Getting some good calls from GMAC

[Txflyer]

On a somewhat positive note - we are getting some decent calls from GMAC on New 2008 Chrysler products. Just got a new 2008 Chrysler 300 done for 72 months with a 6.7% buy rate. No money down either, and customer had a 650 score.

This is the second call like this we've had in the past few weeks. Seems like they are at least trying to buy paper again.

[XDCX]

That's great, I like any thread that has some good news. :)

Do you get the impression that they're stretching to help get rid of the 2008 inventory, or do you think that was a factor?

I do remember reading once that GMAC was getting a special allotment of money to assist the Chrysler dealers but it was never clear exactly how that money was going to be used.

[Txflyer]

Yep, I got the distinct impression that was exactly what they were doing. The other "above and beyond" call they made was also on a new 2008. Chase, on the other hand, turned them both down.

[Granch]

They gave me 3 very good calls too..

One I was especially surprised by.

good score, about a 740
She bought two new 08's off the floor, nothing down, with only 3500 mo income...i nearly fainted.

but 1 bad call...

still good by me. they seem to not look at every single little reason not to buy a deal like other banks lately.

X - they will go 120% on all new 08's and 09's..
thanks to them I have 1 08 left...

[XDCX]

Wow, that's interesting.

Sounds like the smart dealers will be steering all of their B-tier business to 2008 vehicles and then submitting the deal to GMAC. :)

[XDCX]

X - they will go 120% on all new 08's and 09's..
thanks to them I have 1 08 left...

That's great news - especially since most dealers still don't know what GMAC's curtailment rules are going to be for 2008s.

If you're down to only 1 2008 vehicle, that's awesome. You might have to start doing Dealer Locates now. :)

[Granch]

Yep, I got the distinct impression that was exactly what they were doing. The other "above and beyond" call they made was also on a new 2008. Chase, on the other hand, turned them both down.

I've sent nothing to Chase since they went and stuck with the 80% bull**** because we we're in bankruptcy.

Infact my rep came in yestderday and said they were easing off that rule now... then she asked me why I haven't sent them anything this month..:confused::confused:

[Granch]

That's great news - especially since most dealers still don't know what GMAC's curtailment rules are going to be for 2008s.

If you're down to only 1 2008 vehicle, that's awesome. You might have to start doing Dealer Locates now. :)

Oddly enough we swapped in a 2008 Pacifica for a deal, With a $5000 unrefundable deposit ofcourse:) we blew out everyone we had as of 3 months ago to avoid curtailments and such..

[XDCX]

I've sent nothing to Chase since they went and stuck with the 80% bull**** because we we're in bankruptcy.

Infact my rep came in yestderday and said they were easing off that rule now... then she asked me why I haven't sent them anything this month..:confused::confused:

It's good to hear that Chase is going to re-examine their advance criteria now that the whole OLDCO inventory situation seems to be working out.

[F&I Pro]

Chase for me has maintained a 100% LTV throughout the process but are limiting term to max of 60 regardless of credit.

[F&I Pro]

OK, now I'm truly confused:confused:, Had an 813 beacon, perfect credit, customer putting down 10K and financing 10K on 05 Sprinter Van (Chrysler built product), unit has 53k miles and GMAC turned it down stating vehicle ineligible for financing.....where do we go from here?:mad:

[CL Pgh]

GMAC has done ZERO favor's for us! Getting much better calls elsewhere... Credit Unions still buying best.

[F&I Pro]

Never thought I'd see the day that we'd be in bed with the Credit Unions:confused:

[possum]

I've thought all along that the demise of Chrysler Financial would hurt us as bad, or worse even than Motors. It went virtually un noticed, but the end of Chrysler Financial could be the death blow for many Dealers. GMAC is NOT CFC.

[F&I Pro]

Nor do they care about NEWCO dealers as evidenced in their calls and guidelines....After nearly 18 years in the "Box", I'm glad I've learned to forge relationships with non company lenders, and more recently learning that Credit Unions may be our best hope for survival.

[XDCX]

I've thought all along that the demise of Chrysler Financial would hurt us as bad, or worse even than Motors. It went virtually un noticed, but the end of Chrysler Financial could be the death blow for many Dealers. GMAC is NOT CFC.

There's a reporter that I talk to on occasion that feels exactly the same way that you do. The fact that Chrysler no longer has a true "captive lender" may prove to be one of the biggest challenges they face in getting the company turned around.

GMAC has no love for Chrysler, that fact has already been demonstrated and I bet there will be further evidence in the future.

Concerning their strong calls on new 2008 Chrysler vehicles, there must be a reason why they were doing this?

[F&I Pro]

Well, I spoke with buyer at GMAC regarding the Sprinter van not being eligible for financing..he stated the sprinter is classified as a business vehicle and to send to BVF.....So I send my 813 beacon financing 80% ltv for 42 months to BVF and what do I get? OKAC at 42 at 9.5% buy rate:censored:
Credit Union at 5.75% buy, guess I'll get a little more sack time with the credit union, pull a stool and have a drink and get to know the buyer better.:beerchug:

[possum]

BVF, along with S-Tier was never anything to us. It got to be a waste of time to even consider them.

You are on to something with the Credit Union, and its good to get close to them!

[crowe]

Well, I spoke with buyer at GMAC regarding the Sprinter van not being eligible for financing..he stated the sprinter is classified as a business vehicle and to send to BVF.....So I send my 813 beacon financing 80% ltv for 42 months to BVF and what do I get? OKAC at 42 at 9.5% buy rate:censored:
Credit Union at 5.75% buy, guess I'll get a little more sack time with the credit union, pull a stool and have a drink and get to know the buyer better.:beerchug:

Watch out on the credit union deal, all the credit unions we use will not finance a commercial vehicle.

[F&I Pro]

Thanks for the heads up; However, I've already spoken directly with the CU as the Sprinter is neither in NADA or KBB to verify eligibility and appropriate values being utilized. Hate held offerings so like to do up front verifications when questions exist.:)

[Granch]

Alot of Credit Unions won't go commercial, usually defining anything over a 10,000 gvw rating ineligible, but the rules will vary by Cu...

BVF died a long time ago, when Lyon Financial took over...bout a year and a half now...
I dealt with them on a couple deals and never after...