For those of you that are involved in selling cars under the Cash for Clunkers rule, I am interested in hearing about your experiences:
1. How many deals have you contracted versus actually submitted to the system?
2. How many deals submitted have been approved for funding? Declined? Still Pending?
3. Of the deals you have contracted and not submitted for approval, how many are because of missing stips from your customers?
4. How many clunker deals have you done that don't qualify for funding because of violations such as insurance lapses, etc.?
5. What is your confidence level with the program and do you feel that this is helping your business?
6. What are your main frustrations with the program?
7. Of the clunker deals you finance, what is the percentage of prime and subprime deals you have booked to date? Are you seeing more good credit or bad credit consumers taking advantage of the program?
8. Who is actually submitting your deals (including breaking them down, scanning, uploading, etc.? F&I, Sales Managers, Office staff, GM's, DP's?
9. Are you actively still doing these deals or waiting on the sidelines for the uncertainty about availability of funds?
10. Finally, if you had could do it all over again - would you still have done Clunker deals?
No right or wrong answers here, just curious as to everyones' experiences. Please feel free to add any commentary you deem appropriate.
Thanks in advance for your feedback...