Since the subprime mortgage meltdown, more and more prime lenders, captive finance companies, and credit unions are following the rules established long ago by subprime auto lenders. Special finance lenders have always had strict advance guidelines based on the credit tier of the applicant whereas prime lenders would often over advance for an applicant with a good credit rating.
The days of over advancing are gone. Prime lenders now require dealership F & I personnel to structure deals that fall within their advance guidelines. For over 12 years LotPro® software has been used by special finance managers to quickly desk special finance deals. Now, more and more traditional finance managers are subscribing to LotPro.
LotPro software maintains used car inventory valuations from NADA, KBB, and Black Book. Additionally, the software houses advance parameters from nearly every lender. With a few mouse clicks you can structure 100’s of deals that fit within the lenders advance guidelines. This helps finance and desk managers quickly locate alternative vehicles to recommend to consumers when their first choice falls outside the lender guidelines, this is especially true if the consumer has negative equity.