It is common misconception that dealerships must have special inventory on their car lots in order to do special finance deals for car buyers classified as either subprime leads or bankruptcy leads. Dealerships should know that whatever your current used-car inventory is on your lot, you can find multiple lenders with a variety of programs that will fit within your business model. In fact, there is a lender that will fit every car on the market.
Lenders today better understand the value of a vehicle and have improved their internal scoring system. Best of all, dealers don’t have to be concerned about carrying less than desirable inventory and getting stuck with the unit. Most lenders will do upwards to 120K miles on a vehicle, which means you can find vehicles from all walks of life that fit special finance.
Now you know the lenders are in your court, but are the bad credit, no credit consumers? Of course they are! Trigger and BK leads are willing to travel further distances than most buyers to find a dealer with a special finance department that is willing to work with them. In most circumstances, these car shoppers are more interested in getting financed and finding affordable payments rather than the actual vehicle itself. They typically do not have a preconceived notion of the vehicle they want to buy. This is often because these shoppers are under the false impression that they won’t be eligible for automotive financing.
Now that we have officially debunked the myth that dealers must have “special” cars to do special finance, let’s debunk one more. Another misconception is that no bank will offer individuals having filed bankruptcy automotive financing for 7-10 years (read more). Not true! Any inventory is the perfect inventory and banks do finance recently discharged and open bankruptcies. Since the truth has been revealed, we invite you to grow your used-car customer base with us. Visit Caliber BK for bankruptcy leads or Subprime Dealer Services for trigger leads.