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Old 09-13-2010, 05:44 AM   #1
Ralph
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I haven't got all the skuttlebutt yet, but I had a wee birdie whisper in my ear the other day telling me CFC is changing their name and out there going to start signing dealers for wholesale financing at the middle to sub-prime levels. I'll start digging more into this and report....
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Old 09-13-2010, 07:25 AM   #2
ohiobuckeyes
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Yes a personal friend at CFC told me the same thing the only dealership that will be signed are bigger stores so that it can be a "test" market to see how it will work. you can always visit cfdealer.com for more information.
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Old 09-13-2010, 08:25 AM   #3
Ralph
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Yeah, I guess just going to that site would be easier...LOL
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Old 09-13-2010, 10:36 AM   #4
XDCX
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Yeah, I guess just going to that site would be easier...LOL
That's OK, I'm glad you started the thread.

There were a lot of rumors concerning Chrysler Financial about 90 days ago but lately it's been quiet. While I still think it makes sense for GM to buy CF it seems unlikely anything will happen in the near-term given GM's timing for an IPO.

Frankly, I think time is on CF's side. As long as the used car market stays strong they'll probably continue to do well as their customers continue to pay down their loans. The fact that CF isn't more aggressive about marketing their services leaves me with the impression that they either don't have too much money to loan or they're simply waiting for a buy-out. Time will tell....
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Old 09-22-2010, 12:41 PM   #5
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CFC is approaching every dealership in my area including all other brands no matter how large or small. We signed with them and have already done some deals. Some of my dealer friends still have a bad taste in their mouth from the breakup so they won't sign. I think they have about a year left before they have to change their name.
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Old 09-22-2010, 12:57 PM   #6
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In our state CFC financed 284 last month & 2,205 YTD.
Almost made the top 20 for new YTD but thats about 10% of GMAC volume.
We don't have them but would never say never.
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Old 09-22-2010, 01:02 PM   #7
possum
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Never say never, but read any Dealer Agreement word by word. Then, read it again.
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Old 09-22-2010, 01:55 PM   #8
crowe
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Never say never, but read any Dealer Agreement word by word. Then, read it again.
Amen!
Btw the last GMAC agreement was the longest & tightest I’ve read. All in their favor of course.
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Old 09-22-2010, 02:16 PM   #9
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Amen!
Btw the last GMAC agreement was the longest & tightest I’ve read. All in their favor of course.
If they wouldn't have been the only game in town, I would have never signed.

We didn't have much of a choice and GMAC new it...
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Old 09-22-2010, 02:58 PM   #10
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Already resigned with cfc right after we said yes next qustion was "do you know of any used car lots that might be interested" kinda weird.
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Old 09-23-2010, 11:08 AM   #11
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Already resigned with cfc right after we said yes next qustion was "do you know of any used car lots that might be interested" kinda weird.
Thanks for the update - it's interesting that CFC is looking at independent used car stores for retail paper.

Does anyone know if Chrysler Financial has plans to offer floorplans? I've heard from a member who investigated flooring sources for an independent used car store and was told there are not too many players in this market. The interest rates are high and there's an aggressive curtailment schedule.
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Old 09-23-2010, 11:15 AM   #12
ohiobuckeyes
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Thanks for the update - it's interesting that CFC is looking at independent used car stores for retail paper.

Does anyone know if Chrysler Financial has plans to offer floorplans?
Will Chrysler Financial offer wholesale/floorplan loans, capital loans or real estate loans?

Not at this time. Chrysler Financial continues to evaluate new business opportunities and may expand its offerings at a future date.

source:cfdealer.com
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Old 09-23-2010, 12:15 PM   #13
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Will Chrysler Financial offer wholesale/floorplan loans, capital loans or real estate loans?

Not at this time. Chrysler Financial continues to evaluate new business opportunities and may expand its offerings at a future date.

source:cfdealer.com
Thanks for the information and the source. It will be interesting to see if Chrysler Financial makes the decision to re-enter the wholesale finance market again.
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Old 09-23-2010, 12:23 PM   #14
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I dont see them going into wholesale. I sat down with their rep the other day to sign me up. I might do it. Obviously all the old dealer agreements are null and void.

They are concentrating on 560-680 scores since they cant be competitive on the A paper since their credit rating is craap, and rate isnt so much an issue with non prime.
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Old 09-23-2010, 03:05 PM   #15
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They are concentrating on 560-680 scores since they cant be competitive on the A paper since their credit rating is craap, and rate isnt so much an issue with non prime.
That makes sense - it would be hard for Chrysler Financial to compete with Ally and the major banks when they can access money at rates that are just barely above zero. (12 month Ally CD = 1.44% APR)

It's also interesting that CF was in the news this week for selling $2 Billion in asset-backed auto loans. They've already paid back their loans to the Treasury - maybe they're refilling their vault so they can make some new loans?
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