Just start working for independent dealer in western MA. At this time only has a few local credit unions in place. Where do I start this process to offer financing to all customers? I used to work for a franchise dealer and used the dealertrack platform but being an independent with an inventory of about 50 vehicles and growing what banks are my best options for prime and subprime any advise would be great help!!!!!
Thanks Karl for the advice I have contacted CAC they are sending out a rep soon. What is CPS? and who are use using prime customers out of your lending area? Please advise and any advise would be great
CPS is Consumer Portfolio Services. They are a discount lender with fees that fit the notch above the CAC deals. We have very strong local Credit Unions and we have developed very strong ties with them. We will buy back a deal if it turns out it should have never been sent to them. It happens about 2x a year but has paid back with the Credit Unions understanding we care about our relationship with them.
The Credit Union program is set up with CUDL (Credit Union Direct Lending), they should have a rep for your area.
Doesn't CUDL charge a monthy fee? If so do you know the cost. Did you have to go for training with CAC? Please advise and thank you again
Yes CUDL charges us $495 per month but it is well worth it for our market. Every market is different depending on how many Credit Unions are available.
Yes I did go to the training with CAC, good training class to get started on the basics of the program and worth it. We use George Dans for additional training in our store and that has paid off with us.
We use Chase for our prime lending outside of our area, but prime is only about 6% of our deals.
Good morning Westlake Financial Services is NOW in MA I am the VA rep my good friend Scott is the Rep in Ma his number is 7743120157 he would be happy to assist you.
Thanks Kevin I will call Scott I actually contacted Westlake last week and was told they are close to writing in MA and would be a done deal by the end of the month. Again thanks for your help and quick response
Your Welcome Sandra I told Scott just now that you would be calling and he will be waiting for your call.
Thanks again Kevin