Auto Credit Express Blog
June 30, 2008
Keeping track of your subprime lender changes
With many subprime lenders pulling out of indirect lending, new lenders have to be added to your subprime lender list. How are you, as a special finance manager, supposed to learn all these new lenders and keep track of all the new programs?
Trying to track all the changes can be difficult
When I first got into subprime, it was difficult keeping track of all the programs. There was no company like Auto Credit Express. If I was using 4 or 5 different banks, I would compute the down payment and the resulting payment of each of the banks on the back of a booking sheet for each car in inventory.
If I had 35 cars in inventory, that meant computing 5 different scenarios for each vehicle for each car – 175 different computations in all – not a lot of fun. And remember, that was way back before the subprime mortgage mess. The current state of subprime banking, with many lenders pulling out of the market, resembles a game of musical chairs - and you don’t want to be caught with unfunded contracts when the music stops.
LotProOnline can help you understand your new lenders
Fortunately, times have changed. LotProOnline subprime auto software from Auto Credit Express has the ability to handle multiple programs at multiple banks and give you a precise snapshot of the best cars for each deal – in order of gross profit – to let you know which cars work best for each individual deal. As you add new banks, their programs can be added to LotProOnline, giving you instant access to all their lending parameters.
The Bottom Line at LotProOnline
Don’t limit your department to only a small number of lenders, just because keeping track of them is difficult. Open up your department to a wide range of subprime lenders and let LotProOnline keep track of the lending parameters and gross profits of each lender, as things change, for every car you have in stock! Contact us at 888.535.2277 or by using our quick contact form.
