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Old 05-17-2010, 11:00 PM   #1
XDCX
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Default Does your dealership already use Santander Bank?

As part of their announcement that Chrysler will be using Santander Bank for some of their sub-prime loans I was surprised to read that 50% of Chrysler's dealers already use Santander for used car loans.

Does that figure sound right? It sounds pretty high to me.

Does anyone currently use Santander Bank? Any ideas on the extent Chrysler is subsidizing this arrangement?
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Old 05-18-2010, 07:09 AM   #2
79LilRedExpress
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We have been signed up with them for over a year now.
In the past we were able to place the paper elsewhere due to better term.

However, just last week we tried them again and they took a deal we were having trouble getting bought.

I have been pleased with them on this transaction, and planned on sending more business their way.

They seem to be a bit slow on the funding side, I thought that may be because we had to sign new Dealer Agreements because our old ones had expired.

Just a FYI. These people are also DRIVE financial
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Old 05-18-2010, 07:16 AM   #3
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Just a FYI. These people are also DRIVE financial
Thanks for confirming that. We were signed up with DRIVE, but never used them because the average fee they shot us was upwards of $2000 per unit. One day Santander showed up on our Route One screen. When I called them I was told that our Drive dealer agreement also covered Santander. Drive has approved some ugly deals for us, I'd just have to have quadrupled my gross to cover the fees. Maybe with Chrysler covering the fees we'll be able to put some deals together.
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Old 05-18-2010, 09:52 AM   #4
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Just a FYI. These people are also DRIVE financial
Thanks for the information - that probably explains why Chrysler's reporting that 50% of their dealers already have a relationship with Santander.

If Chrysler's going to subvent the deal and it will result in 2,000 additional sales per month it sounds like a great plan.
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Old 05-18-2010, 09:58 AM   #5
CL Pgh
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Originally Posted by 79LilRedExpress View Post
They seem to be a bit slow on the funding side...
We used DRIVE then switched straight over to Santander quite a while back. We probably have done a 1/2 dozen contracts with them but the last deal (2+ mons ago) took almost 3wks to get funded... and that was it for them!
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Old 05-27-2010, 03:26 PM   #6
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We signed up for the program on the 18th of May. Have not seen them on my RouteOne or DealerTrack. Called this afternoon to talk to someone in the dealer service area I as discounted from there end of the phone. So they are not getting and F'in deals.
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Old 05-27-2010, 07:53 PM   #7
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We signed up for the program on the 18th of May. Have not seen them on my RouteOne or DealerTrack. Called this afternoon to talk to someone in the dealer service area I as discounted from there end of the phone. So they are not getting and F'in deals.
Wow, that's a surprise. According to a report in Automotive News Santander was going to have their 110 area representatives contact Chrysler dealers last week. With 110 field reps, that's only about 20 - 25 dealers per person.

Has anyone heard from a Santander rep since the Conference Call?
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Old 05-28-2010, 07:17 AM   #8
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The rep already came by, and we're signed on. I have it on dealertrack not route one yet.
He explained how they buy deals, etc...

I have a few banks that cover that spectrum, so I'm not really sure what they bring to the table...
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Old 05-28-2010, 02:32 PM   #9
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He explained how they buy deals, etc...
Was there any discussion on fees?

Did you get the impression that Chrysler was going to subvent deals to pick up incremental business?
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Old 05-28-2010, 02:37 PM   #10
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Was there any discussion on fees?

Did you get the impression that Chrysler was going to subvent deals to pick up incremental business?
he said on their main program there is no fees.
as far as subvention what i read is gmac bonus cash is not compatible. the secondary program and Drive have fees.

If they arent going to let us use gmac cash, and i was told nothing about subvention, whats the point of having them? I already have a few subprimes..

did i miss something too>?
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Old 05-28-2010, 03:08 PM   #11
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If they arent going to let us use gmac cash, and i was told nothing about subvention, whats the point of having them? I already have a few subprimes..
Thanks for the update.

It appears the "devil is in the details" on this deal and it's not looking too good so far. That's too bad, I thought since Diaz announced the program with a Conference Call it would have more substance.
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Old 05-29-2010, 07:43 AM   #12
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Thanks for the update.

That's too bad, I thought since Diaz announced the program with a Conference Call it would have more substance.
There hasn't been even one conference call with any substance since the take-over. IMHO, that is.
They all have been a waste of time.
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Old 06-08-2010, 03:41 PM   #13
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Default Three weeks later - Has anyone done a deal with Santander yet?

Well, time flies and it's been over three weeks since Diaz announced the partnership with Santander Bank. Has anyone done any deals with Santander yet?
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Old 06-11-2010, 11:07 AM   #14
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Santander just hit our bank list on Dealer Connect yesterday, and approved a used 08 for a very indebted customer. We'll see about the funding process...
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Old 06-12-2010, 11:53 AM   #15
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Santander just hit our bank list on Dealer Connect yesterday, and approved a used 08 for a very indebted customer. We'll see about the funding process...
Thanks for the update - it's good to know Santander stepped up and bought your customer's deal. If you would, please let us know how the funding process works out.
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