"Hi Grant,
My rep is Andi White, she seems like a good one although I just signed and am in the process of doing my first deal now so it`s a bit early to tell. I am not sure where you are geographically and I am sure they all have territory`s…"
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Is anyone successfully using Credit Acceptance Corp?
Started this discussion. Last reply by David Moore Apr 29, 2012. 83 Replies 0 Likes
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David Moore replied to Michael Clinton's discussion Is anyone successfully using Credit Acceptance Corp?
Michael Clinton replied to Michael Clinton's discussion Is anyone successfully using Credit Acceptance Corp?"You can absolutely make money with CAC if you are willing to commit to the program. I'm a small dealership too. My average down payment was around $600-$1,500 before CAC. My average inventory was probably $1-3.5k acv vehicles. I've never…"
James A Spillers replied to Michael Clinton's discussion Is anyone successfully using Credit Acceptance Corp?"Thanks Michael for clarifying my post. It sounds like you’re in a good position to make use of CAC. Since you seem to have a better handle on how the program works, let me ask a question. My independent dealership sells less…"
Michael Clinton replied to Michael Clinton's discussion Is anyone successfully using Credit Acceptance Corp?"You do not need customers with good credit at all with CAC.You can make money with CAC with any quality of customer. Each customer is rated based on their credit and other factors, and this determines the advance that you receive. You may…"
James A Spillers replied to Michael Clinton's discussion Is anyone successfully using Credit Acceptance Corp?"
There is a lot of good feedback above, both pro and con. I have talked with individuals who say they have negotiated the buy in at $5K or below. I can't confirm this because I have no intentions of using CAC. My…"
Michael Clinton replied to Michael Clinton's discussion Is anyone successfully using Credit Acceptance Corp?"It really takes a committment to the program, but I believe that anybody that is willing to work the program can make it on it. Just be careful with your buying and structure good deals. I've been on the program since around Nov,2011, and…"
gdrum replied to Michael Clinton's discussion Is anyone successfully using Credit Acceptance Corp?"I have been trying to sign up with CAC in my area and my representative is awful. He trys to tell me all the reasons why my dealership cant make it vs selling the actual finance. Anyone know of other people within the company that would be willing…"
David Moore replied to Michael Clinton's discussion Is anyone successfully using Credit Acceptance Corp?"Thank you both Ben and Mary, I did end up signing up with them and am just waiting for everything to pass legal and then start selling. I did plan on attending the off site principal training even though I have been at this for nearly 30…"
Michael Clinton replied to Dave Fortney's discussion VEHICLE MIX - WHAT PRICE POINTS MAKE THE MOST SENSE in the group Credit Acceptance Dealers"I primarily carry vehicles in the 3-7k acv range, but I have sold several vehicles well above that and made good profits on them with CAC. I sold an 05 Mercedes C230 for around $16k and an 08 BMW 328i for around the same thing, I also sold…"
Michael Clinton joined Eric Milak's group
Credit Acceptance Dealers
This group is dedicated to helping existing Credit Acceptance dealers as a medium to share information, resources,tools as well as ask and answer questions. The goal is that by sharing this information best practices will be established in order to help grow your business and succeed with the Guaranteed Credit Approval program.See More
Ben Misra (secondarypro) replied to Michael Clinton's discussion Is anyone successfully using Credit Acceptance Corp?"I have been a CAC dealer on and off since 1989 and have a lot of respect for the company and anyone that has to deal with them.
What everyone has to understand is that in order to do well with CAC, you have to stop thinking of them as a…"
Mary replied to Michael Clinton's discussion Is anyone successfully using Credit Acceptance Corp?"David I paid the $9500 up front and don't regret it. Option number 2 was not an option at that time, but when you look at option number 2, it will take you a lot longer to get any backend money. It takes a while for you to build up…"
Frank replied to Michael Clinton's discussion Is anyone successfully using Credit Acceptance Corp?"I was worried about the 2 day training as they did not have electrity the last time I was in that situation. It turned out it was alot of fun with a great deal of group participation. You will lean a great deal about CAC and the sub prime business.…"
"Well, the case to take option 1 versus option 2 is compelling:
Yep, CAC is a big collection agency + a warehouse line for you to BHPH without the investment. Option one is the $19,350 (9850 + 95/deal x 100) and you start as a…"
David Moore replied to Michael Clinton's discussion Is anyone successfully using Credit Acceptance Corp?"I am currently speaking with a CAC rep and have pretty much made up my mind to go with them. I have been a NCD for almost 30 years and sold my Linc/Merc franchise while it was still worth $$ a few years back. I have a used car lot…"
Charlie Hernandez replied to Michael Clinton's discussion Is anyone successfully using Credit Acceptance Corp?"I have used CAC for many years and if you have never been in the special finance market it would be extremely wise to partner up with CAC. Keep in mind that the risk that this company takes for only 20% of the profits for collecting and…"
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