Lenders

Analysts fear that the recent troubles in the sub prime mortgage industry could damage the auto loan financing sector.

Getting sub prime customers approved for a car loan is as much as art as it is a science. 1. Know the Deal - Have the deal in front of you and know it inside and out. Analyze the bureau and credit application. Obtain information from the customer on critical issues involved in their credit history and prepare your story for the lender. 2. Integrity It is a proven fact. Dealers who build good relationships with lenders get more marginal deals done. Be up front and forthright at all times. Never lie or intentionally misrepresent a deal to the lender. 3. Accuracy You can not kink deals. The application and other paperwork must be accurate. You can not stretch even a little. Everything must be verified. Remember, the customer's goal is to obtain a vehicle. A desperate individual may attempt to mislead you. You are cautioned to always verify the accuracy of the data provided to you by the customer. 4. Analysis Do not shotgun deals. A proper analysis will point you to the best lender available. It is costly and time consuming for lenders to process these applications. They watch funding to application ratios carefully. Dealers with unacceptable ratios can be "cut-off" by the lender.