Special Financing..

ohiobuckeyes · 01-13-2010, 12:08 PM

Just wanted the group’s opinion of what other banks do special financing for new car dealership. We are located in Southeastern Ohio, and the only banks we have that offer it are GMAC and Chase Custom Auto Finance. The Sales Manager does not like AmeriCredit because of the outlandish fees which that company charges. Your input is great appreciated.

crowe · 01-13-2010, 01:25 PM

Capital One Auto Finance, Citifinancial Auto, Wachovia Dealer Services (Wells Fargo), & Regional Acceptance Corp (div. of BB&T) have been good secondary lenders for us.
We only use AmeriCredit for sub-vented loans. They do not charge a fee for sub-vented loans.

F&I Pro · 01-13-2010, 02:55 PM

Crowe, gotta ask, is Wachovia doing any good for you?

ohiobuckeyes · 01-13-2010, 04:32 PM

Quote:

Originally Posted by crowe

Capital One Auto Finance, Citifinancial Auto, Wachovia Dealer Services (Wells Fargo), & Regional Acceptance Corp (div. of BB&T) have been good secondary lenders for us.
We only use AmeriCredit for sub-vented loans. They do not charge a fee for sub-vented loans.

Crowe - Does AmeriCredit have a Chrysler Sub-Vented Program?

XDCX · 01-13-2010, 04:35 PM

Quote:

Originally Posted by ohiobuckeyes

Crowe - Does AmeriCredit have a Chrysler Sub-Vented Program?

crowe switched from being a C/J KIA dual to being 100% KIA - that's why he's always so happy and talking about increased sales volumes.

Ralph · 01-13-2010, 05:02 PM

Hahaha, so that's crowe's secret. Americredit doesn't have any subvented agreements that I know of. Cap One is pretty good, and I don't know if Citizens is in your area, but they're good as well. We have a credit union that we use...but I have to say, I've found GMAC very very nice to deal with.

crowe · 01-16-2010, 07:42 AM

Quote:

Originally Posted by F&I Pro

Crowe, gotta ask, is Wachovia doing any good for you?

They’re a strong buyer for us & they fund fast.
Strong secondary in high 5 to mid 6 Beacon, need 2k minimum income & no charge-offs w/them. Plus they’ll do the phone interview w/ the customer still here.

Their 2nd best w/ the good stuff (740+) 4.5 for 72 w/ 120 +++ LTV
BofA beats them half a point.

ohiobuckeyes · 01-16-2010, 08:02 AM

Okay so I call the companys the crowe listed in a earlier post. As of today I have not gotten any call backs from them.

He's a question how does your dealership handle that Acq Fee? Does the F/I manager eat that out of his back end or % from that bank, or does it come out of the front of the deal?

Granch · 01-16-2010, 08:59 AM

Bank fees come out of the front here.

Wachovia is a great full spectrum bank..been usin em for years.

But for the prime stuff with a good ltv, wachovia wont crack the 4% barrier.

Chase and Bank of America will be in the 3's even on 72 and used with the right ltvs..

01-13-2010, 12:08 PM	#1
ohiobuckeyes Senior Member Join Date: Oct 2009 Posts: 606	Special Financing.. Just wanted the group’s opinion of what other banks do special financing for new car dealership. We are located in Southeastern Ohio, and the only banks we have that offer it are GMAC and Chase Custom Auto Finance. The Sales Manager does not like AmeriCredit because of the outlandish fees which that company charges. Your input is great appreciated.

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01-13-2010, 01:25 PM	#2
crowe Senior Member Join Date: Oct 2008 Posts: 626	Capital One Auto Finance, Citifinancial Auto, Wachovia Dealer Services (Wells Fargo), & Regional Acceptance Corp (div. of BB&T) have been good secondary lenders for us. We only use AmeriCredit for sub-vented loans. They do not charge a fee for sub-vented loans.

01-13-2010, 02:55 PM	#3
F&I Pro Senior Member Join Date: Oct 2008 Posts: 263	Crowe, gotta ask, is Wachovia doing any good for you?

01-13-2010, 05:02 PM	#6
Ralph Senior Member Join Date: Nov 2009 Posts: 636	Hahaha, so that's crowe's secret. Americredit doesn't have any subvented agreements that I know of. Cap One is pretty good, and I don't know if Citizens is in your area, but they're good as well. We have a credit union that we use...but I have to say, I've found GMAC very very nice to deal with.

01-16-2010, 08:02 AM	#8
ohiobuckeyes Senior Member Join Date: Oct 2009 Posts: 606	Okay so I call the companys the crowe listed in a earlier post. As of today I have not gotten any call backs from them. He's a question how does your dealership handle that Acq Fee? Does the F/I manager eat that out of his back end or % from that bank, or does it come out of the front of the deal?

01-16-2010, 08:59 AM	#9
Granch Senior Member Join Date: Jan 2009 Posts: 182	Bank fees come out of the front here. Wachovia is a great full spectrum bank..been usin em for years. But for the prime stuff with a good ltv, wachovia wont crack the 4% barrier. Chase and Bank of America will be in the 3's even on 72 and used with the right ltvs..