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Old 06-23-2009, 06:22 AM   #1
zohpy
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Default Available Lenders for Indy's

Well the X man has given us a new place to play. I am so happy for that as I now feel that I can fully participate. As I mentioned in another post once your dealer license switches from franchise to independant you may find yourself scrambling for lenders. Went through this 3 years ago and it was not a pleasant experience at the time. If I can be of any assistance to any of you, please feel free to ask away.
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Old 06-23-2009, 07:29 AM   #2
possum
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Financing has always been the biggest fear of not being franchised. The "franchise" tag was really the only benefit of being a new car dealer.
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Old 06-23-2009, 10:33 AM   #3
XDCX
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Quote:
Originally Posted by zohpy View Post
As I mentioned in another post once your dealer license switches from franchise to independant you may find yourself scrambling for lenders. Went through this 3 years ago and it was not a pleasant experience at the time. If I can be of any assistance to any of you, please feel free to ask away.
That's awesome zophy, Good Karma for you.

That's my goal for this forum is that it becomes a place where "car people" can all learn from one another.
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Old 06-23-2009, 07:26 PM   #4
jules4jeeps
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I had a lender that specializes in Indy's today come visit...something something acceptance. $1995.00 enrollment fee! Just for the luxury of sending them apps. Thats on top of the $795 -$995 acq fee per deal sent their way. I think we'll see how needy we are for a few weeks before we sign up for that. This is a whole new world...are enrollment fees for subprime lenders the new norm?
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Old 06-24-2009, 04:36 AM   #5
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I'll bet you looked at Credit Acceptance. We have found that "fees" are becoming the norm. I am searching it out, and there WILL be some good ones out there. It is a different world, but it will less stressful than dealing with Newco.
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Old 06-26-2009, 02:09 AM   #6
zohpy
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Fees are the norm in the Independant Market. Just make sure you have your inventory priced accordingly. It takes a whole new interview process from first contact on lot. You have to find out right away if they're gonna need help with financing and how they would rate their credit. It's a different kind of customer that you will be seeing very shortly there Jules.
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Old 06-26-2009, 06:39 AM   #7
jules4jeeps
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Yeah, I know there's fees, hefty ones, but this place had what they called an enrollment fee. Give them $2k before they even APPROVE a deal! Thats the part that seemed out of iine.
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Old 06-26-2009, 07:23 AM   #8
zohpy
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If it was in fact CAC you're getting off easy. Our cost to enter program was a whopping 9995.00 and yes that is almost 10k. We chose to pass on the fee as they had another program available. $195.00 for first 100 contracts and 80% up front payable. Additional funds to be paid to us after first 100 deals (book of business) is funded.
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