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Newbie needs advice

Started this discussion. Last reply by Jace D Hicks Jul 21, 2013. 23 Replies

Hi, my name is David and I am new to the forum and fairly new to selling cars.  I am in central Texas and my background is in auto repair, not sales.  I have sucessfully repaired and flipped cars for…Continue

 

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nathan king, cpa replied to David's discussion Outside financing sources in the group BHPH Dealer Education and Training
"do you also have a related finance company? If so, you are better to borrow for the finance co from him and then use the funds to purchase the discounted retail contracts. There are tax considerations on any loan and on the deductibility of the…"
Sep 3, 2013
Mike M replied to David's discussion Subprime lenders in Texas in the group Auto Finance Companies
"Thats good to know! Not Bad provision either."
Apr 12, 2012
John Harton replied to David's discussion Subprime lenders in Texas in the group Auto Finance Companies
"CPS has a first payment default provision."
Apr 11, 2012
Mike M replied to David's discussion Subprime lenders in Texas in the group Auto Finance Companies
"What is your "BUY BACK" policy? example.... if your subprime customer does not pay his first 3 car payments.... would the dealer have to buy back that loan? I remember dealing with a company like that. Not going to say any names but…"
Apr 11, 2012
John Harton replied to David's discussion Subprime lenders in Texas in the group Auto Finance Companies
"CPS has seven proven programs for all of your subprime needs.  We allow up to $30,000 amount financed with no FICO restrictions in our upper tier and allow up to $15,000 amount financed for those with rough credit or no credit history at…"
Apr 11, 2012
Mike M replied to David's discussion Subprime lenders in Texas in the group Auto Finance Companies
"I have worked with WESTLAKE Financial..... good company to do Subprime with!!    "
Apr 11, 2012
Toby Reiley replied to David's discussion Subprime lenders in Texas in the group Auto Finance Companies
"www.fincomanagement.com We provide Deep Subprime financing solutions which allow you to earn up to 90% of amt. financed over time for BHPH type financing.  We pay 50% now ,plus we finance Warranty, VSI and GPS.  You earn as the…"
Apr 11, 2012
Ben Misra (secondarypro) replied to David's discussion Subprime lenders in Texas in the group Auto Finance Companies
"David, I think the biggest problem you will have with any lender is the 5 car inventory you have on your "dirt" lot. Most lenders would like to see some real investment in inventory. As far as companies go. Westlake would be a good…"
Apr 11, 2012
Ian Anderson replied to David's discussion Subprime lenders in Texas in the group Auto Finance Companies
"Hi,  my name is Ian Anderson, President of Westlake Financial Serv.  We offer a full spectrum of financing from prime to deep subprime as well as a profit sharing program.  We have rates as low as 9.99% for customers with 580…"
Apr 11, 2012
Jason Vallett replied to David's discussion Subprime lenders in Texas in the group Auto Finance Companies
"Centrus Auto Finance has some good programs. "
Apr 11, 2012
Tarry Shebesta replied to David's discussion Subprime lenders in Texas in the group Auto Finance Companies
"I have attached our current rate sheet. "
Apr 11, 2012
Tarry Shebesta replied to David's discussion Any using Auto Use (Preferred Funding) for financing car deals? in the group BHPH Dealer Education and Training
"I know Jim Willis with Preferred Funding personally and he really does have the dealer's best interest at heart."
Jan 25, 2012
John Bragg replied to David's discussion Any using Auto Use (Preferred Funding) for financing car deals? in the group BHPH Dealer Education and Training
"www.CREDITACCEPTANCE.COM -- publically traded company (NASDAQ:CACC). Offers flexibility of BHPH with security of 40 plus years of service to dealers nationwide. John"
Jan 20, 2012
Amy Pippin replied to David's discussion Any using Auto Use (Preferred Funding) for financing car deals? in the group BHPH Dealer Education and Training
"That's great! Westlake Financial is great too, I didn't state them because they only deal with Discharges Bk's Only, No Open's. But they do market to every state except WI or MA. :)"
Jan 20, 2012
David replied to David's discussion Any using Auto Use (Preferred Funding) for financing car deals? in the group BHPH Dealer Education and Training
"Thanks Amy, Getting signed up with Westlake Financial.  Gonna see how that goes and then may look into the others you suggested."
Jan 20, 2012
Amy Pippin replied to David's discussion Any using Auto Use (Preferred Funding) for financing car deals? in the group BHPH Dealer Education and Training
"David, I have attached the links to some of the great & aggressive Sub Prime Lenders we are partnered with.   Prestige Financial: http://www.gopfs.com/ Tidewater Finance: http://www.twcs.com/ AFS Acceptance:…"
Jan 20, 2012

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Company
Tanner Auto Sales
Position
Owner
Dealership, Allied Industry or Finance Company?
Dealership, Allied Industry, Finance Company
If Dealership, Franchise or Independent
Independent
Your web site
http://Tannerautos.com

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