Regional Acceptance & Global Lending Services

[cten07]

Anyone ever deal with these 2? Have a pending deal and saw dealer sent out to these two? Obviously sub prime but how bad. Dealer also sent out to Ally but not GM Financial which surprised me. 

[MarvBear]

Regional Acceptance is a subprime lender, although far from the bottom of the barrel.  Never heard of Global Lending Service.  Ally is not bad, nor would I consider them a subprime lender.  GM Financial may charge an origination fee for the loan, and I believe they still have prepayment fees.

 

If the dealer uses Route One or Dealertrack to submit applications the results are delivered in a matter of minutes unless it's like midnight and no analyst is online for review.

[cten07]

23 minutes ago, MarvBear said:

Regional Acceptance is a subprime lender, although far from the bottom of the barrel.  Never heard of Global Lending Service.  Ally is not bad, nor would I consider them a subprime lender.  GM Financial may charge an origination fee for the loan, and I believe they still have prepayment fees.

 

If the dealer uses Route One or Dealertrack to submit applications the results are delivered in a matter of minutes unless it's like midnight and no analyst is online for review.

I filled out credit app Saturday at 630 pm. Sales guy called me last night at 730 pm saying I had approval. I asked terms/APR, said he did not know, finance has them and he would call me back today with them. Have not heard back yet. I want to know terms before I go back in otherwise I won't. 

[MarvBear]

OK.  In my opinion you should have waited.   Or you can do this all over again at another dealership where you have time to wait and hear the terms.  ( go earlier in the day for best results if you do not have prime credit.   You'll just get more inquiries this way.

[centex]

It seems like it is rarely a good thing in the world of finance when a company has Regional, Acceptance or Global in their name...just sayin'

[centex]

1 hour ago, cten07 said:

I filled out credit app Saturday at 630 pm. Sales guy called me last night at 730 pm saying I had approval. I asked terms/APR, said he did not know, finance has them and he would call me back today with them. Have not heard back yet. I want to know terms before I go back in otherwise I won't. 

Was the app filled out at dealership or online?  It makes a difference...

 

Saturdays CAN complicate the process, but if there is a deal to be done, I have seen it done...in fact, when I bought the F-Type, we did not even start paperwork until late on a Saturday afternoon.  Paperwork was signed before I returned to my State (I was not trading anything)  and they took care of the arrangements to ship (at no charge to me). 

[cten07]

Done in person Sat at 6:30 pm. Salesman called me Monday night told me they had an approval but did not not provide terms over the phone. I asked for them and have yet to hear back from them today

About 6 years ago applied on a Monday evening at a different dealer, getting late, dealer sent me home and salesman called me Wed around noon with int rate and term length over the phone and picked up car that night. 

I am thinking they just want me to come back in person, change some aspect of agreed upon deal, and hard sell me on new deal saying that was a smokin end of month only deal that expired, or reduce trade, incentives changed(they didnt) or something else. 

 

[MarvBear]

Regional Acceptance is owned by BB&T.

[cten07]

Thanks. Besides going earlier in the day without prime credit, is it also best on in stock inventory or that does not matter. 

[MarvBear]

When we submit an application to a lender for consideration it is VIN specific.  It is not based on an imaginary scenario..  We can do a "payment call" submission to some lenders, but those type submissions are basically worthless, because once the consumer lands on a PARTICULAR vehicle, we have to start all over again.  More inquiries too.

[cten07]

They submitted for a VIN that was not in stock, they have to get the car but said they can. Is that going to cost me?  Thank you. 

[MarvBear]

Don't know what their policy is.  They would have had to submit a price, sales tax etc............  Whatever you had agreed upon.    But does it really matter since you are not going in if they won't tell you anything on the phone?

[cten07]

I am leaning towards going back as I have no other way of knowing what the terms are at this point.  Just cant get there until Saturday since dealer is far from my job. 

[cten07]

Is it typical for dealers to tell customers loan terms over the phone if they can't get an approval that day?  Or was the dealer who disclosed them to me in the past unusual. 

[MarvBear]

I've been in the business for 40+ years.  When a salesperson comes to me and tells me he can't get the customer to come in unless he tell the term, rate, etc.   I just say fine, transfer the call to me and I will answer whatever they ask.  In all those years when I do that, I have yet to see the customer.

[cten07]

I guess my experience in the past was atypical. Wow. 

[CTSoxFan]

1 hour ago, cten07 said:

I am leaning towards going back as I have no other way of knowing what the terms are at this point.  Just cant get there until Saturday since dealer is far from my job. 

Of course they want you to come back in.  Much easier to sell you in person.  I would just tell them you live X distance away and am not coming in unless there is a deal to be made.  I personally would negotiate the whole thing via email (including knowing the financing terms) and if both parties are in agreement you'll be in Saturday to sign.  This way your time isn't wasted going nor theirs trying to sell you if there isn't a deal to be made.

53 minutes ago, cten07 said:

Is it typical for dealers to tell customers loan terms over the phone if they can't get an approval that day?  Or was the dealer who disclosed them to me in the past unusual. 

In the last 10 years (with the prevalence of the internet) I have almost always had my deals negotiated before I even hit the dealership.  This keeps the visit short and sweet.  I am in a different boat however as I almost always A) order my cars, and B ) qualify for top tier financing.  That said, see my answer above.

1 hour ago, cten07 said:

They submitted for a VIN that was not in stock, they have to get the car but said they can. Is that going to cost me?  Thank you. 

It shouldn't if it is local.  The dealer will likely trade for it with one of their in stock cars and send a driver to get it. If the car was far away they would likely just recover their cost through the selling price of the vehicle (just won't give you as low a price).  If they submitted your app with a VIN as Marv allued to, they have to be reasonably certain they can get the car.

1 hour ago, cten07 said:

Thanks. Besides going earlier in the day without prime credit, is it also best on in stock inventory or that does not matter. 

When they have something in stock, they may be more motivated to sell it at a lower price, especially the longer it sits and at the end of the model year/beginning of the new model year.  Stock vs order doesn't matter for credit approval in a vacuum, however if you are getting a lower price, or a different model year it could make a difference by changing DTI or LTV. 

[cten07]

I have agreed upon numbers for sales price and trade. Only mystery is financing, which is most important. 

Want to know if a small down payment is enough to move the int rate needle a little or not. 

Here is the deal:

2019 Chevy Equinox LT with blindspot. 

22,500 plus 999 dealer fee and TTL. MSRP is 30,340. 

Trading in 2015 Dodge Journey AVP with 63k on it for 7850, 3rd row and Bluetooth. 

I actually went out earlier that day to a local dealer with one in stock. They took my key to appraise the trade, I waited a while. They gave me my key back after a few hours and told me they were too busy and they would contact me to continue deal. They called me back about 30 min ago today with trade offer of 7k. 

[hegemony]

1 hour ago, cten07 said:

...

Trading in 2015 Dodge Journey AVP with 63k on it for 7850, 3rd row and Bluetooth. 

I actually went out earlier that day to a local dealer with one in stock. They took my key to appraise the trade, I waited a while. They gave me my key back after a few hours and told me they were too busy and they would contact me to continue deal. They called me back about 30 min ago today with trade offer of 7k. 

sounds about right for a 5 year old dodge.

[cten07]

Deal I have was for 7850.

1 hour ago, hegemony said:

sounds about right for a 5 year old dodge.

 

[hegemony]

44 minutes ago, cten07 said:

Deal I have was for 7850.

 

what do you think the $999 dealer fee is for?

[cten07]

 Profit to the dealer. Other dealer offer of 7K has fee of 799. 

[centex]

4 hours ago, cten07 said:

I actually went out earlier that day to a local dealer with one in stock. They took my key to appraise the trade, I waited a while. They gave me my key back after a few hours and told me they were too busy and they would contact me to continue deal. They called me back about 30 min ago today with trade offer of 7k. 

And what about the REST of the deal?  There is MUCH more to the equation than what they are giving on the trade.  It is a shell game of sorts...at some places, you may be getting less on the trade but more off of the sticker or through other components of the financing equation.  YOUR concern, aside from the total cost through payments, is the net difference between negotiated price (with fees) and the trade value.

 

In some places, the trade valuation becomes a big piece of the tax equation as well...one vehicle I bought was in a State that did tax on the gross price of the vehicle.   Contrast that with MY State which taxes on the net,  I paid no tax in THAT jurisdiction but was liable for my State tax upon registration in my home State.  Several years later, the next vehicle purchased out of State was a neighboring one, and they processed paperwork including Texas tax into the equation. 

[centex]

43 minutes ago, cten07 said:

 Profit to the dealer. Other dealer offer of 7K has fee of 799. 

Both of those are outrageous, but it effectively raised your trade value by $200 just doing simple math shell games...

[hegemony]

2019 mnfc to consumer incentive of $1500 included in your "deal?"