William Underriner of Underriner Motors, Billings, Mont., Michelle Primm of Cascade Auto Group Ltd., Cuyahoga Falls, Ohio, Brian Leary of Larry H. Miller Management, Sandy, Utah, Stephen Wade of Stephen Wade Auto Center, St. George, Utah, and Ash Zaki of Mercedes-Benz of San Francisco answer the question: Are you experiencing a shortage of subprime financing, and if so, what are you doing to get around it?
Question of the day
"We've got to find a lending institution that will lend to good people who have fallen on difficult times. Someone's got to step up. The sooner that happens, the better off this industry is going to be."
William Underriner President Underriner Motors (Hyundai, Volvo, Buick) Billings, Mont.
"Our biggest hurdle is advances. Whether subprime is [equivalent to a FICO score] of 500, or 650 or 660 … lenders don't just look at the rate chart. Tell us how we can get that deal bought. Don't just tell me, 'No.'"
Michelle Primm Managing partner Cascade Auto Group Ltd. (Audi, Mazda, Porsche, Subaru) Cuyahoga Falls, Ohio
"I see it increasing. I see the programs increasing. The first ones to re-enter and come back were some of the subprime lenders. We're an exception, maybe, because we own Prestige Financial Services out of Utah."
Brian Leary F&I director Larry H. Miller Management (42 dealership locations in seven Western states) Sandy, Utah
"I think we're all seeing some subprime sticking its nose in the tent. At our Toyota store there was a conversation with a person that was losing their home. Toyota [Financial Services] stood up and bought them even though their credit score was in the tank. They bought the paper. I was very impressed."
Stephen Wade President Stephen Wade Auto Center (Chevrolet, Cadillac, Honda, Nissan, Mazda, Toyota, Chrysler, Dodge, Jeep) St. George, Utah
"We don't see much [subprime], but definitely we do see it. In 2008-2009, yeah, it was a problem, but not so much today. Sometimes we can vouch for a customer because we know the situation, and they [Mercedes-Benz Financial] buy it. Sometimes we advise them if we think something may be wrong with a deal, and they don't buy it."
Ash Zaki COO Mercedes-Benz of San Francisco San Francisco
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