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whats your opinion....is Westlake worth hooking up with now?
and what about Tidewater?
We starting back in to SF and I am trying to get lender ducks in row...sudgestions or comments?
Replies to This Discussion
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Permalink Reply by zuhair osman on -
No way, There are better options out there trust me..
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Permalink Reply by R Ernie Lee on -
Or do we sign back in with Credit Acceptance?
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Permalink Reply by Jerry Adcock on -
Ernie,
Are you from Rim Rock Auto Group? If so I'd like to say Hello. If not Sorry!
Jerry Adcock now in Colorado 1-800-475-1153 Flower Motor Co Credit Resource Center
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Permalink Reply by Brett Boatright on -
I have never been a huge supporter of Westlake but they will take some deep subprime deals and any lender that could add extra deals to your monthly total should be in your book. You just have to make sure that you have the inventory to support what the lender buys. Study the guidelines and buy your inventory accordingly.
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Permalink Reply by Jerry Adcock on
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I have CAC and it's great! you have to know what you are doing. I talk to so many people who signed up but can't seem to make it work. I know that after we were doing good with CAC other local dealers signed up but they don't know what's going on so they stop using CAC. I have over 100 accounts with them and my portfolio is performing better than expected. YEAH !!!
I am also signed up with Westlake and I have not been able to do a deal with them yet that makes sense.
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Permalink Reply by Pat Aiona Jr on -
I've started getting more deals done with them in the last 60 days. I think Brett nailed it, they buy deep subprime and if you've got the right inventory for it you can get a few extra deals a month. They fund quick too, so that's always a plus.
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Permalink Reply by William Bryant on -
Wachovia actually will buy a lot of subprime deals, as long as their not too far off the deep end.
Not so sure about Westlake, they came in a few weeks ago and our owner had their contract reviewed. He wouldn't sign because there's a clause in their contract that basically states they can force the dealer to buy the deal back for any reason they see fit. Something like that.
We utilize a lot of local banks though to do a lot of subprime deals as well.
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Permalink Reply by Ben Misra (secondarypro) on -
It has always amazed me that any dealer would turn away a lender in this market.
I have Westlake and CAC. They work great as a tandem for really bad paper.
By the way every lender agreement has the exact same clause on buybacks. Read deeper.
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Permalink Reply by Jeff Carress on
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If your dealership is in Al, Ar, Fl, Ga, Il, In, Ks, Ky, Md, Mi, Mo, Oh, Tn, or Va call me at Automotive Credit Corp and let's discuss how to Make More Money on those deals. Jeff Carress at 800 810 2202 ext 1227 We are a deep Sub Prime lender with common sense. If you are looking for a Lender that says " We approve anybody" and then changes your dealer rating when your pools don't perform, you might wanna call someone else. But if you are looking for a lender who dosen't make you go buy inventory for their program. Who let's your F&I dept make some money. One that still uses common sense when making calls and is willing to listen when you have something to talk about (rehash). Then give me a call and I'll be happy to visit with you Thanks Jeff
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Permalink Reply by thomas bonar on
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why not iowa ?
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Permalink Reply by Mike "BK" Anthony on -
I use both Westlake and Credit Acceptance. I average 22 a month CAC and 4-5 for Westlake. For my department Westlake will allow me the option to sell a new KIA , between moneys down ( usually 3-5 thousand) and rebates and we make some money. I can also use Westlake for some one who cannot prove income with nothing but a job letter. Key to Westlake is money down and knowing the program. I suggest since there is no cost to take a real good look at the program, it may be a good addition to anyones lending portfolio.
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