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Old 11-11-2012, 07:51 PM   #1
XDCX
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Default What's your Favorite Bank/Lender?

What's your Favorite Bank/Lender?




It's been awhile since we've had a thread discussing the banks/lenders and I'd be curious to hear what our members think about the financial institutions they work with.

Here are some questions you might want to ponder?
  • What's your top Bank/Lender for New Car Deals?
  • What's your top Bank/Lender for Used Car Deals?
  • What's your top Bank/Lender for Special Finance Deals?
In addition, I think it would be interesting to hear some opinions on these issues:
  • Which Banks/Lenders are have the best rates and terms?
  • Which Banks/Lenders have the best service and fastest funding?
  • Which Banks/Lenders are most flexible when you have a deal you need to get approved that may not meet the stated guidelines?
  • Do many Bank Dealer Relations Reps call on your store and do they make an impact on which lenders you tend to do business with?
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Old 11-11-2012, 07:58 PM   #2
XDCX
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Quote:
Originally Posted by lsx only View Post
what does everyone use we have ally,wells fargo and GM financial.So far wells fargo has been awesome since we have signed up with them.
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Originally Posted by XDCX View Post
lsx - Thanks for creating this thread.

This is the thread I was going to use to replace the Chrysler Financial thread on the Home Page on Wednesday but I took a couple of days off...

I should be caught up by the end of the day and I'll create a new thread and feature it on the Home Page. Like you, I'm curious to hear what finance companies our members are using and who they are most happy with.
I finally got caught up and created a new thread concerning Finance Companies that our members recommend.

I'm looking forward to hearing from more of our members - it will be interesting to see if there are just a few top choices or whether there are a number of top lenders.
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Old 11-12-2012, 09:37 AM   #3
shwngo
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For our top tier customers we use Huntington,Kia and Wright Patt credit union.
Mid tier Which is where we need the most flexability, Wells Fargo wins hands down second to them would be our local credit unions and we have a bunch to choose from in our market.
Bottom tier/special Finance, Cap 1, Americredit, Santandar.

We have over 30 banks to choose from but these are our most popular.

Our factory bank(Kia) and Wells Fargo are by far the most flexable in our stable, the buyer has power to make things happen even if it doesn't fit there guidlines.

As far as bank reps affecting where we send a deal, I do not pick where to send my deal based on some rep stopping by and buying me lunch or chatting, in fact i asked them to limit the times that they stop by, i do not need a rep in my office more than once a month and that goes for auction, back end products, or bank reps. I send the deal where it will benifit the dealership the most, not always based on profit either, sometimes i will make a little less to pad my portfolio with a lender that can and will create more deals for us down the road.
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Old 11-12-2012, 09:44 AM   #4
birch3x
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First Niagra for prime and near, new and used. Rate, term, decision time, advance, and cotract booking time are all excellent. Santander for subprime.
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Old 11-12-2012, 03:14 PM   #5
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When I was in Finance love sending Huntington all the deals new or used five percent for the dealer. Huntington buys MSRP.Retail for both new and used 640+.

Dislike - Ally Bank/Financial I have a Finance Manager that would rather send all the deals to Ally for the FLAT Payment because it "Helps the Floorplan" but he just wants his Rewards payment as well, which that is way when I backed up I ways sent to Huntington and it would poff the f/i manager because I was hurting the floorplan, but I know it was because he was not getting this rewards money.

Also I dislike Ally because I was told once at Mull did a very low business that the buyer did not know why he should even purchase a subprime deal. Really made me dislike them.

The ONLY bank rep I ever saw was Huntington Bank, even at Mull I only saw Huntington Bank rep. Never have seen Ally, Chase, etc.

Last edited by ohiobuckeyes; 11-12-2012 at 03:18 PM.
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Old 11-14-2012, 06:17 AM   #6
lsx only
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I would love to hear more about subprime,is santander good to work with,I love wells fargo excellant customer service fast funding
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Old 11-14-2012, 08:21 AM   #7
shwngo
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I would love to hear more about subprime,is santander good to work with,I love wells fargo excellant customer service fast funding
Santandar is all about fee's. They will give almost anyone a loan on either the regular program or the Drive program. Most of their loans will require $800-$2500 bank fee to set up the loan, they will give you good advance but there is no flexability with them, any changes you make will result in a higher fee. We book 3-5 deals a month with them. We use Capital One, Regional, Americredit,Condor,Cresent Bank & Trust, Chase Custom,Exeter for Special Finance and they each have there nich', and they all have fee's ranging from $95- up to $2500 to do a loan depending on the credit and terms requested. We do well with special and i run it from the desk, as long as you have all of your stips in order before you let the costomer leave then it's not that bad and most of them fund fast. What else would you like to know about special?
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Old 11-14-2012, 11:00 AM   #8
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Santander's funding is very good, as in any subprime you need to have the stips upfront.
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Old 11-14-2012, 02:54 PM   #9
lsx only
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we are a small dealer and i have to multi task a lot,just trying to learn more about subprime I know the stips come first drive and santander the same company?
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Old 11-15-2012, 06:00 AM   #10
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Drive is the deep sub prime arm of Santander. They will have the highest fees because of the risk. We did one a few months ago that had a $4,000.00 fee. Their dealer website is excellent for rehashing your own deals. Cash is the key, as always. I read somewhere that the average amount of monthe a Drive customer has the contract is only 9. Refi, repo, payoff, wreck, or trade.
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Old 11-15-2012, 06:10 AM   #11
steve_biegler
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http://www.autonews.com/article/2012...ncing-provider
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Old 11-15-2012, 06:36 AM   #12
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I'm all for it, so far...
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Old 12-12-2012, 01:56 PM   #13
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I have used most of the ones discussed for sub-prime, but I actually sent a deal to Santander for a prime deal because the customer was hooked for $6100. They bought it at 150% LTV at 4.24% buy rate and a fee of $95. I suggest you use them if someone is upside down. Apparently, they will buy up to 170%
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Old 12-12-2012, 02:00 PM   #14
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Santander's prime deals can have a huge advance. I think they realize that the customer who owes a lot on a trade and pays on time is focused on the payment. Plus, they have a big collections department.
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Old 12-13-2012, 01:21 PM   #15
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Originally Posted by rlnstns View Post
I have used most of the ones discussed for sub-prime, but I actually sent a deal to Santander for a prime deal because the customer was hooked for $6100. They bought it at 150% LTV at 4.24% buy rate and a fee of $95. I suggest you use them if someone is upside down. Apparently, they will buy up to 170%
I remember when BECU (Boeing Employee Credit Union) used to offer an unlimited advance option for their top tier customers. That was back before the big Credit Crunch of 2008 - 09.

I wonder if the days of unlimited advance will ever come back. Given the history of the car business I'm betting the answer is yes....
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