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Gateway One Lending & Finance Just Closed - Help, I Need A Replacement Bank!

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bringles

bringles

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Apr 17, 2013
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Erik
#1
I searched the forum and didn't see anyone talking about this yet, so if you don't know Gatway One Lending & Finance just shut down on Monday.

My manager was submitting a deal on Dealertrack yesterday and noticed they had disappeared in the portal. He called our rep and was told that they got bought out and the new owners shut it down.

We specialize in cars under $10k and Gateway was our best lender by far and a good resource for customers with 580+ fico and cars up to 15 years old and 150k miles.

We are a small used car dealership located in California doing about 17 units a month. Can anyone make a recommendation for a similar lender?

Thank You, Erik
 
#2
I hate to hear that Erik I can understand what you guys are going through. Gateway one was one of our strongest lenders on dealertrack. I think Wells Fargo maybe a good idea not sure if there on dealer track. I am setup with vantage finance which similar to dealer track except you have a middle man which is vantage but the fees are small. You submitt your deal just like you would on dealer track get a fast response. They have a lot of banks like wells, credit unions that do nation wide and sub prime lenders etc. t I am curious my self what other prime lenders are out there that are setup with dealertrack. I would definitely jump on vantage for the time being if you don’t already have them. Just got a 580 approved through them today. Good luck Erik
 
#5
bringles said:
I searched the forum and didn't see anyone talking about this yet, so if you don't know Gatway One Lending & Finance just shut down on Monday.

My manager was submitting a deal on Dealertrack yesterday and noticed they had disappeared in the portal. He called our rep and was told that they got bought out and the new owners shut it down.

We specialize in cars under $10k, and Gateway was our best lender by far and a good resource for customers with 580+ FICO scores, and if we ever have questions, we can reach out to Washington Trust customer service for additional support regarding financing options for cars up to 15 years old and 150k miles.

We are a small used car dealership located in California doing about 17 units a month. Can anyone make a recommendation for a similar lender?

Thank You, Erik
Click to expand...
It’s unfortunate to hear about Gateway One Lending & Finance shutting down; that can be a significant loss for your dealership, especially since they were a reliable option for financing lower-priced vehicles. For a similar lender, you might want to consider Westlake Financial or Carvana, as they both offer financing options for customers with lower credit scores and can work with older vehicles. Another option could be RoadLoans, which specializes in financing used cars and might be a good fit for your needs. You might also explore local credit unions, as they can sometimes provide more flexible terms and be more willing to work with your customer base.
 
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