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04-09-2008, 09:33 AM | #1 |
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Credit Unions - Do you love them or hate them?
In the old days I know that most Finance Managers hated Credit Unions.
The Credit Unions eliminated the Finance Manager's ability to make any interest rate reserve and they often refused to advance for Service Contracts, Accessories, etc. But things have changed - now you can contract a customer with a Credit Union and the customer never needs to leave the dealership. The dealership gets paid a "flat" for writing the contract and most Credit Unions offer reasonable advances for products sold in the F&I Department. Does your dealership do much business with your local Credit Unions? |
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