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Old 01-06-2009, 09:29 PM   #1
XDCX
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Default Has Nuvell Finance stopped accepting paper?

I was surfing the Internet and read that GMAC's Nuvell division is no longer accepting finance applications.

Has another lender left the business?

Did anyone use Nuvell or were they just a small time player? (I think GMAC used Nuvell to service the Suzuki Dealers?)
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Old 01-06-2009, 10:26 PM   #2
SHACOS
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Nuvell was for lower Tier customers too through the GM dealers.
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Old 01-07-2009, 07:06 AM   #3
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Nuvell was GMAC's second tier finance company. I could never quite understand their buying practices and we never had much luck getting deals bought. The other piece of Nuvell was National Auto Finance. This part of the company was set up to finance cars for non GM dealers.
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Old 01-07-2009, 01:56 PM   #4
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I wonder why they're pulling out of the market?

If they wanted to scale back their funding they could have just jacked their rates up like CFC until their liquidity position improved.
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Old 01-08-2009, 10:58 AM   #5
XDCX
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Default You read it here first....

I noticed that Automotive News just picked up on the Nuvell/National story.

Their report indicated that GMAC will be closing the division on 03/07/09.

The finance support for the Suzuki Dealers will be shifted from Nuvell to GMAC.
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Old 12-15-2009, 08:24 PM   #6
MarvBear
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I thought Americredit partnered up with GMAC to handle a lot of their subprime subventions.

I should have a dealer agreement in place with Americredit later this week. Word is they are taking the place of Nuvell or Nataional Auto.
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Old 12-16-2009, 06:46 AM   #7
crowe
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We’ve used Americredit for years. Often they’re the best call or the only way to go for us on deep secondary. Watch the stips there’s no wiggle room w/ these guys. They are slow in funding w/ inexperienced funders chasing stips that they have in their hand. Also get customer’s cell phone they will not fund until they do a welcome interview after they receive the contract & approve the stips.
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Old 12-16-2009, 07:45 AM   #8
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And don't forget about the Large Fee's for doing business with Americredit. We stop using them after the fee's reached 600.00 a deal. When the GM packet came from Americredit I just filed it until "file 13"
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Old 12-16-2009, 08:39 AM   #9
crowe
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No fees on their subvent deals. But the rebate goes away.
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Old 12-16-2009, 11:41 AM   #10
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MarvBear - Great thread bump.

This is exactly the type of thread that I like to see discussed on the forum.
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Old 12-16-2009, 11:44 AM   #11
zohpy
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Does anyone know if AmeriCredit is signing up Independants? Always has great success with them in the past and I'm in desperate need of a few more lenders right now.

Last edited by zohpy; 12-16-2009 at 11:54 AM. Reason: .
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