chrysler financial

[ssdd]

I just learned that cfc will only loan 109% of invoice on a new car deal!!!!
might as well send your paper some where else guys...

[MUAlum92]

I really really really hate CFC. Constant source of frustration. Yet, I have to take their bs to get my dealer principal his dealer rewards. They are not getting ONE deal over the required amount to hit the bogey.

[XDCX]

Originally Posted by ssdd

I just learned that cfc will only loan 109% of invoice on a new car deal!!!!
might as well send your paper some where else guys...

Wow, I can't believe that they would try to tighten their advance guidelines after every Business Center in the nation just told their dealers that CFC is behind the 0% Ram 1500 Quad Cab incentive. That's really bad timing.

I guess the good news is that you can always forget about the 0% deal and just grab the Rebate money.

[dealer3100]

Just recieved Chase Primes new rate sheet this morning. In a box reads:

NEW: advance generally based on invoice (new 2008-2009) or Manheim Market Report (used). Chase may change or adjust this valuation for any vehicle in its reasonable discretion.

Using MMR for advance is something new

[XDCX]

Originally Posted by dealer3100

Just recieved Chase Primes new rate sheet this morning. In a box reads:

NEW: advance generally based on invoice (new 2008-2009) or Manheim Market Report (used). Chase may change or adjust this valuation for any vehicle in its reasonable discretion.

Using MMR for advance is something new

That's interesting - makes one wonder about the future of Kelley Blue Book?

From Chase's standpoint, it makes sense. The value of some vehicles have dropped so much in the past 90 days that the book isn't even close to reflecting reality.

Has anyone had experience with vAuto.com? They claim to have a service that values used cars in "real time" allowing the Sales Desk to make better decisions when calculating the ACV of a trade vehicle.

[SHACOS]

KBB is so out of date, it's ridiculous. Auction reports are the way to go unless you want to overvalue or undervalue used inventory.

[dealer3100]

I agree with appraising a car

But the one thing you could always do is find that right car with a good LTV and put somebody with marginal credit or upside down in a used car.

Last month we made a few deals on program '08's with no book and used like Invoice to get the deals done.

Wachovia did 90% of Invioce for a book value. CFC would do the same.

[XDCX]

Originally Posted by dealer3100

I agree with appraising a car

But the one thing you could always do is find that right car with a good LTV and put somebody with marginal credit or upside down in a used car.

Last month we made a few deals on program '08's with no book and used like Invoice to get the deals done.

Wachovia did 90% of Invioce for a book value. CFC would do the same.

That sounds like a great solution for customers that are buried in their trade.

I keep reading in Automotive News that Chrysler and the other domestics are cutting their sales to the rental fleets - I wonder if this will have an unintended consequence?

Chrysler Dealers need those rental return vehicles for situations just like you described.

If Chrysler is hoping that the reduction in sales to the rental car companies will result in higher residuals, my bet is that they're going to be disappointed.

[ssdd]

I too asked about the 0% support, they told me they would support it, and I said oh really what is the advance guidelines on a 0% deal? they said they thought it was 120% of invoice...
what a joke...

[XDCX]

Originally Posted by ssdd

I too asked about the 0% support, they told me they would support it, and I said oh really what is the advance guidelines on a 0% deal? they said they thought it was 120% of invoice...
what a joke...

That's really frustrating. GM had success with the 0% deal and I was hoping that Chrysler would be able to use it to move some vehicles too.

That said, has anyone even seen a commercial promoting the 0% offer yet? Are customers coming in asking about the deal?

[ssdd]

Originally Posted by dealer3100

I agree with appraising a car

But the one thing you could always do is find that right car with a good LTV and put somebody with marginal credit or upside down in a used car.

Last month we made a few deals on program '08's with no book and used like Invoice to get the deals done.

Wachovia did 90% of Invioce for a book value. CFC would do the same.

Yesterday Wachovia was down to 80% of like invoice for us...

[XDCX]

Originally Posted by ssdd

Yesterday Wachovia was down to 80% of like invoice for us...

Man, it seems like all of the lenders are tightening advance.

Do any lenders still offer unlimited advance for customers with super-high FICO scores?

[ssdd]

not that I know of... the way I found out about the 109% deal with cfc was on a deal we sent them that was an 820 becon and they conditioned the deal for 1300 down, when I went nuts on them they told me about the 109% of invoice

[XDCX]

Originally Posted by ssdd

not that I know of... the way I found out about the 109% deal with cfc was on a deal we sent them that was an 820 becon and they conditioned the deal for 1300 down, when I went nuts on them they told me about the 109% of invoice

That must have been fun - calling your 820 Beacon Customer and telling him that you have a conditional approval.

When I was working the desk Boeing's Credit Union had unlimited advance for high FICO customers. They had the "we're buying the customer, not the car" type mentality. It sure made it a lot faster to desk a deal.

[MUAlum92]

Hearing they are about done. Which is too bad as I was about to sign them up. Have bought well for me in the past at other dealerships. Had rep from another bank tell us they were negotiating take over of Wachovia as we spoke.

Plus their headquarters in St. Louis were raided yesterday by the feds...

Going to need to find another next best hope.....