Results 1 to 17 of 17
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02-17-2016, 01:34 PM #1
Used Car Conundrum
What lenders like used car dealerships? High 500's or low 600's credit. Deposits are around 15+ per month @ $30K.
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02-17-2016, 01:36 PM #2
He does not have collateral or a repair bay to my knowledge just to get that out there.
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02-17-2016, 01:40 PM #3
At $30k per month? Can't imagne anyone wants them. My company has a minimum of $50k for used cars.
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02-17-2016, 01:42 PM #4
- Join Date
- Oct 2013
- Location
- New York, NY
- Posts
- 1,203
all over that at 30K a month...whats the situation on NSf's and Daily Bals?
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02-17-2016, 02:33 PM #5
- Join Date
- Nov 2014
- Posts
- 438
LoanMe can fund these types of dealerships
LoanMe Business
949-535-7798
Email: Business.Loans@LoanMe.com
www.loanme.com/SBL-partner
1900 S State College Blvd. Suite 300
Anaheim, CA 92806
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02-17-2016, 02:47 PM #6
- Join Date
- Aug 2015
- Location
- miami
- Posts
- 48
arcaruis funding can get it done
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02-18-2016, 07:06 AM #7
- Join Date
- Dec 2015
- Location
- Los Angeles, CA
- Posts
- 121
Depends. How much do they need and what do their banks look like?
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02-18-2016, 12:20 PM #8
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02-18-2016, 12:21 PM #9
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02-18-2016, 12:51 PM #10
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02-18-2016, 03:49 PM #11
- Join Date
- Sep 2015
- Location
- Miami, Fl
- Posts
- 148
I believe Elevate is still working with car dealers as well
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02-25-2016, 09:00 AM #12
- Join Date
- Sep 2015
- Location
- Miami, Fl
- Posts
- 148
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02-25-2016, 09:27 AM #13
- Join Date
- Oct 2013
- Location
- New York, NY
- Posts
- 1,203
There are a lot of funder who have stopped working with Auto dealerships for a few main reasons.
The biggest reason being that there is an abnormally high default rate among this sic code. On top of that finding Auto dealerships that are doing enough in gross sales and have adequate daily balances is tougher than you'd imagine.
All that being said, we here at YSC have seized the opportunity and are doing Auto Dealerships still and are actually seeing an increase in the quality of the submissions for this sic code.Andrew J. McDonald
Director of ISO Development
Yellowstone Capital LLC
1 Evertrust Plaza
Suite 1401
Jersey city, NJ 07302
PH - 347.464.0785
FX - 646.213.1790
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02-25-2016, 10:47 AM #14
- Join Date
- Jun 2014
- Posts
- 541
Cooper specializes in used car dealers, but our underwriter team is looking for the average price point of their inventory to be <$15K per unit.
Robert S Bloink
EVP of ISO Partnerships
Direct: 313-218-4663
Email: bb@cooperasset.com
Web: www.cooperasset.com
logo-01smaller.jpg
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02-26-2016, 12:22 PM #15
- Join Date
- Jun 2015
- Location
- Gainesville, FL
- Posts
- 200
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02-29-2016, 02:38 PM #16
- Join Date
- Jan 2015
- Location
- Tampa, FL
- Posts
- 30
We're still doing used cars but had to move them into our restricted category with a 20k max advance, ACH only. Shoot me details if you can't get the 30k.
Nick Kiely
Funding Manager, Strategic Capital
Phone: 800.440.6448 (ext. 3605)
Personal: 813.518.0196
Mobile: 904.349.7619
Fax: 816.298.0857
Email: nkiely@capitalwithstrategy.com
Website: www.capitalwithstrategy.com
Address: 10551 Barkley St. Suite 403 Overland Park, KS 66212
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02-29-2016, 04:39 PM #17
- Join Date
- Sep 2015
- Location
- Miami, Fl
- Posts
- 148
I've only sent one auto dealer your way. I was going off of the restricted industry list you provided us when I originally posted. Sorry for trying to send business your way, I wouldn't have done so or wasted anyone's time if the restricted list I was given was accurate. Just trying to help people out here