Fmcc
 

I began this thread in another Forum and am interested in any opinions from you about experiences you've had with them positive/negative.

I've heard about all I want to hear out of my rep about how great they buy IF you're a floor plan dealer. Since we're not I have no idea IF their claims are true. I would like to hear from any of you that are floor planned with them and your approval percentage of deals with FICO's below 620 on USED apps.

Marv, I'm new to FMCC coming from a Chrysler background ( and glad to be far away from same):rolleyes:
I was just moved back into the box Monday a week ago so little to enlighten you with other than my buyers seem to be trying to find a way to make a deal work.. So far out of 20+ contracts for the month (not all mine) they've gotten 18 so percentages are pretty good..I'll let you know what I figure out about them. Oh, and any FMCC dealers out there that can advise ford's tricks of the trade, let me know..I appreciate it.

We have a sister Ford store down the street. We never floored w/ FMCC. I was in the box there & we drank the cool-aid of if we reached a certain penetration level & they got 1st look they would buy deeper, we did our part & never saw it happen. I will say they have been the most consistent buyer (unchanged) since the down turn. I also remember a very consistent comment they would use w/ apps w/ an open FMCC acct “THEY NEED TO PAY FOR WHAT THEY HAVE”

My DP has agreed to an experiment for the month of December to see if they will buy any deeper and he may consider them for his floor but it appears they're only doing slightly better than previous so I doubt we will switch. Time will tell-like two weeks.

One thing I'm told is that if we do 65% FMCC penetration on new rides, they rebate 1.75% on the flooring costs back to the dealer....was shown statement and this rebate surpassed the actual fp costs several months this year.

The problem we have is that we've been with BOA for years and they only recently raised our rate so we thought about entertaining FMCC since they've been after us for a long time. We were with them for a while but it didn't work out so we're trying to make sense of it. They want the Used business as well but certainly aren't proving it with the calls I getting during this little test. I ran a mid month report and they only seem aggressive on the new apps. I haven't sent them a contract this month on a used unit. In their defense they've stepped up to the plate on some of the used apps but not enough to be competitive. For FMCC's plan to work I've got to send them used contracts. Any ideas???

Marv - I just deleted my (very long) post because it rambled way more than I should have! Here's the short version:

Not for one second should you guy's consider moving your floor to FMCC. The crap CFC has pulled on flooring dealers is still happening today... Oldco & Newco alike! NEVER again will we floor with the captive co.. You just can't imagine the amount of money it will cost you if FMCC ever hits the "bad" roads!

In the end, being loyal to CFC wasn't worth a bucket of warm spit. 26 years and millions and millions of dollars(thats just the floorplan juice), and millions more in the Paper I wrote for them didn't mean sh*t. I could have floored with a half a dozen different banks for cheaper rates or put more deals through different banks for better back ends and discounts. Sometime on May 15th, they decided to treat me like a bum, froze my incentives for no reason. I had to call the MABC and speak with 2 of my "friends" who used to be nice CFC reps and local credit mgrs. This is the conversation where I explained to them that although they had the Factory credit form signed, CFC did NOT have either a Personal Guarantor or Assignment of Assets form signed-I started with Chrysler Credit. I delicately explained that locking up my incentives when I am trying to divest nearly $2M of their collateral, and starving me of cash would leave me no choice. I could have walked them for everything. I should have tape recorded this call for the sheer theatrics on their end. Long story short, they unlocked my incentives and they got every last penny+interest. However, the Mofo's still try to mess with me from the grave. The lesson is that when dealing with whores, you sign up with the cheapest because they all do the same thing.