Notifications & Messages

Jared Hamilton
From: Jared Hamilton
Hey - It’s time to join the thousands of other dealer professionals on DrivingSales. Create an account so you can get full access to the articles, discussions and people that are shaping the future of the automotive industry.
×
Industry Press Releases

Industry Press Releases Industry Press Releases

Exclusive Blog Posts

5 Avoidable Ways that Car Dealerships Can Reduce Staff or Customer Injuries and Liability

5 Avoidable Ways that Car Dealerships Can Reduce Staff or Customer Injuries and Liability

The National Automotive Dealer Association (NADA) data for 2016, revealed that there are 16,708 franchised dealerships in the United States, who sold a rec…

Tips on Finding and Hiring Salesmen Who Have Experience

Tips on Finding and Hiring Salesmen Who Have Experience

Your dealership can't thrive without an experienced sales force. The trickiest part of this equation is finding "rock star" salespeople to he…

New Site Links from Google in Mobile Search

New Site Links from Google in Mobile Search

In thinking of a mobile first world, Google has rolled out new site links to the search results on mobile search.  Historically, Google would award…

What Your Dealership Should Look for in Insurance Coverage

What Your Dealership Should Look for in Insurance Coverage

When a person decides to start a car dealership, insurance needs to be part of their planning. It is a requirement for a dealership to have vehicle insuran…

The Power Of A Physical Location In A Digital World

The Power Of A Physical Location In A Digital World

Everything is moving to digital, does that mean that your location isn’t valuable? New research shows that your physical location could be your most …

Southside Financial Group Launches National Subprime Loan Portfolio Program

 

Southside Financial Group Launches National Subprime Loan Portfolio Program to Help Franchised and Independent Auto Dealers Achieve Greater Liquidity

 

Arlington, Texas, October 17, 2011 -- Southside Financial Group (http://www.southsidefg.com), an active purchaser of auto finance receivables, today announced the launch of a nationwide program to purchase existing near prime and subprime auto loan portfolios from franchised and independent auto dealers.

Southside Financial Group’s program includes near prime and subprime portfolios ranging from $500,000 to $40 million, service released; all portfolios are held on the balance sheet and serviced internally. The program is highly efficient with a 7-10 day total turnaround from analysis to closing, and will target accounts with 60-90 day pay history. Since the inception of this program Southside Financial Group has actively purchased and closed portfolios from dealers in Oklahoma, California, Alabama, Missouri, Kentucky, Mississippi and Texas with other purchases scheduled to close  in Florida, Ohio, South Carolina, Mississippi, Georgia and North Carolina . Funding is made possible by Southside’s parent bank, with the added advantage of no need to securitize plus a more stable cost of funds.

 

“Franchised and independent dealers have responded extremely positively to this new loan portfolio program as they can achieve greater liquidity in their business ventures by letting us purchase their existing portfolios of near prime and subprime loans,” Southside Financial Group COO Henry Gonzales commented.  “Our executive team has purchased over $2 billion of prime, near prime and subprime loans in the past three years and their expertise and service is beyond compare. We can analyze and review a portfolio and offer attractive pricing and very quick funding, with a 7-10 day total turn around. Southside also builds relationships with each dealer to insure a smooth transition plus long term customer satisfaction.”

 

Southside Financial offers complete transparency and up-front pricing based on its superior analytics.  A due diligence team will evaluate all loans to maximize return without interrupting the dealership’s existing business, ensuring a seamless transition.  

# # # # #

About Southside Financial

 

Southside Financial Group is an active purchaser of auto finance receivables and its executive management team has over 75 years of combined industry experience.  It is a wholly owned affiliate of Southside Bank, one of the nation’s largest independent banks with $3.2 Billion in assets. Southside Financial Group buys sub-prime through near prime auto paper, servicing released, from banks, credit unions, auto dealers, and other financial institutions nationwide. The company’s aggressive pricing and experience across all credit spectrums make it an industry leader. For more information visit: www.southsidefg.com or call:  266-590-7734

 

 

 

 Unlock all of the community & features  Join Now