Special Finance-Lenders and Lead Providers

I am in the process of expanding the dealership's special finance department and I'm in need of some suggestions from everhybody. I am located in Nebraska and I would like to get hooked up with a few more lenders. These are the ones that I am considering: 1st Investors, American Credit Acceptance, Flagship Credit Acceptance, Nationwide Acceptance, Peak Acceptance, United Auto Credit, Veridian Credit Union, and Woodside Credit. Your input is greatly appreciated!! I am also researching the following companies to priovide some of our subprime leads: Blue Sky, DealerLink, and CarLoan Has anyboidy worked with any of these companies, and if so.....what do you think? I really would like to have things put in place within the next 7-10 days. Thanks for your help!
Noel Graham
Hi Laurie, I started in the business back in 1992 and I have served the past six and a half years as the Internet Director of North Hollywood Toyota and Scion in the Los Angeles market. We have a large team that currently handles over two thousand New and Used leads per month. Our sister company, Westlake Financial, is one of the largest subprime financers in the nation, serving 50 states. So in a nutshell, I feel we have a little bit of experience in this arena. Historically we have done very well with CarsDirect.com Special Finance leads, but we have tried many different providers over the years including BlueSky and others. Although CarsDirect is still doing very well for us, I'd have to say the most exciting/promising new vendor we've signed with is CarLoan.com. It's still early yet to measure their true performance as we just jumped on board a couple months ago, but their service has been nothing short of impressive and we are already closing deals with them. I'm very optimistic at this point and I'd recommend CarLoan as the strongest of those you are already considering. I hope this helps. Good luck! Noel Graham
Craig Waikem
Test, test and then test some more. Our stores are in the Midwest and we have the best luck with Blue Sky and ACE (auto credit express). We have had horrible luck with Cars Direct after 3 months and dropped them.
Eric Miltsch
Craig - what did you experience specifically with Cars.com? Overall quality?
Brian Andersen
So I may be a bit late to this discussion, but wanted to contribute. I spent roughly 8 or 9 years in a BDC capacity dealing almost exclusively with sub-prime. I would have to saw CarsDirect is hands down the #1 quality sub-prime lead source I have used. There are tons of sources out there, and many of them rehash and resell the same leads. We get (and have always gotten) a smaller volume from CarsDirect, but consistently convert 9% to 12% month in and month out. As far as lenders go, my last 2 years have been spent doing sub-prime finance and getting deals bought. I am not specifically familiar with Nebraska, but in Pennsylvania where I live & work, there are a ton of lenders getting quite aggressive. We do a lot of business with Capital One, CPS, Exeter and AmeriCredit. Exeter is particularly aggressive right now. Also new to my market is Global Lending Services. They are super aggressive and give guaranteed back end on EVERY deal ($2000 warranty, $800 gap).

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