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Old 10-21-2008, 10:31 AM   #1
XDCX
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Default Have you received your new CFC Rate Sheet yet?

I thought that this topic warranted its own thread - read below:

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Originally Posted by goodone414 View Post
If thats not enough, I just got an updated retail rate sheet from CFC. 60 mo. terms A+ 740 FICO went from 5.29% to 6.99%. 72 mo for that customer went up 3 points from 5.99% to 8.99%. Absolutely unbelievable in this market that CFC would think this will work. I have been in this business, same dealer,for 20 years yesterday and I have NEVER seen an increase like this.
As if business was not challenging enough, now you have a 300 basis point increase in your buy rate for a 72 month customer.
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Old 10-21-2008, 06:41 PM   #2
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these new rates are insane! PERIOD! It's like they are basically saying, "go, go find loans somewhere else than CFC!" And thank goodness there are other options, Harris Bank, Cap One, Wells Fargo, US Bank, 5/3rd, Chase...

Last edited by good2go; 10-21-2008 at 08:18 PM.
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Old 10-22-2008, 08:24 AM   #3
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Originally Posted by good2go View Post
these new rates are insane! PERIOD! It's like they are basically saying, "go, go find loans somewhere else than CFC!" And thank goodness there are other options, Harris Bank, Cap One, Wells Fargo, US Bank, 5/3rd, Chase...
good2go - Welcome to DealershipForum.com and thanks for your comments.

When I look at what Cerberus is doing to the GM dealers via GMAC it's hard not to think they're trying to do the same thing to the Chrysler dealers via Chrysler Financial.

It's great that you've got so many other options to get your deals bought. Imagine how the dealer that's always been 100% loyal to CFC feels right now? It's not the best time to go out to the banks and try to start a new relationship.
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Old 10-24-2008, 09:47 AM   #4
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Well instead of requiring a 700 + score, just put the rate where it should have been and bring up the fed so investors can make more in retirement funds. I was looking to retire at age 60 (7.5 yrs to go) now I am not sure
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Old 10-24-2008, 10:54 AM   #5
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Well instead of requiring a 700 + score, just put the rate where it should have been and bring up the fed so investors can make more in retirement funds. I was looking to retire at age 60 (7.5 yrs to go) now I am not sure
I think that a lot of retirees are struggling with the low interest rates they are earning on their savings. Especially when food and fuel inflation were so high this past summer.

Ironically, all of the volatility in the stock market has caused a number of people to liquidate their holdings and transfer them to savings which ends up lowering the interest rates.

I've read that none of this will come to an end until housing prices stabilize and some experts think we're still a year away.
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Old 11-17-2008, 04:28 PM   #6
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Default Chrysler also getting out of retail business!!!

Just pulled up the new rates posted on Route One(Effective November 18th); looks like Chrysler Financial has pulled out of "prime" retail business as well. 740+ customer buy rate is now 8.05% for 60 months; no more long term rates available. What happened to the "getting retail payments down similar to lease payments" when they pulled out of the lease business? That lasted, what 2 months? These people are unbelievable!!!
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Old 11-17-2008, 05:10 PM   #7
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Originally Posted by SWELLS40241 View Post
Just pulled up the new rates posted on Route One(Effective November 18th); looks like Chrysler Financial has pulled out of "prime" retail business as well. 740+ customer buy rate is now 8.05% for 60 months; no more long term rates available. What happened to the "getting retail payments down similar to lease payments" when they pulled out of the lease business? That lasted, what 2 months? These people are unbelievable!!!
Wow, they may as well turn off the lights and take a nap at CFC. I doubt that they're going to be getting much business with those rates/terms.

First they slammed the door shut on leasing and now they're walking away from retail financing.

The one thing I noticed the other day is that the Chrysler, Jeep and Dodge websites quote payments based on the CFC parameters - essentially higher rates and shorter terms. I saw a payment quote on a 2009 Ram the other day that was over $900 - that certainly won't drive customers into the showroom.
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Old 11-18-2008, 05:59 AM   #8
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Quote:
Originally Posted by SWELLS40241 View Post
Just pulled up the new rates posted on Route One(Effective November 18th); looks like Chrysler Financial has pulled out of "prime" retail business as well. 740+ customer buy rate is now 8.05% for 60 months; no more long term rates available. What happened to the "getting retail payments down similar to lease payments" when they pulled out of the lease business? That lasted, what 2 months? These people are unbelievable!!!
SWELLS40241 I looked on CF Connect under rates & forms but could not find the new rates. Where on Dealerconnect did you find the new rate sheet? Many Thanks
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Old 11-18-2008, 07:49 AM   #9
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Wow, they may as well turn off the lights and take a nap at CFC. I doubt that they're going to be getting much business with those rates/terms. [/I][/B]
You're exactly right! I had just talked to one of the credit buyers the other day and they were talking about how slow they were.

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Originally Posted by goodone414 View Post
SWELLS40241 I looked on CF Connect under rates & forms but could not find the new rates. Where on Dealerconnect did you find the new rate sheet? Many Thanks
It's up now. They had put in on the "Business Center Headlines" section(left side of CF Connect homepage) last night.
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Old 11-18-2008, 08:00 AM   #10
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Okay I found it. However in the SEBC the best rate for a 740+ is 8.74%OUCH !!!! not 8.05% Max 60months
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Old 11-18-2008, 09:52 AM   #11
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Okay I found it. However in the SEBC the best rate for a 740+ is 8.74%OUCH !!!! not 8.05% Max 60months
Wow, I always wondered if CFC's Retail Rates were the same across the country. Now I know that they're not.

I wonder why the retail rates would vary between Business Centers?

The only time I saw that in the past was when CFC had a separate rate sheet for the Hawaii Dealers. When pressed, CFC admitted that they were getting slaughtered on repossessions in Hawaii and this was their effort to help cover their losses and limit their future exposure.
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Old 11-18-2008, 09:55 AM   #12
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Hey don't forget Route One always has the rate sheets, sometimes quicker than cf connect
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Old 11-18-2008, 02:43 PM   #13
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I just looked at MWBC rate sheet,(today is my day off) are they CRAZY 9.04 A+ rate 60 mos max
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Old 11-18-2008, 02:46 PM   #14
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I just looked at MWBC rate sheet,(today is my day off) are they CRAZY 9.04 A+ rate 60 mos max
Nope The last rate sheet was CRAZY this one is INSANE
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Old 11-18-2008, 03:57 PM   #15
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I just looked at MWBC rate sheet,(today is my day off) are they CRAZY 9.04 A+ rate 60 mos max
So we have three different BCs reporting and they all have different rates?

I wonder how CFC detemines the rates for the different BCs?
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