On the recordMay 24, 2010
Each month we have 3 to 5 buyers who tell our financial service members-- There are three to five people coming in, telling our financial service managers: if our dealership can match or beat their bank's or credit union's interest rate, they will then finance through our dealership. To match the buyer's offer of rate terms simply provides a convenience to our buyers. To offer a better term and/or at a better rate enhances the buyer's savings by doing business with our dealership. In other words, this is a competitive situation that typically people go into. We have buyers also who are unable to secure a loan through their normal bank, credit union or lender, and yet we are able to submit the buyer's application to several of our lenders with which we have agreements, discovering that one or more are willing to make these loans to this buyer. Not only does this provide a convenience to the buyer, but it truly allows the buyer to secure a better level and lower operating cost vehicle than provided by their older current vehicle. This is a competitive situation. It also positions people so that sometimes they are able to get loans they could not get on their own.
