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WHAT SUB PRIME COMPANIES WILL SIGN BRAND NEW DEALERS
I have had many dealers call me lately that have recently opened a used car lot and need lenders.
Any suggestions for the less than 2 year dealership ?
Replies to This Discussion
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Permalink Reply by Jeff Carress on -
Hi Ben Hope all is well. We will consider based on history of the dealer. Have them give me a call at 800 810 2202 ext 1227 or email me at jeff@automotivecredit.com. Thanks Jeff
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Permalink Reply by Eric Milak on
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Depends on what state they are in, however Credit Acceptance signs up dealers without financials or history in the business (I have talked to dealers while their license is being processed and signed them up when their license was issued) if it makes sence to do so. Also, generally Westlake Financial will enroll a new dealer
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Permalink Reply by Ben Misra (secondarypro) on -
Thanks, I have already given them CAC and Westlake to call.
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Permalink Reply by Rob Hagen on -
Ben, how are you buddy? What are you doing these days? I just went through the same thing a couple months ago as a friend of mine and I opened up an independent lot in December in Baton Rouge. As far as national lenders, we have Nationwide, Westlake, CPS, and Crescent Bank. Hope this helps!
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Permalink Reply by Dave O'Brien on -
I want to make sure you have the right lenders in place so you’re not missing any deals!! Here is a list of lenders that are buying deep for the 10% of the dealers we do business with that are still having success with sub-prime financing. Keep in mind that some may not do business in your state but most do. In addition here are some links to lists of special finance lenders and the states they do business!!
http://www.subprimenews.com/downloads/lender-directory.pdf
http://dealershipbottomline.com/special-finance-source-listings
http://www.fi-magazine.com/FinanceSources
http://www.autocreditexpress.net/resources
For the lower tier customer: Sub 500 Scores
Exeter Finance Corp
Westlake Financial
Drive Financial
Regional Acceptance Corp
Flagship Credit Corp
Globe Acceptance Corp
United Auto Credit Corp
Mark One Financial
United Auto Credit
CPS
Gateway Financial
Specializing in bankruptcy:
Tidewater Motor Credit
Prestige Finance
Friendly Finance
CPS
Full sub-prime spectrum lenders:
Americredit
Capitol One
Chase custom finance
Wachovia
Fireside Bank
Citizens
Santander Auto Finance
Security Auto Loans
Citi financial
First Financial Investors
Auto- UseEZ Dealer Finance
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Permalink Reply by Greg Goebel on -
Ben,
In general, I would say Westlake, American Credit Acceptance, Auto Finance and perhaps Chase Custom will take most of those dealers.
I hope all is well!
Best regards,
GG
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Permalink Reply by Bruce E. Newmark on
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MarkOne Financial in the East and Centrus Auto Finance in the Midwest will take new independent Dealers.
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Permalink Reply by Wildcat Insurance Group on -
Wildcat Insurance Group is a "One Stop Shop" for all Independent & Franchise Dealers. Not only Auto Dealers, but also Power Sports, Marine, RV, HD Truck & HD Lawn & Garden Dealers. Wildcat Insurance Group will provide any new Dealership local and national "Full Spectrum" lenders. Wildcat Insurance Group also offers a full spectrum of back end products to increase profits & keep your customers coming back to your Dealership. If you would like more information, please send an email to info@wildcatinsurancegroup.com, or send us a comment & like us on Facebook or Twitter.
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Permalink Reply by Jeff Carress on
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Automotive Credit Corp Is always looking for good dealers. Give me a call @ 800 810 2202 ext 1227 or email me @ jeff@automotivecredit.com I will be happy put you in touch with a rep in your area.
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Permalink Reply by Toby Reiley on
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If the dealer is in CA, TX, TN, MS, GA, FL, IL, OH or MA, take a look at FinCo Management. We are an excpetionally Deep Subprime indirect lender which gives the dealer the ability to take a $1000 profit at closing and a full BHPH type profit over time. FinCo does the underwriting, documetation, compliance and servicing. No up fron Fees, no Monthly minimums or set fees. Next day funding. We accept cash incomes and unusual living arrangements, If you can Red-Flag 'em, we'll fund 'em.
Take 50 cents today and the down payment, plau another 41 cents over time.
We'll also finance the Warranty, GPS, and VSI
Please give me a call at 781-639-6000.
© 2013 Created by Greg Goebel.
