I'm trying to get some dealer input about CAC instead of just input from CAC. They want $10k and tell me that it's a great program with the right inventory, but according to their public financials the average dealer only does 3 CAC deals per mo. I have a small lot located in Louisiana and it's primarily just a Special Finance Store. We currently primarily do RTO/LTO, but looking at CAC to make some front end profit instead of going in the hole on every one and depending on the revenue stream. I've used DSC's RTO/LTO line and it was awful, I've used Finance Express and we never completed a deal with them. I used a company called Fairway Lending out of Duluth, GA until they went bust, and they were great as long as the inventory fit the program. When I find a good program, I buy inventory that best fits their program. Any input or any other finance company suggestions would be great.
Its always funny to me when the only bad comments come from either dealers that don't understand a program or competitors of CAC,
Here are the main reasons NOT to use Credit Acceptance.
1) You are not in control of your inventory.
2) You are paid only on the front end profit
3) You get "kickbacks" from other finance companies
4) You have no understanding of Special Finance
5) You wont learn
6) You think 10K is a lot of money
Buy hey... that just my 30 years experience talking.
Ben, Well said Uncle Jeff
What are your reasons to use CAC? I am a Dealer-Partner and I am having a hard time figuring out what inventory works best . Any suggestions or comments? email@example.com
I don't know if you got my reply,thank you for your help,any other vehicles you can recomend?
I guess what I am hearing is that you do not have a good CAC rep working with you.
The CAC rep is trained to guide you through the program and this is how they make their money...by improving your store.
Maybe its time for a new rep.
My CAC rep. is great ,but I also want to get the views of other dealer-partners on how they handle differant problems. I have had a big boost in my business right now as a result of the CAC program as it allows me to serve customers who I was unable to in the past. A day does not go by that I am not amazed with the types of customers I have gotten approved.Any other CAC Dealer-Partners out there who share my view?