Franchise Dealers: Non-Captives - Prime Credit

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Permalink Reply by Tom White Jr. on April 10, 2009 at 9:01pm

We use Harris Bank extensively. Highlights of the program are:

- Instapproval Program for FICO's greater than 700
- 700 FICO+ = 4.90% Buy for 60 and 5.19% for 72 on 2009 and 2010 models
- 700 FICO+ = 5.09% Buy for 60 and 5.29% for 72 on 2006 to 2008 models
- 120% of MSRP or Clean Black Book (All In excluding adds) for 740+ FICO
- 110% of MSRP or Clean Black Book (All In excluding adds) for 700+ FICO
- Max Miles on used vehicles is 70,000
- 2003 and newer only for used cars
- 60 to 90 days to 1st payment on approved deals (must be conditioned by the analyst)
- Will Buy FICOs as low as 680 as long as the credit is solid (No Boo Boo's)
- Warranties up to $2500 are OK
- GAP up to $795 OK (at least in KS)
- pay 2.5 points on 60 months and fewer and 2.0 points greater than 60

They DO NOT BUY DEEP, but they DO BUY STRONG for the A-credit customer. They will try and put together a deal for you that makes sense (read no questionable bureaus or thin files). Funding is so fast it screws up my floorplan payoff float :)

If you have strong credit profiles at your dealership - you MUST HAVE Harris!!!

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Permalink Reply by KAREENA LOWERY on April 15, 2009 at 6:07pm

WHAT STATES IS HARRIS IN?

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Permalink Reply by Sheldon Wolff on April 10, 2009 at 11:48pm

This should be an interesting discussion.

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Permalink Reply by Secondarypro on April 11, 2009 at 7:46am

Greg,

We have FMCC ( Ford) as a captive. Depending on the weather they buy strong. There is no rhyme or reason to what or who they buy.

The banks are looking for the 750+ Helen Keller that will pay high rates on short advances.

The non-prime buyers are lending as if they had to take the money from their personal wallets.

Other than that all is well.

Ben

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Permalink Reply by Courtney Cole on April 11, 2009 at 9:53am

As of right now, the only 2 other banks that we are doing any business with in any type of numbers is Huntington National Bank and Bank of America. They each have 8 deals a piece. I am out of town and will have to get the exact programs when I return.

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Permalink Reply by Greg Goebel on April 11, 2009 at 12:54pm

That's our girl...on vacation and still networking and trying to help. You are awesome! Go enjoy the sun...you will be back in Indiana all too soon.

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