1999-2009 [Subscribe to Daily Digest] |
Well...
I am a dealer. New and Used car stores... I will NOT take E-Loan checks. I have had one NIGHTMARE experience with them and will NEVER EVER take another. Besides, I can always beat their rate if you have good credit ;)
We had a customer buy a new 540i once with a E-Loan check. All was fine and dandy until we found out the check had a "stop payment" of some sort on it. The ONLY thing E-Loan told us was in regards to liening the car. Fine, simple, etc. It was NOT a Draft BTW. E-Loan decided that THEIR customer required proof of income and that if WE wanted to get paid WE would have to get this from the customer and WE had to fax it to them and then WE had to Fedex them proof.
Now what the HECK is THAT all about? I'm supposed to do THEIR work for them? Nuh Uh. Finance manager and sales manager go to yell at salesman (BS, they got yelled at for that..), then come cowering to me. I call the customer, explain the situation to her, she's got "excellent and substantial credit" and is offended, but thankfully realizes it's not us. I send the salesman to her office, get an app on her, fax it to Chase and say they had to beat E-Loan's rate. They did. Deal done. Contracted customer through chase at (IIRC) .75% cheaper. I didn't make reserve BTW, but we get a flat fee of $100-400 depending on the size of the contract. It's not really profitable unless we make reserve which I don't like doing.
It gave me pleasure to call the little snert at E-Loan back, let him know he had a fax coming, and the best was his response "Well it's about time you dealers started to play ball with us" My response was "Well, you'll find we can be quite good at it". I faxed him a copy of her Chase contract, with her permission.
Peoplefirst? Bring 'em on. I am more than happy to take their checks. My Father's Jaguar and one of my collector cars are financed with them. Excellent company, great service, very easy and pleasant to deal with. Also they give you an unencumbered check instead of the usual Credit Union draft, so dealers should be more willing to deal with them. I welcome their checks and recommend them highly.
BTW though, Chase, SunTrust, Wachovia, etc.. has their top tier "Buy" rated under 5% on new cars now.. dunno how that compares with the online guys. IIRC, Wachovia is about 4.3% for 720+ Beacon score customers. That's the "buy" rate in SOME markets, so it may be wise to see if your dealer is willing to beat the online rates.
Hope this helps!
Bill
posted by 207.30.119...
, Mon, 2 Dec 2002 21:54:44
No Site Registration is Required to Post - Site Membership is optional (Member Features List), but helps to keep the site online
for all Saabers. If the site helps you, please consider helping the site by becoming a member.
 |
 |
 |
 |
 |
