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Sub-Prime lenders?

With the addition of myself in the internet sales department (doubling the sales staff), Burton Motors LTD also has opened a finance department with a full time employee. We are seeking to generate more revenue by having people financed through us as opposed to following a link away from our website, to a lender.

We have financed one deal, but have had 7 apps declined. Batting average: 148.

We currently go through AppOne as our clearinghouse and lend through Wells Fargo and Americredit. I figure if we can find more leanient lenders, we can sell more cars. Anyone have any advice on possible solutions?

Thanks!

Matt Watson said…: Get Barry Bonds to bat for you :-)

Paul Rushing said…: Secondary lenders are probably feeling the effect of the housing crunch now as well. There are tons of sources out there.

I know in my my market area we have Auto One out of Jacksonville, FL and Lendmark does a good job as well.

We also have a local credit union that has a dealer department that looks more at the collectablilty than the FICO score for approvals, but does use that factor to determine rates.

The best option would be to attract a "better" customer through inventory and marketing.