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Finance Companies and OPEN Chapter 7's (Post 341)
Ok, Its time to get your view of the BK finance company world.
It used to be CPS, Prestige, Drive ( Santander) and 722 Redemption.
Who is it now and where is their niche ?
Please give the types of cars, LTV's, unpaid balances and terms if possible.
Also let us know if they are Franchise, Independent or both.
Thanks,
Replies to This Discussion
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Permalink Reply by Jesse Parks on -
722 Redemption is great for Open 7's... Terms are simple and they advance 120% of NADA Trade. A small joint marketing fee of 395.00 I think. They do all cars with a clean Auto Check(No Frame). 0-20K miles 60 months 20.1-35K 54 months 35.1-50 48 months. Fast Funding also we get our money in like four to five days after submiting the PPW. Our Clients like them over some others because its backed by US BANK and they Can walk into a branch and make Payments or get info. Also it rebuilds their credit score because its a loan with a major bank. And they have a great Rep with Attorneys and Trusties.
Santander only does Now new car stores. Prestige only does New Car Stores as far as I know and None in California Where I'm At.
Jesse
Sweeney West INC.
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Permalink Reply by Thomas Birkman on -
Well The company I work for does open BK's both chapter 7 after the 341 meeting and chapter 13 with it being 75% paid and a letter from the trustee. We only deal with franchise dealer though.
The company is 1st Investors and I cover Ohio, Indiana and Louisville Ky. any questions call me at 513-767-6727
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Permalink Reply by tim totzke on -
any chance you are going to start buying paper in colorado again?
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Permalink Reply by Toby Reiley on
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At FinCo, we fund Open BKs with approval form the BK trustee. Most people don't know about this process, which excludes the "new" vehicle RIC from the control of BK court.It usually only takes a few days to get, and makes everybody happy since the consumer can now drive to work, the court gets consumer working and generating income, and the card dealer & lender can sleep knowing they have rights to repo the car for non-payment if they have to.
Toby Reiley
President of FinCo Management www.FinCoManagement.com
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Permalink Reply by Ben Misra (secondarypro) on -
How about TIDEWATER FINANCE ?
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Permalink Reply by Mario Puglise on
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Tidewater without a DOUBT is the BEST
Mario
BK Marketing
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Permalink Reply by tim totzke on
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the best!!!!!! jill,dave and the rest are the greatest!!!,great funding,flexable,and not near as much bulls**t as another bank i can name,even tho we use them as well because we have to.....you know who iam talking about!!
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Permalink Reply by Eric Watson on
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I have a new program we are bringing to market now
135% "up to" front end advance 150% OTD
$0 down on all tiers
no min credit score
funding before discharge even before 341 meeting with limited recorse
low fees 295 - 895
easy funding!
in TN and GA now moving to other states soon and IL is on our short list.
contact us for more information
888-499-0384
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Permalink Reply by Thomas McCarthy on -
Credit Acceptance welcomes and encourages open BKs. No loan to book value or other restrictions such as length of BK filing.
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