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Jared Hamilton
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Bryan Armstrong

Bryan Armstrong e-Commerce Director

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CarFinance-Taking the "sub" out of Sub-Prime Lending?

               

 One of the greatest perks of contributing here on DrivingSales as a Community Editor is the opportunity to, on occasion, review products or companies for my fellow Dealers. When the opportunity arose to speak with C.E.O Jim Landy of CarFinanceCapital I jumped at the opportunity. Their board is a veritable who’s who of finance and having utilized Triad extensively in the past I wanted to see what lesson’s had been learned and get a feel for the direction and mission of the new company.    

Utah, like many states has been hit by the decline of consumer credit scores and it is often an arduous task to find funding for good people whom have extenuating circumstances. Even banks that claim to serve this growing niche do so with huge acquisition fees and reduced L.T.V. advances. Captive lenders, for many, have stepped up if it’s for their product (either new or C.P.O.) yet even some New Car Dealers still struggle to obtain finding for their clients.

I started by reading the press release and checking out their website www.CarFinanceCapital.com .  Anyone who has ever spent any time at all trying to get a deal bought knows which buyer they need to talk to at which bank. However, many institutions have automated systems to screen apps and trying to get an auto-decline reversed is a herculean task. Speaking with Jim I was blunt, perhaps even on the edge of rude, as I tried to find the loophole in how any bank could give 115% L.T.V. + 2,000 cap (for example) on a FICO of as low as 525.

This is a company with a plan, and if they stick to it, they will dominate. The market model of having a Rep., a dedicated Buyer and a Funder is something you rarely see with regularity from even Tier One Lenders. To hear Jim speak of actually partnering with dealers and finding funding solutions rather than reasons to decline a deal was refreshing.

            The projected growth plan (they are currently only in CA and TX) seemed reasonable and prudent, and mentions of the Northwest by year’s end were hopeful and exciting. I asked as to whether there are plans to further develop a consumer facing interface or a lead generation partnership (c’mon he developed Roadloans!) and while he recognized the obvious potential their www.carfinance.com site may eventually generate, that does not currently seem to be priority.

I would love to hear from anyone currently using CarFinance as a lending solution to hear how it’s working out. Quite frankly, after the 45 minutes Jim graciously gave me, I wish I had access now. Imagine, being able to provide an actual buying solution and treating a Secondary Finance Customer as a first-rate client. CarFinance appears to have the vision of removing the “sub” from Sub-Prime Lending solutions. 

Jared Hamilton
Bryan - what are you seeing at your store as far as the sub prime market coming back? Do you see a big difference in a bank by bank scenario or are all lenders (in general terms) becoming a little looser with the loans?

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