06-14-2010, 12:09 PM | #16 |
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Finally got online and had our first approval this afternoon. But GMAC beat the rate and No Fees.
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06-15-2010, 09:06 AM | #17 |
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06-16-2010, 02:24 PM | #18 | |
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Quote:
But maybe I'm reading into this message too much. |
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06-18-2010, 07:25 AM | #19 |
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Well, just did our first deal with them. To be honest didnt think anyone would bite on the deal.
Hoping funding will be painless. |
06-24-2010, 06:11 PM | #20 |
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Santander to buy citifinancial's portfolio
I just heard that Santander intends to purchase Citi-financial's $3.2 Billion Auto loan portfolio, and service the remaining $7.4 Billion loan portfolio.
LINK: To Press release http://api.ning.com/files/K-*HwYh-X*...ase_062410.pdf |
06-25-2010, 08:10 AM | #21 | |
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Quote:
With just one deal Santander has grown their portfolio by 20% and the amount of loans they service by almost 50%. I guess I've become suspicious by nature, but I'd love to know why Citi agreed to sell a small portion of the portfolio and then have Santander service a larger portion. Why not sell the whole portfolio? I also thought it was interesting that Santander agreed to pay 99% of the value of the outstanding loans. Who pays 99% for automotive debt when the unemployment rate is 10%? |
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06-25-2010, 10:27 AM | #22 |
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The fax we received states they plan to integrate loan origination operations.
Citi was our top secondary for years, but not so hot for the last year & half. Santander has been at the bottom of our lender page for about 4 years. |
06-25-2010, 01:23 PM | #23 |
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....and still waiting for funding for our first deal...they charge $275.00 if a contract gets rejected. We used a generic contract as required, only to find that there's a newer version of it. So, back it came.
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06-25-2010, 02:28 PM | #24 | |
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Quote:
@birch3x What your contract a Law Form? |
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06-25-2010, 02:38 PM | #25 |
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No, it's the Wolters Kluwer Fin. Services # RSS/MVLF, also used for Americredit. the 2006 version is ok, we think
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06-25-2010, 05:51 PM | #26 |
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Did they whack you for the $275 or are they going to be nice since it's your first deal?
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06-26-2010, 08:01 AM | #27 |
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we've made the request, and should know Monday. Also, for any dealers who have faxed the Dealer Agreement as requested by Santander, you won't get a contract cashed until it's mailed to them.
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06-26-2010, 09:59 AM | #28 |
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we had the same thing happen. It said to fax in the agreement and other forms, than i find out while a deal is in funding that they needed the original...
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07-05-2010, 11:40 AM | #29 |
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First contract funded, the $275 fee negotiated down to $50.00, now everyone's happy.
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07-06-2010, 05:49 AM | #30 |
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Can someone PLEASE clarify which revision of LAW form Santander is insisting on. We are currently using an older revision until forms are exhausted, and all of our current lenders have no problem with this.
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