Comment

Comment by Ben Misra (secondarypro) on December 30, 2010 at 8:02pm

CPS is not coming back soon. (Thank Goodness)

 

The issue with First Payment Defaults is not just the customer. It the fact that I just gave up 30 to 50% of my deal in discounts or holdback and I still have to carry a risk at all.

 

Now as Tom mentioned I am new to Special Finance, but I hope that I can learn from all the seasoned professionals in here.

Comment by Jen Lowery Coppock on December 30, 2010 at 6:02pm

Amen Totzke!  It's part of the relationship... I even remember Fairlane coming for buybacks back in the 90's!  But look at how simple customer control has gotten... With GPS units on the deeper customers, they pay now better than they did when you had to chase them for payments!  - I'm working for Reliant, call me and I'll fill you in on the details!

 

Gary - message me on here or feel free to call me at 303-887-0511 and I will get you in touch with the RSM in your area!

Comment by tim totzke on December 30, 2010 at 5:56pm

ben, you are shooting your self in the foot if you never do business with a company because they have fpd policy,i have been doing subprime for 12-13 years,back in the day almost everyone had them,i think i have had maybe 2 or 3 in that time,if your that  worried about it build the first payment into the deal.tell the customer your gonna make there first payment for them. even that is a waste of gross profit in my opinion.it never happens!!

 

Comment by Mike Dorazio on December 30, 2010 at 5:51pm

Westlake now does business in all 50 States. Goto Westlakefinancial.com to become a dealer partner. :D

Comment by Mike "BK" Anthony on December 30, 2010 at 5:49pm

No  CPS!  even their BK deals are horrable!

Comment by tim totzke on December 30, 2010 at 5:46pm

hey everyone,just curious if anyone is still sending deals to cps?

the fees went super high,no advance ,and you still have their "great" " funding to look forward to...i do miss the "alfa program "back in the day, made the funding almost worth it, but now?

Comment by Gary Campbell on December 30, 2010 at 5:46pm

Jen,

I am in California and interested in hearing about it. How do I contact you?

Comment by Tom Herald on December 30, 2010 at 5:45pm

Ben, if you are new to Special Finance, simply put you have a lot of catching up to do.  Although the entire industry has changed dramatically over the past few years I can assure you it is alive and kicking.  In fact, unless you are selling BMWs or Mercedes you need full-spectrum lending sources today.  Too many people with credit problems NEED transportation.

 

To fulfill this need, BHPH is thriving as are dealer participation programs.  Uncle Jeff Caress is one of the godfathers of SpiFi who you can learn much from if you talk with him.  And I have to say I am impressed by the responses you are getting here on AutoDealerPeople.  This site has most of the top talent in the industry, many who are very willing to help you...as long as you're not in their market.

 

Just remember one thing about "D-Tier" financing programs - It's all about commitment and takes time to build a successful portfolio.  But if you're persistent and stay the course, it will be the most financially rewarding investment in the car business a dealer can make whether it's Dealer Controlled Financing or a Dealer Participation program. 

 

Good luck and Happy New Year!

 

TH

Comment by tim totzke on December 30, 2010 at 5:41pm

hey jen,this is totzke,who ya workin for now?

Comment by Mike Dorazio on December 30, 2010 at 5:30pm

One good thing. This is the most activity I have ever seen on this site. :D

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