Sub-prime for start ups

carl graziano

What are some of the better subprime lenders for start up dealerships. Starting  a small lot, 12-15 cars, no floor plan, cars all in the $6000-9000 range as this is what seems to move in the market. I am looking at Westlake as they seem to be the easiest to work with and fast funding, going to use the Dealer Center and sign up for Route One. Most dealers in the area seem to use Westlake, and I would like to also have a few others subprime and prime as well for the customer with decent credit. Business is a startup, in PA, and I would like to have everything in place from the get go. Thank you in advance.

jay simson

where you located?

im in az..

been in business this location for almost a year. been doing finance for about4 monthes now. Previously only cash.

I first signed up with westlake, then gold acceptance and western funding (part of westlake). Now i got nationwide and working to get lobel. 

westlake is a joke i CANT get ANYTHING to work on numbers with them. Their lender fee just kills me and leaves me nothing. I guess you have to buy right and sell right with them. And as far as it goes, i do buy right. Gold acceptance and Western are my go to. Gold is my primary and western is my backup if job history is new. 

gold and western have made me some great money. Especially Gold. I got a great rep and she works my rehashes like crazy. My western rep is good too and so is my westlake rep but i cant just cant get a westlake deal. I still havent even booked one with westlake! and i already have dozens with everyone else!

carl graziano

I am in PA, I'm assuming the average discount for Westland is in the $1000-$1500 fee range ? So cars need to be bought right.... How easy was Gold to set up with? They work through route one?

jay simson

everyone is pretty easy to sign up with subprime. usually if you got 15 cars and a location you are good. but SOME banks want 2 years in business etc. yes the average discount with westlake was around $1000-1500 which is close to what the other ones are .but those banks buy deeper so that way i can make money. Westlake wont. 

jay simson

the one thing im still looking for is a lender for salvaged cars

Matteo Batelli

I withdrew with Westlake. Their fees are so high. They always say we have to send more deals to make portfolio so they can give a better discount. No profit with Westlake basically. If you really buy something under wholesale price you make gross with them.

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