[JSL23]

I have been getting a lot of submissions for Auto Sales lately; it is a good industry because they always need capital for extra inventory...we have been funding a decent amount but are very limited in terms of how much we can offer/terms (6 months-7 months).

Besides Everest and Vital who can fund Auto Sales? More on the A-B paper side and can offer terms as long as 10-12 months at a reasonable factor. I'm not expecting 15-24 month terms and 1.15 for that industry but someone who can fund $150,000+ for a 12 month term would be great.

[anydealfunded]

Swift can

[Chambo]

Foxii, kings cash, lg funding.....

[NoBigDeal]

Pearl funds Auto Sales

[rdgllc]

Credibly as well

[Lmonus]

CFG Merchant Solutions Funds Auto Sales. Give us a Shout if you want to chatt about any submissions.

Thank You,

Lior Monus
CFG Merchant Solutions
Lmonus@cfgms.com
Direct: 516-319-5826

[GoodCustomerService]

Amazing. 6 month ago if you mentioned Auto Sales you got crickets.

[JSL23]

You're right-progress!

[JSL23]

Will Swift do it for Broker shops though?

[aredmond]

Credibly does not fund Auto Sales

[Andy]

Credibly stopped doing auto sales, and swift only does them for their internal sales not for ISOs

Right now its just the high risk funders that will do auto sales

[It's A Wonderful ISO]

These are tough, working with a few right now, the business has a poor reputation, additionally, now and days its even more difficult to find an experienced underwriter who will thoroughly underwrite without the stigma of reputation. Some of these submissions are quality submissions, however, finding the right underwriting staff to evaluate is the challenge. Kings Cash would be one to give a shot too, they like 100k+ auto.

[Funder Mark]

Wall funding can do them, going as low as 1.37 rate paying 9 points.

[It's A Wonderful ISO]

Wall is good too, competitive factor, easy funding, however your looking at 100-120 payments depending on the factors of course.

If you find someone that goes 8 months plus, let alone 10-12 please let me know.

[rdgllc]

I stand corrected. When did Credibly stop doing auto sales?

[TStein]

Amazing. 6 month ago if you mentioned Auto Sales you got crickets.

I recently saw a 10mo 2nd pos at 100k+. Still makes no sense to me. I personally wouldn't put my money into auto sales.

[Sandstone]

Sandstone is funding car dealerships with competitive buy rates in the 1.22-1.30. For this industry we are typically in the 4-6 month term and if it is based in California needs to be very clean.

[FundingCzar]

Sandstone and Everest are the most competitive in auto sales these days. There is a wide gap currently in Used Auto Sales, its either high risk funders, or you can try the SBA but funding can't be their primary floor plan and obviously other qualifications too.

[It's A Wonderful ISO]

I recently saw a 10mo 2nd pos at 100k+. Still makes no sense to me. I personally wouldn't put my money into auto sales.

That's crazy, I cant get a first position offer longer then 110 payments in Auto Sales, everyone says they can and when submission time into decision comes its all BS

[KM_Superior]

I have been getting a lot of submissions for Auto Sales lately; it is a good industry because they always need capital for extra inventory...we have been funding a decent amount but are very limited in terms of how much we can offer/terms (6 months-7 months).

Besides Everest and Vital who can fund Auto Sales? More on the A-B paper side and can offer terms as long as 10-12 months at a reasonable factor. I'm not expecting 15-24 month terms and 1.15 for that industry but someone who can fund $150,000+ for a 12 month term would be great.

We love used auto dealers- we are purely a high risk funder so if you need another C/D lender Superior should be on your list.

[ADiamond]

Amazing. 6 month ago if you mentioned Auto Sales you got crickets.

you must have not been in the industry 6 months ago then?

[Zach]

Assuming we have real estate collateral, WBL can fund auto dealerships for up to 24 months.

[aredmond]

I stand corrected. When did Credibly stop doing auto sales?

It has been awhile, since the beginning of this year.

[fisheMS]

too many funders threatened with lawsuits for violating their floorplan agreements.