Looking for quality subprime lenders

Joe Perri

Hi I am a independant used car dealer in Tempe Arizona.

I do alot of subprime lending and work with banks such as CIG financial, Challenge Financial, Credit Acceptance, Nationwide Acceptance corp, United Auto Credit, Veros Credit and a few others.

My problem is that these banks get into a habit after tax season to tighten up and not by because the heavy cash down is not there like during tax season. I was wondering if anyone had any ideas of a decent subprime lenders that I could try that I generally stay consistent with buying and that I dont have to wrangle back into reality as it gets very tedious over time. Also I have great relationships with all of my lenders reps buyers everyone.

If anyone has any suggestions and maybe an idea of what type of paper those lenders purchase it would be appreciated and we could conversate on any ideas that help out in this area of the car business.

Matteo Batelli

Hi Joe, I was trying to find subprime lenders too. What are the other subprime lenders do you work with ? Can you also suggest Average credit and good credit lenders ? I am trying to signup them.

FRED BERZUNZA

Joe,

        your not alone in looking for good consistent sub prime lenders. I would suggest you get familiar with your area Cudl rep and pick his brain for relevant bank programs for your area. Believe it or not when you submit through the right portal even Westlake will give you a call with some reasonable discounts so you can keep some of that hard earned gross in your books coming in  all year round.

      That begin said don't forget to take a shot and submit your app to some not so sub prime lenders like Cap 1 US Bank Santander just get familiar with there extranet portals and play with the LTV's and you'll start getting the lucky check marks you need to keep putting cars on the road.

       Also start leveraging some of the relationships you already have and parlay them into new connections with buyers and reps at places like Ally & CRB sometimes they hit with  auto approvals that make absolutely no sense if your just looking at the 3 major credit scores and that's due to the fact they take a variety of factors when assigning rates and DP needed to make a deal....

Joe Perri

Hey Matteo, 

Most of the subprime lenders that are decent I have listed above. As average credit customers that is something I am looking for at the moment as well without much luck with the exception of some local credit unions they seem to be a great help for first time buyers and they don't have any fees.

With good credit I use mainly Gateway One Lending and Credit Unions that I have relationships with. 

Sorry if I couldn't be of much help with the lenders.

Joe Perri

Hey Fred,

Thanks for the tips. I'll be sure to look into some of those higher grade lenders. The one problem that does arise I have seen is with Cudl and Santander and more of those other lenders is they are a pain for a independent dealer to get signed on with and like right now for most impossible as they are just not doing independent dealers at the moment. I will keep chugging along though and see who I might be able to get onto my radar. 

Thanks again!

Ryan Everson

Look into Gateway Financial Solutions - http://www.gatewayfinancial.org/

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