I am lost in the world of finance...please help!

[Jan Evans]

Hello I am not sure if this will help your problem or not. So start on the DealerTrack homepage, then hover over the tab on the top that says "Lenders", then click "Partner Communication", which will then take you to the old dealertrack page and it should automatically put you under the Lenders tab. From that tab it should show under that a few options in which you will click the one that says "Rates & Programs", then it'll pop up a few more options underneath that and you will click "Retail Rates". It should show you all your credit unions & banks and there programs.

Shoot for there guidelines it tells you and from there you should be good. If they decline just call and ask the lender simply "why?" and treat them like a human being and they will be nice back there's no huge pressure like some finance managers act like everything is sooo hard lol.

I am not sure how new you are to finance but remember just because the score is high doesn't mean its a good buy for the bank. You need to look at the depth to there credit to make sure there not a "First Time Buyer". You also need to see if they are maxing out there credit cards and have an escalating debt. Depending on the lender they may go off Kelley Blue Book or JD Power and they will only give you a certain percentage of the book value depending on the customer. For low score customers they sometimes will go off out the door numbers and wholesale book. And for high score customers they will go off retail book. Just take it day by day and slowly learn the programs.

If you have any questions feel free to message me. I wished there was someone to help me when I first started!

 

[Tallcool1]

I am lost too. I run a business, but I cannot see where my money goes. https://mcdanielcorp.com/ this is the company that takes care of the financial part. They saved my ass with the tax deduction during Covid, offered me some good opportunities for investment. They helped me a lot, but finance drives me nuts. I do not get it. From where can I start? I need a crash course for beginners, basic knowledge. I want to start investing in stocks or bonds. I am waiting for any kind of help. Thanks a lot!

Just have McDaniel handle it. Don't let the little things like where your money goes get in the way of the spamming empire you are building. You're an inspiration.

 

[Alex Snyder]

This thread is such a great Honey Pot to catch ing bastards!

 

[Dart Motors]

Well one of the rejections was westlake, whom i find to be absolutely ridiculous. I left westlake in 2012, and now I remember why. They wanted $3400 for the lender fee!

I actually did call and talk to the reps, but none were willing. I actually came across another feed that said to contact more local banks instead, to where you can have face-to-face meets occasionally.

What do you think?

(And im up for greasing up someone for a return - pg13 lol - fun bribery or collosion haha)

I have found westlake reps can not do much of anything, we do 3-5 loans thru them a month, I was able to get the number for the person that can actually lower fee's and waive stips etc.
If you ask the rep they may give it to you. That person is alot more helpful than the rep.
Sometimes fee's are crazy.

 

[kylewilliam]

Hi all! I want to start off by introducing myself as I am an extreme NOOB to this forum. I stumbled across it by Google'ing help for auto financing solutions. As my profile states, I have not come remotely close to figuring out financing. I had one finance person whom left for more pay to a franchise, but thats a whole nother story.

Before I decided to post my first topic, I tried searching for assistance in the past forums. I didn't come across any lucky, and wasnt really prepared to go through 250 pages that didnt relate to the keyword search.

I was previously using AppOne, but am now using dealertrack F&I. I am using another company for both DMS and CRM.

My current lenders are as follows:

• Carvant thumbdn: - GARBAGE TO THE MAX!!!!!!!!)
• Wells Fargo (who is an extreme hit or miss because they have been barely approving anyone for me)
• Westlake thumbdn: - GARBAGE TO THE MINIMUM)

I cant seem to get a single person approved. I am not sure what I am doing wrong. To give an example, I couldnt get a customer with 600 credit and $6k down approved for a $18k loan, at any rate. Meanwhile, another dealer with the same car got them approved with Flagship for whatever rate. I literally have no clue what I am doing.

I bounced back a few years ago from near shutting doors down. I was in college, fumbling both the dealer and school workload. Through the storm, my brother and I made it through, did over $4 million in gross sales 3 years consecutively, all WITHOUT FINANCING. 2018 was not a good year for us, as we lost a decent amount of money. All I ever heard people say was "YOU GUYS NEED FINANCING!!!!!!"

I have spent hundreds of hours scouring dealertrack lender list contacting bank after bank. The ones that we have arent approving, the ones that I want wont sign up. Others want you to use different systems such as Cudle or RouteOne. Its as if I am being tugged in multiple directions.

Are there training seminars, web videos, different banks, different solutions that I need to be looking into? How are other dealers that I know approving near ghost customers for $25k cars while I can't get a decent family approved for $18k with $6k down?!?! How can I finance a customer without the lenders trying to take $3k in lender fees from the deal?? I've been looking into Credit Acceptance reviews to find better financing options.

Any help would be extremely appreciated. I am at my wits end.

Also, what do ya'll think of dealertrack for DMS/contracting etc? I think they offer good mobile solutions from what I have been seeing on their site, but havent made the jump yet.

Thanks ladies and gents!

Hello,

I hope it's alright to reach out here for some market research on vehicle funding. I have over 20 years of experience in automotive finance, specializing in how different groups offer and promote finance and insurance. I'm more than happy to assist with any questions you may have about Finance and Insurance before purchasing a vehicle.

I've read the forum's terms and conditions and hope my presence is welcome to provide assistance where I can. However, if any admins find my participation against the rules, I will respectfully withdraw.