02-06-2013, 10:58 AM | #1 |
Senior Member
Join Date: May 2008
Posts: 713
|
Chrysler capital
It's official... Chrysler Capital is born.
Starts May 1st. Dealers must sign up. Chrysler dealers will be contacted by their dedicated DRM's no later than March 29th. Santander is the lender, based in Dallas TX. Parent company is in Madrid, Spain. |
02-06-2013, 11:21 AM | #2 |
Senior Member
Join Date: May 2010
Posts: 1,497
|
Boy it sure is becoming a small world. Parent companies in Italy and Spain. Makes you wonder if its good or bad, sharing risk around the globe or opening up for more global problems?
|
02-06-2013, 12:58 PM | #3 |
Senior Member
Join Date: May 2008
Posts: 290
|
ally was there when we needed them, theyv'e been good to work with, if they get more rate competitive, why would we want to change? or will we be pressured to change?
|
02-06-2013, 03:31 PM | #4 |
Senior Member
Join Date: Feb 2008
Posts: 148
|
Ally took advantage of the situation, were temperamental to work with and were uncompetitive with their rate structure both retail and wholesale. I probably wont change floorplan, since I just moved to Cap1 but I will be interested in seeing how their rates compare
|
02-07-2013, 10:22 AM | #5 |
Senior Member
Join Date: Aug 2008
Posts: 341
|
Leasing will be what I'm waiting on. Currently we have Ally and Hann, and the incentives, rates, and residuals are different for both. I've said before that I do like Santander, especially for sub-prime.
|
03-04-2013, 04:04 PM | #6 |
New Member
Join Date: Dec 2012
Posts: 18
|
Except for the 18% fees. There are other good sub-prime lenders who don't make aan approval a back-handed turn down
|
03-05-2013, 10:44 AM | #7 |
Administrator
Join Date: Nov 2007
Posts: 14,869
|
|
03-10-2013, 02:21 PM | #8 |
Senior Member
Join Date: Mar 2013
Posts: 595
|
We signed up with Santander in November 2012. Late to the party, but we have used them at some of our other locations for some time. There have been some very strong approvals from them as of late. Quite a few 500-600 beacons being purchased in the sub-10% APR range with no stips. Not to mention $99 total fee on new Chrysler vehicles. They added Dart to the $99 fee mix a few months back, so I now believe everything qualifies...
|
07-05-2013, 07:57 AM | #9 |
Senior Member
Join Date: Mar 2013
Posts: 595
|
We were a Chrysler Capital pilot dealer... starting doing deals on April 1. Three months into it, what's everyone think?
In the pilot phase before May 1 launch, they were buying everything. 470 beacon with previous repo needing 100% of NADA trade on a 2009 Silverado? Done deal... 75 months, 21%. In the last month there seem to be some underwriting standards, but there are still some major surprises. The only thing I have run into lately is that they will not let a household have two open Santander/Chrysler Capital accounts -- even if they are credit worthy and want to do 0% for 72, etc. And they don't like tire/wheel/road hazard policies, so we have just been lumping them on the service contract line if the customer buys a VSC. We send whatever business we can elsewhere because the Chrysler Capital customer service isn't the best, and they treat prime customers like their RoadLoans customer base. With all of the IDL cash on leases right now, we send 80%+ of of our leases to USBank... .00110 buy rate across the board on all CDJR (except Wrangler), chance to make a 5% flat, and they will advance anything on the back. We are 30% lease penetration, and only subprime that USBank won't touch end up going to Chrysler Capital. |
07-08-2013, 03:18 PM | #10 | |
Administrator
Join Date: Nov 2007
Posts: 14,869
|
Quote:
Interesting comments concerning Chrysler Capital's customer service. Given their association with Santander maybe they're used to dealing with subprime customers and their corporate culture isn't a good fit for dealing with regular customers. Great comments concerning the leasing business you're sending to U.S. Bank. I love threads where dealers can share what lenders they're using and what programs work best for their stores. Hopefully some of our other member will share their thoughts/experiences. |
|
07-08-2013, 06:25 PM | #11 |
Senior Member
Join Date: Mar 2013
Posts: 595
|
Finally had to send a Type L deal to Chrysler Capital today... first time in over a month. On 24 month lease on a 1500 Express their 12,000 miles residual is 9 points higher than US Bank and the rate is much lower than Ally, so finally had to do it. $2,000 of non-subvented bonus lease cash can't make that up on a 24 month lease.
We are running 45% lease penetration this month, which is way above our normal. Ah well! |
07-09-2013, 10:52 AM | #12 | |
Administrator
Join Date: Nov 2007
Posts: 14,869
|
Quote:
If I can ask, how are the grosses with the leases (versus regular loans) and do you get any gripes from F&I because it's harder for them to sell their products to lease customers? |
|
07-09-2013, 06:21 PM | #13 |
Senior Member
Join Date: Mar 2013
Posts: 595
|
Averaging $2,100 front end on lease vs. $1,400 retail so far this month.
Don't get a lot of gripes from F&I since we do a lot of our business through US Bank... money factors are competitive, even with enough markup to make 5% of net cap as a flat. I also to build enough leg to get a product or two on a lease when possible. I know, not the most ethical... but we do a disclosure for aftermarkets, plus the aftermarket contracts and the break down on purchase order and lease agreement... |
07-11-2013, 09:06 AM | #14 | ||
Administrator
Join Date: Nov 2007
Posts: 14,869
|
Quote:
Quote:
|
||
07-11-2013, 02:55 PM | #15 |
Senior Member
Join Date: Mar 2013
Posts: 595
|
Our state dealer association offers a "no comment" when it comes to packing payments.
Two more type L yesterday: $2,300 on a Town and Country and then $1,100 on a second Town and Country (that was leased to a salesperson from a competing CDJR dealership...) These two actually both went to Chrysler Capital. One was marginal credit and the US Bank LT program on vans is one of the weaker ones residual-wise. |
Thread Tools | |
Display Modes | |
|
|
Similar Threads | ||||
Thread | Thread Starter | Forum | Replies | Last Post |
Champion Dodge gets $1 Million in Working Capital from City of Downey | XDCX | Automotive Discussions | 5 | 06-10-2010 08:56 AM |
Capital One drops Floorplan Dealers in NY and NJ | XDCX | Automotive Discussions | 2 | 10-10-2008 12:05 PM |
Credit Card used for Dealership Working Capital? | XDCX | Automotive Discussions | 3 | 03-02-2008 03:11 PM |