Special Auto Finance
Turning away customers who your managers "can't get bought" or don't have time to work? Currently, subprime and deep subprime finance options are peaking and provide prepared dealerships with the opportunity to make a profitable deal for almost any shopper.
Contact MDF to connect with special finance sources and to create a new (or fine tune an existing), profitable special finance operation at your dealership for maximum dealer finance on every deal.
01 DEEP SUBPRIME: CREDIT SCORE 100 to 520
Most dealerships let these customers walk away because they are either unprepared with appropriate inventory or specialized finance sources, or unwilling to do the extra work to turn a profitable deal. And that's too bad because many of these customers end up buying a car down the road at another dealership. With the right finance sources and some small adjustments to dealership processes, these give-aways can turn into profitable deals and just as importantly, loyal, repeat customers with better credit the next time.
02 SUBPRIME: CREDIT SCORE 521-620
Somtimes dealers get lucky with these shoppers - a traditional non-subprime finance source may "do a favor" or see an opportunity and dip down below their ordinary underwriting guidelines to make a deal. In any case, it is likely your F&I manager is spending a disproportionate amount of time on a deal like this (at the expense of others) trying to get a square peg into a round hole. With the right sources and processes these deals can be more profitable and more efficient for everyone.
03 MISSING IN ACTION: CREDIT SCORE 0
Are these mysterious 0 score shoppers making your head spin? Ordinarily these are "DO NOT COMPUTE" shoppers for many dealerships and traditional finance sources. But all is not lost for 0 score customers who either have no credit history at all or perhaps a bankruptcy that has clouded their history and score. With the right dealership finance sources and preparation with the kind of customer information specialized lenders need to underwrite without credit history, these zeroes can be turned into profitable deals and loyal repeat customers.