Have you received your new CFC Rate Sheet yet? - Page 2

XDCX · 11-18-2008, 04:00 PM

Quote:

Originally Posted by goodone414

Nope The last rate sheet was CRAZY this one is INSANE

Can you imagine telling an A+ customer that your buy rate is 300 basis points higher than he can get through USAA or his local Credit Union? There's no way the customer would believe that you're telling the truth.

With a 9.04% rate they may as well just close down for the rest of the year.

dealer3100 · 11-18-2008, 05:30 PM

its actually not just Business Center. But each Business Center has its own "zones" Out here we are in the Southern California/ Hawaii zone of the West Business Center. I think we take 1st prize..................... 9.74% 720+Credit Score and an A+ thru A- Tier for 60 mos. No 72 offered

XDCX · 11-18-2008, 08:18 PM

Quote:

Originally Posted by dealer3100

its actually not just Business Center. But each Business Center has its own "zones" Out here we are in the Southern California/ Hawaii zone of the West Business Center. I think we take 1st prize..................... 9.74% 720+Credit Score and an A+ thru A- Tier for 60 mos. No 72 offered

Holy smokes - 9.74% for 60 Month A+ paper. I think you've got First Place all wrapped up.

CFC might as well just get a sign that says "Closed until further notice."

Slo · 11-19-2008, 08:59 AM

CFC might as well just get a sign that says "Closed until further notice."[/QUOTE]

Maybe just shorten it to CLOSED.

XDCX · 11-19-2008, 10:13 AM

Quote:

Originally Posted by Slo

Maybe just shorten it to CLOSED.

I hope not, but then again things are not looking too bright at the moment.

Part of me wonders if the huge increase in CFC rates is just an effort to put pressure on the dealers to lobby Congress for a bailout package or whether it's a true reflection of CFC's borrowing costs?

My guess is that it's probably the latter. CFC can't lend money because they don't have the ability to borrow it.

ssdd · 11-19-2008, 10:44 AM

I was told they are out of money????
WTF? how could they blow through that 24 billion they had approved in mid summer, in six months?

dafuzz1956 · 11-19-2008, 12:28 PM

I was told by my cfc rep that they have not been able to sell off any loan bundles since May 2008 so they have no capitol on hand to lend. Plus the fact that for the last 2.5 mos they are not getting any fresh paper,(wonder why).

Side note

We are proud of our Dealer for his news interview 11/18/08 can be viewed @ wbay.com under videos "LOCAL CAR DEALER HOPES CONGRESS BAILS OUT DETROIT". The neat thing is we are about 65 miles from Green Bay where the station is located

XDCX · 11-19-2008, 04:07 PM

Quote:

Originally Posted by ssdd

I was told they are out of money????
WTF? how could they blow through that 24 billion they had approved in mid summer, in six months?

Well their rates would certainly lead you to that conclusion.

The scary part is that they need to re-access the capital markets to renew their revolver in about eight months. I sure hope the capital markets improve between now and then.

XDCX · 11-19-2008, 04:10 PM

Quote:

Originally Posted by dafuzz1956

Side note

We are proud of our Dealer for his news interview 11/18/08 can be viewed @ wbay.com under videos "LOCAL CAR DEALER HOPES CONGRESS BAILS OUT DETROIT". The neat thing is we are about 65 miles from Green Bay where the station is located

That's pretty cool - especially since they probably drove by 20+ stores to do an interview with your Dealer Principal.

I posted a link to the video in the thread with the Bailout Poll.

F&I Pro · 01-07-2009, 01:15 PM

I don't know if you've noticed, but not only the retail rates are insane but on an 08 Ram truck a choice of $5,000 rebate or 6.9% for 72, now THAT"S insane

CL Pgh · 01-07-2009, 01:26 PM

Hey F&I - You getting sub-rates through Chase or other source??? Mid-Atl. has a sub. rate sheet/financing through Chase. Waive rebate & that Ram gets 1.9% for 60 or 3.9% 72.

F&I Pro · 01-07-2009, 01:39 PM

CL, thanks for the info, I do have Chase, just thought if funny that Chrysler would be so out of wack with their incentive rates.

CL Pgh · 01-07-2009, 01:46 PM

Quote:

Originally Posted by F&I Pro

CL, thanks for the info, I do have Chase, just thought if funny that Chrysler would be so out of wack with their incentive rates.

"Out of Wack" does describe Chryserbus quite well!

F&I Pro · 01-07-2009, 02:18 PM

Well as if CFC's rates weren't bad enough and lenders dropping like flies, now Chrysler and GM are paying additional cash incentives for customers to finance with credit unions.. I'm afraid that doesn't bode well for those of us relying on F&I for profitablity.

dafuzz1956 · 01-07-2009, 03:10 PM

Profitability hell, to some of us that is our mortgage pmt they just screwed us out of. I get the majority of my E O M $ from F&I. This has been a real hard last 6 mos, with the fall off of the market, CSC stabbing us in the back, and now they pay them to finance elsewhere, I sure hope there is no media blitz out there "FINANCE THROUGH YOUR C U AND WE WILL GIVE YOU MORE REBATE $"

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11-18-2008, 05:30 PM	#17
dealer3100 Senior Member Join Date: Jan 2008 Posts: 118	its actually not just Business Center. But each Business Center has its own "zones" Out here we are in the Southern California/ Hawaii zone of the West Business Center. I think we take 1st prize..................... 9.74% 720+Credit Score and an A+ thru A- Tier for 60 mos. No 72 offered

11-19-2008, 08:59 AM	#19
Slo Member Join Date: Oct 2008 Posts: 52	CFC might as well just get a sign that says "Closed until further notice."[/QUOTE] Maybe just shorten it to CLOSED.

11-19-2008, 10:44 AM	#21
ssdd Senior Member Join Date: Feb 2008 Posts: 1,046	I was told they are out of money???? WTF? how could they blow through that 24 billion they had approved in mid summer, in six months?

11-19-2008, 12:28 PM	#22
dafuzz1956 Senior Member Join Date: Oct 2008 Posts: 691	I was told by my cfc rep that they have not been able to sell off any loan bundles since May 2008 so they have no capitol on hand to lend. Plus the fact that for the last 2.5 mos they are not getting any fresh paper,(wonder why). Side note We are proud of our Dealer for his news interview 11/18/08 can be viewed @ wbay.com under videos "LOCAL CAR DEALER HOPES CONGRESS BAILS OUT DETROIT". The neat thing is we are about 65 miles from Green Bay where the station is located

01-07-2009, 01:15 PM	#25
F&I Pro Senior Member Join Date: Oct 2008 Posts: 263	I don't know if you've noticed, but not only the retail rates are insane but on an 08 Ram truck a choice of $5,000 rebate or 6.9% for 72, now THAT"S insane

01-07-2009, 01:26 PM	#26
CL Pgh Senior Member Join Date: Oct 2008 Posts: 1,242	Hey F&I - You getting sub-rates through Chase or other source??? Mid-Atl. has a sub. rate sheet/financing through Chase. Waive rebate & that Ram gets 1.9% for 60 or 3.9% 72.

01-07-2009, 01:39 PM	#27
F&I Pro Senior Member Join Date: Oct 2008 Posts: 263	CL, thanks for the info, I do have Chase, just thought if funny that Chrysler would be so out of wack with their incentive rates.

01-07-2009, 02:18 PM	#29
F&I Pro Senior Member Join Date: Oct 2008 Posts: 263	Well as if CFC's rates weren't bad enough and lenders dropping like flies, now Chrysler and GM are paying additional cash incentives for customers to finance with credit unions.. I'm afraid that doesn't bode well for those of us relying on F&I for profitablity.

01-07-2009, 03:10 PM	#30
dafuzz1956 Senior Member Join Date: Oct 2008 Posts: 691	Profitability hell, to some of us that is our mortgage pmt they just screwed us out of. I get the majority of my E O M $ from F&I. This has been a real hard last 6 mos, with the fall off of the market, CSC stabbing us in the back, and now they pay them to finance elsewhere, I sure hope there is no media blitz out there "FINANCE THROUGH YOUR C U AND WE WILL GIVE YOU MORE REBATE $"