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Old 07-06-2010, 07:32 AM   #31
Granch
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My deal got funded last week on LAW 553 Rev 2/08.
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Old 07-06-2010, 07:57 AM   #32
Txflyer
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My deal got funded last week on LAW 553 Rev 2/08.
That's good to hear. We are using LAW 553-TX 9/09, and I have been told that there is a newer revision.
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Old 07-06-2010, 08:31 AM   #33
Granch
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The last I heard there is a newer version of the Law contract, I think I got a few. but when I called Reynolds about a month ago to upload the form, they didnt even have it yet...so i forgot about it...
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Old 07-07-2010, 12:49 PM   #34
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First contract funded, the $275 fee negotiated down to $50.00, now everyone's happy.
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My deal got funded last week on LAW 553 Rev 2/08.
Thanks to both of you for the updates.

It appears that once the dealers get past the initial enrollment process and verify they're using the correct forms the funding is timely. Maybe more dealers will be sending deals to Santander.....
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Old 07-08-2010, 05:56 AM   #35
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we did another one yesterday, no other option for the customer who was happy to pay 18%. 2 or 3 of these deals a month and we'll be very happy.
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Old 07-08-2010, 08:45 AM   #36
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The last four or five deals that we sent came back rightaway as withdrawn.
We figured that for one reason or another the customer didn't meet their guidelines...
When our rep called to see why we weren't sending any apps, we told him about this.
He called us back and said that other dealers are saying the same thing.
He said he would be looking into this and get back to us.
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Old 07-08-2010, 11:29 AM   #37
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we did another one yesterday, no other option for the customer who was happy to pay 18%. 2 or 3 of these deals a month and we'll be very happy.
That's great to hear - sounds like a "win - win - win" deal for your store, your customer and Santander.

Even if it's only a couple of deals a month, I like the idea that it reminds your sales staff that they need to bring every deal to the desk. It really helps morale when some of those "impossible" deals get approved and funded.
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Old 07-08-2010, 11:31 AM   #38
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Originally Posted by 79LilRedExpress View Post
The last four or five deals that we sent came back rightaway as withdrawn.
We figured that for one reason or another the customer didn't meet their guidelines...
When our rep called to see why we weren't sending any apps, we told him about this.
He called us back and said that other dealers are saying the same thing.
He said he would be looking into this and get back to us.
Interesting - thanks for the information.

Maybe there are some system glitches that were causing deals to be withdrawn? Please let us know what you find out when you hear back from your Santander rep.
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Old 07-09-2010, 05:34 AM   #39
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we had 2 withdrawn yesterday,too. I figured it was because they were over qualified for Santander's program.
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Old 11-18-2010, 07:05 AM   #40
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Just did our first deal with Santander very painless. It funded with in 2 days. Contracted Date 11/13/2010 Received Date 11/16/2010 Funded Date 11/17/2010. Maybe they have speed up the funding process since the start of the "Chrysler" program. Our deal was on a used G6.
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Old 11-18-2010, 08:30 AM   #41
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Just did our first deal with Santander very painless. It funded with in 2 days. Contracted Date 11/13/2010 Received Date 11/16/2010 Funded Date 11/17/2010. Maybe they have speed up the funding process since the start of the "Chrysler" program. Our deal was on a used G6.
That's cool - thanks for the update.

I haven't heard much about Santander lately - happy to hear the funding was quick and painless.
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Old 05-21-2012, 11:13 AM   #42
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Default Any impact to Santander due to their recent downgrade?

I thought I'd bump this thread to see how active Santander's been in the market and ask if there's been any change in Santander's buying practices or rates given their recent downgrade?

Here's a link to an article reporting that Moody's cut Santander's debt rating due to the financial crisis in Europe - click here

While I'm no financial expert, it appears Santander suffers from some of the same problems that GMAC experienced - declining loan performance on their real estate portfolio. Ironically, the article I linked above indicates that Santander's plans to reduce their exposure to real estate by issuing fewer loans will likely put more pressure on the real estate market and may contribute to a further decline in real estate prices.

Does that sound familiar? That seems to be the exact same situation the U.S. faced at the beginning of the real estate collapse back in 2008 and 2009.

In fairness, it's entirely possible that Santander's problems in Europe have zero impact on their ability to issue U.S. auto loans - that's why I wanted to bump this thread and ask for some commentary.
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Old 05-22-2012, 01:06 PM   #43
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Actually they have been easier to deal with, both in terms of approval and rates. Don't know the reason...we'll take it!
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Old 05-22-2012, 03:00 PM   #44
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Actually they have been easier to deal with, both in terms of approval and rates. Don't know the reason...we'll take it!
Thanks for the update - that's good news.

Maybe Santander's following Fiat's business plan and using the strength of the U.S. market to weather the storm they're facing back home?
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