customers visualize the potential costs of taking that risk.
• Offering practical alternatives, like transferring risk, can lead to successful closes.
• Understanding the customer's financial constraints and tailoring the conversation to those concerns is key.

What Is the “I’ll Take My Chances” Objection?

“I’ll take my chances” is a phrase commonly used by potential customers to express hesitation. It’s often a polite way of saying, “I’m not convinced,” or “I’m not ready to commit.” More importantly, it signals that the customer perceives a risk in the product or service you’re offering, but they believe they can handle the outcome if things go wrong.

This objection isn’t just about the product itself—it’s about the customer’s view of the associated risks and rewards. Whether you're selling a service contract, an extended warranty, or any form of insurance, hearing this objection means the customer thinks they can bear the potential cost of not opting for your solution.

Understanding this dynamic is the first step in crafting an effective response.

Why Is Overcoming “I’ll Take My Chances” Important in Sales?

Overcoming the “I’ll take my chances” objection is crucial because it signifies a turning point in the sales conversation. If not handled properly, the customer could walk away without purchasing a solution they genuinely need. This not only impacts your sales but could lead to long-term dissatisfaction for the customer when they realize the cost of their decision.

Key Reasons to Address This Objection:

1. Retention and Trust: Effectively addressing this objection builds trust with the customer. It shows that you’re not just interested in making a sale but also in protecting their interests.
2. Increased Close Rate: Properly handling objections like this can significantly boost your conversion rates. Often, this is the last barrier between you and a successful sale.
3. Building Value: This is an opportunity to reinforce the value of your product, focusing on how it mitigates the risks the customer perceives.

By tackling this objection, you create an opportunity to reinforce why the customer needs your product and the real-world costs of taking unnecessary risks.

How to Handle the “I’ll Take My Chances” Objection

Overcoming this objection is about understanding the customer's underlying concerns and shifting their perspective. Here’s a proven four-step strategy to turn the “I’ll take my chances” objection into a successful close.

Step 1: Recognize the Customer’s Perceived Risk

The first thing to understand is that “I’ll take my chances” isn’t a definitive no—it’s an acknowledgment of risk. The customer is subconsciously admitting that they see a potential downside in not opting for your product or service, but they’re willing to accept it.

Tip: Instead of rebutting the customer immediately, agree with their perspective. Acknowledge that there is always some level of risk involved in any decision.

For example, if a customer is hesitating to purchase a service contract for a vehicle, you could respond with:
"I completely understand that you're willing to take your chances. There’s always some risk in any decision, especially when it comes to high-cost repairs."

Step 2: Empathize and Agree

Empathy is critical in sales, especially when facing objections. Agreeing with the customer on the surface shows that you respect their viewpoint. This puts the customer at ease and prevents the conversation from becoming adversarial.

What to say:
"You’re right—there’s always a chance that nothing will go wrong. And taking chances can sometimes work out."

This approach shows that you're not dismissing their concerns but rather acknowledging them as valid. It’s crucial to align with the customer’s feelings to build rapport before moving to the next step.

Step 3: Share Consequences

After empathizing, it's time to educate the customer on the potential consequences of taking their chances. The key is to use specific, real-world examples that resonate with the customer. For instance, in the context of vehicle service contracts, remind them of the rising cost of repairs.

Here’s how you might frame the conversation:

Example:
"But let's consider the potential cost if something does go wrong. Vehicle repair rates have skyrocketed in recent years—labor alone can cost $175 an hour, and parts are more expensive than ever. Many components today aren’t even repairable, they need to be replaced entirely. Imagine what that could mean for your finances."

Step 4: Present Alternatives

Once you’ve laid out the consequences, it’s time to present a solution that allows the customer to avoid unnecessary risk. Offering alternatives, like including a service contract in their financing or choosing a payment plan, shows flexibility and creates a sense of security.

What to say:
"Instead of taking that risk, you could include this coverage in your monthly payments, meaning you won’t have to worry about out-of-pocket expenses for repairs later on. Wouldn’t it be better to lock in today’s rates and transfer that risk to someone else?"

This strategy shifts the conversation from “taking chances” to “taking control,” making the offer more appealing.

Real-Life Examples of Handling the Objection

Example 1: Service Contracts

A customer hesitates to purchase a service contract for their vehicle, saying, “I’ll take my chances.” Here’s how you might respond:

• Empathize: “I understand that you don’t want to spend extra right now. Repairs might not happen, and if they don’t, you’re good to go.”
• Consequences: “But think about what happens if your engine or transmission goes. Without coverage, you could face thousands in repair costs, which might force you to put it on a high-interest credit card.”
• Solution: “Wouldn’t it be better to include the coverage in your monthly payments and never have to worry about it?”

Example 2: GAP Insurance

When selling GAP insurance, the customer might say, “I’ll take my chances.” Respond like this:

• Empathize: “I get it, no one wants to think about accidents or total losses.”
• Consequences: “But with vehicles getting totaled more easily because of complex electronics, paying out of pocket for a car you no longer own could be a huge financial burden.”
• Solution: “Wouldn’t it be worth a few extra dollars a month to avoid a massive bill later on?”

Example 3: Tire and Wheel Protection

When a customer declines tire and wheel protection:

• Empathize: “It’s easy to think nothing will happen on the road.”
• Consequences: “But between potholes and curbs, replacing a single tire could set you back hundreds. And what about the wheels? Damage there could mean an even higher cost.”
• Solution: “Wouldn’t it be better to protect your investment now and avoid expensive repairs?”

FAQs

How often does the “I’ll take my chances” objection occur?
This is one of the most common objections in sales, particularly when customers are presented with options for extended protection, warranties, or optional services.

Can this strategy be used across industries?
Absolutely. The core of this approach is understanding customer hesitation and reframing the conversation around mitigating risk, which is relevant in many industries.

What should I do if a customer is still unconvinced?
If the customer is still hesitant, it’s important to leave the door open for future conversations. Offer to follow up after they’ve had more time to consider and reiterate your willingness to help.

Conclusion

The “I’ll take my chances” objection is not the end of a sales conversation—it’s an opportunity. By recognizing the customer’s perceived risk, empathizing with their concerns, sharing real-world consequences, and offering alternatives, you can transform this objection into a successful sale. Remember, selling is not just about the product, but about helping customers make informed decisions that protect their interests.

If you want to dive deeper into this topic, check out Product Prep Live. It’s packed with hours of videos, dialogue, and transcripts on everything F&I-related. Whether you’re just starting out or looking to sharpen your skills, Product Prep Live has you covered. Take a free test drive and see for yourself how it can help you excel in your F&I career.

Until next time, go get them!