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southrue

Question for Marv

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Hey Marv,

 

I've seen you on here providing great feedback on here from your experience and expertise in the car dealership world.  We've started a car dealership and wanted to also provide financing options.  How would we go about that and what are the steps we should take?  Thanks in advance.

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I'm not Marv, and I wouldn't expect Marv to give away his trade secrets. Are you paying cash for your inventory or do you have flooring through a lender? What kind of clientele are you targeting - subprime (buy-here-pay-here), regular (people who can also go to a manufacturer's franchise dealership), or premium (luxury imports and exotics)? Your inventory and targeted customer base would determine the kind of lenders you need as partners.

 

You won't go far if you're targeting premium buyers and getting them financed through companies like Springleaf (aka One Main) and Union Acceptance who charge 10-15 points above prime. Likewise, you won't have much going out the door if your clientele is subprime and your prime lending partners won't approve them for loans.

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You need to contact every bank and credit union that is even remotely local to you and see if the are willing to offer indirect financing to a non franchised dealer.

Sent from my SM-N950U using Tapatalk on a beach far far away.

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Oh I forget. You will need to contact EX EQ and TU to set Up data subscriber services. They will instigate your establishment and inspect in for security. You have to meet all their qualifications.

Sent from my SM-N950U using Tapatalk on a beach far far away.

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