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I have a small dealership, 10-12 cars. I do not want to deal with the hassle of going through in-house financing. I know there are many sites that advertise auto loans, but the majority of them just refer people to a dealer who buys the leads. What I need are sources to refer my customers to obtain their own financing. Most of them have marginal to bad credit. What would be ideal is a site where I can sit the customer down, have them put in their information, and get a decision quickly, and a check sent to either me or the customer. Does anyone know of any sub-prime lenders who give online approvals?
I am a subprime department manager, I have 4 years experience in dealing with this on a daily basis. The easiest way around this is to do buy here pay here and drop your contracts in bulk at 90 days of maturity. You can expect to get 60-75% of the value for your contracts. on-line you can try sites like HSBC, capone, orchard bank. There is another way to go, send your customers, even subprime to a local credit union. One other bank to try that specializes in subprime is Westlake financial.
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I am interviewing for a F&I position right now with an auto dealership. I don't have much if any experience with auto sub-prime lenders and lending. However, I have been in the mortgage industry and have worked as both a loan officer, analyzing credit and assets of individuals and shopping sub prime lenders to find the best deal and also worked for a lender and qualified sub prime borrowers to fund their loans.
My question is: are these jobs similar? Is analyzing credit and qualifying borrowers for auto loans the same or similar to qualifying people for mortgage loans? Are a lot of the terminology and concepts the same?
Auto finance is what I do for a living and you will be a natural.
The biggest part of doing sub-prime auto finance is being able to read credit, know your lenders guidelines and be able to read a credit application.
This way you will know by looking at the three which lender buys the deal and how to structure the deal to get the best rate, largest carry and least amount of stipulations.
A huge part of knowing your lender guidelines is knowing when you can get around proof of income. Since every lender has guidelines about debt to income and total amount of income they will allow for a monthly payment, this is critical if you have someone who is trying to buy a car that they really don't budget for.
Another big part is landing the customer on the right car. You want vehicles that you own back of N.A.D.A. wholesale so you can maximize the carry on the front of the loan, some lenders will advance as much as 145%.
A lot of things I really do not want to go into in a public forum, fell free to contact me direct and we can talk further.
Exactly one year ago I got what you would call a sub prime auto loan. My credit was Absolute terrible so I had no choice. I have made my payments on time for the whole year but now situation is making this harder and harder. The problem is if I cant sell it cause I still owe 2000 more than the blue book. Do you think a normal car dealership will take the trade in and pay off my loan plus another much cheaper car?? I just need some ideas and please don't come with " just pay the loan off"
Have you tried checking into refinancing the car? With another bank or credit union?
I've had to use my downpayment money in an emergency, but need to move out of my rental because landlord has sold. My credit scores indicate that I will be just short of "A" lending for a year. So I am wondering what "B" or sub-prime options I would qualify for with good full time employment last 10 years; only one auto loan and no late payments on credit cards or the loan over 3 years. Are any of these programs in the equation?
107% financing mortgages, cash back mortgages, no doc mortgages, self employed mortgages, bad credit mortgages, stated income mortgages. Help, the deadline to move is fast approaching!
Most Canadian banks will offer a no down payment mortgage in conjunction with CMHC or Genworth Financial. You do not have to be an A score to get these mortgages however you usually need to prove that you have 1.5% of the purchase price from your own funds to cover closing costs. This is likely going to be the best product to look at in your current situation, unless you have an immediate family member who is willing to gift you your down payment. Go and talk to your bank and see what you could be pre approved for under this program. The worst that can happen is they tell you it can't be done right now in which case they should give you a plan to make it happen within a certain time frame.
I have a small dealership, 10-12 cars. I do not want to deal with the hassle of going through in-house financing. I know there are many sites that advertise auto loans, but the majority of them just refer people to a dealer who buys the leads. What I need are sources to refer my customers to obtain their own financing. Most of them have marginal to bad credit. What would be ideal is a site where I can sit the customer down, have them put in their information, and get a decision quickly, and a check sent to either me or the customer. Does anyone know of any sub-prime lenders who give online approvals?
careful scammers love this...
Ok I just started selling those starter Interrupt devices and it's been difficult finding the right people to sell to.Does anyone currently work with such devices or have a network of dealers and lenders that are interested.They secure sub prime loans in Auto,Boats RV's they are also anti theft devices.The company I work for is small are there prices are much cheaper than the big name companies but it's getting info out to the decision makers have been difficult .If anyone has a suggestion or help I'll apprciate it .
Tote the note lots would be my first stop. Anyone who self finances their cars has a vested interest in knowing that they can recover them if need be.
If your system can be monitered via the internet and the vehicle can be located and disabled I would think it would be a big seller to the note lots.
Citigroup sacks taxpayers in title game Houston Chronicle
The winner of the BCS championship game won't be determined until Thursday night, but the loser's already decided. It's us.
Citigroup, which needed about $50 billion of our money to stay in business and has repaid less than half of it, is the proud sponsor of the Big Game. Maybe we should call it the Bailout Bowl or the Tournament of Financial Ruin.
AIG executives were forced to give up their junkets after getting bailout money, and auto execs had to ground their jets. Banks, though, are on a sponsorship binge, aligning college sports with failed finance.
In addition to the Bailout Bowl, Citi also underwrote the Rose Bowl — the granddaddy of Wall Street basket cases sponsored the Granddaddy of Them All.
Meanwhile, Capital One, which at least has managed to repay the $3.6 billion it got from the government, sponsored a bowl bearing its name. Then there's the GMAC Bowl, which I'd like to call the Subprime Showdown after its mortgage-issuing sponsor sopped up more than $16 billion in government aid and probably isn't done.
News
Obama's big plan will it work? Chicago Sun-Times- Feb 27, 2009
ReutersObama's big plan - will it work?Chicago Sun-Times, United StatesPeople who have subprime mortgages or exotic loans, such as pay-option adjustable rate mortgages, might qualify to keep their current loans, but have them modified to make the payments more affordable. "The plan I'm announcing focuses on rescuing Editorial: Feds must act to settle mortgage markets
- Feb 25, 2009
TALF Facility's Terms Spur Doubts On Its Potential ImpactCNNMoney.comThese conditions will likely restrict TALF's popularity, analysts say, as they either eliminate certain kinds of consumer loans or make it an expensive proposition for users. "I don't see it as being a huge boon to credit-card and subprime auto loans- Feb 27, 2009
BBC NewsSouth East Asia woes as downturn bitesBBC News, UKUnlike the 1997 Asian financial crisis, most banks in this region are reasonably healthy, with limited exposure to toxic sub-prime loans, and most countries have very healthy foreign currency reserves. Sukanya Samang is one of the legions of poor Thais
- Feb 27, 2009
Time to Nationalize Insolvent BanksPolicy Innovations, NYAs I pointed out, with the United States and global economy sliding into a severe recession, bank losses would extend well beyond subprime mortgages to include subprime, near-prime, and prime mortgages; commercial real estate; credit cards, auto loans,- Feb 23, 2009
AutoLoanDaily.comLenders Use TARP Funds to Give Out More Car LoansAutoLoanDaily.com, FLCongress reportedly accused lenders of not using the TARP money to offer consumers more loans, reports SubPrime Auto Finance News. According to CNW Research, the average FICO score for consumers who were approved for a used car loan fell to 673,
