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11-11-2012, 07:51 PM | #1 |
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What's your Favorite Bank/Lender?
What's your Favorite Bank/Lender? It's been awhile since we've had a thread discussing the banks/lenders and I'd be curious to hear what our members think about the financial institutions they work with. Here are some questions you might want to ponder?
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11-11-2012, 07:58 PM | #2 | ||
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I'm looking forward to hearing from more of our members - it will be interesting to see if there are just a few top choices or whether there are a number of top lenders. |
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11-12-2012, 09:37 AM | #3 |
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For our top tier customers we use Huntington,Kia and Wright Patt credit union.
Mid tier Which is where we need the most flexability, Wells Fargo wins hands down second to them would be our local credit unions and we have a bunch to choose from in our market. Bottom tier/special Finance, Cap 1, Americredit, Santandar. We have over 30 banks to choose from but these are our most popular. Our factory bank(Kia) and Wells Fargo are by far the most flexable in our stable, the buyer has power to make things happen even if it doesn't fit there guidlines. As far as bank reps affecting where we send a deal, I do not pick where to send my deal based on some rep stopping by and buying me lunch or chatting, in fact i asked them to limit the times that they stop by, i do not need a rep in my office more than once a month and that goes for auction, back end products, or bank reps. I send the deal where it will benifit the dealership the most, not always based on profit either, sometimes i will make a little less to pad my portfolio with a lender that can and will create more deals for us down the road. |
11-12-2012, 09:44 AM | #4 |
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First Niagra for prime and near, new and used. Rate, term, decision time, advance, and cotract booking time are all excellent. Santander for subprime.
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11-12-2012, 03:14 PM | #5 |
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When I was in Finance love sending Huntington all the deals new or used five percent for the dealer. Huntington buys MSRP.Retail for both new and used 640+.
Dislike - Ally Bank/Financial I have a Finance Manager that would rather send all the deals to Ally for the FLAT Payment because it "Helps the Floorplan" but he just wants his Rewards payment as well, which that is way when I backed up I ways sent to Huntington and it would poff the f/i manager because I was hurting the floorplan, but I know it was because he was not getting this rewards money. Also I dislike Ally because I was told once at Mull did a very low business that the buyer did not know why he should even purchase a subprime deal. Really made me dislike them. The ONLY bank rep I ever saw was Huntington Bank, even at Mull I only saw Huntington Bank rep. Never have seen Ally, Chase, etc. Last edited by ohiobuckeyes; 11-12-2012 at 03:18 PM. |
11-14-2012, 06:17 AM | #6 |
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I would love to hear more about subprime,is santander good to work with,I love wells fargo excellant customer service fast funding
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11-14-2012, 08:21 AM | #7 |
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Santandar is all about fee's. They will give almost anyone a loan on either the regular program or the Drive program. Most of their loans will require $800-$2500 bank fee to set up the loan, they will give you good advance but there is no flexability with them, any changes you make will result in a higher fee. We book 3-5 deals a month with them. We use Capital One, Regional, Americredit,Condor,Cresent Bank & Trust, Chase Custom,Exeter for Special Finance and they each have there nich', and they all have fee's ranging from $95- up to $2500 to do a loan depending on the credit and terms requested. We do well with special and i run it from the desk, as long as you have all of your stips in order before you let the costomer leave then it's not that bad and most of them fund fast. What else would you like to know about special?
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11-14-2012, 11:00 AM | #8 |
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Santander's funding is very good, as in any subprime you need to have the stips upfront.
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11-14-2012, 02:54 PM | #9 |
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we are a small dealer and i have to multi task a lot,just trying to learn more about subprime I know the stips come first drive and santander the same company?
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11-15-2012, 06:00 AM | #10 |
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Drive is the deep sub prime arm of Santander. They will have the highest fees because of the risk. We did one a few months ago that had a $4,000.00 fee. Their dealer website is excellent for rehashing your own deals. Cash is the key, as always. I read somewhere that the average amount of monthe a Drive customer has the contract is only 9. Refi, repo, payoff, wreck, or trade.
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11-15-2012, 06:10 AM | #11 |
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11-15-2012, 06:36 AM | #12 | |
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12-12-2012, 01:56 PM | #13 |
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I have used most of the ones discussed for sub-prime, but I actually sent a deal to Santander for a prime deal because the customer was hooked for $6100. They bought it at 150% LTV at 4.24% buy rate and a fee of $95. I suggest you use them if someone is upside down. Apparently, they will buy up to 170%
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12-12-2012, 02:00 PM | #14 |
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Santander's prime deals can have a huge advance. I think they realize that the customer who owes a lot on a trade and pays on time is focused on the payment. Plus, they have a big collections department.
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12-13-2012, 01:21 PM | #15 | |
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I wonder if the days of unlimited advance will ever come back. Given the history of the car business I'm betting the answer is yes.... |
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