Lenders need to not only visit their dealers, but also frequently communicate how the deal should be structured to accommodate lending criteria, several dealers told Powersports Finance.
The bottom line is that training and communication is a necessity in the lender-dealer relationship.
Powersports Finance interviewed six Freedom Powersports’ dealerships to offer specific examples of exemplary lender service and communication they have received from current lender partners.
Following are edited excerpts from the southern dealers:
Powersports Finance: What is an example of exemplary service you received from one of your lender partners that you would like to see more of from other lenders?
1. Freedom Powersports Weatherford in Hudson Oaks, Texas
“No one, to this point, is doing anything that would stand out to me,” said Logan Galbreath, general manager of the dealership.
Freedom Powersports Weatherford’s lender partners include: Sheffield Financial, Synchrony Financial, Citi Retail Services, FreedomRoad Financial, Yamaha Motor Finance Corp., MB Financial, Roadrunner Financial, Model Finance, ThunderRoad Financial, and Marine One Acceptance Corp.
2. Freedom Powersports McKinney, Texas
“We recently did a deal with Octane Lending [Roadrunner Financial] … and for some reason I couldn’t receive the email [to sign] on the dealer portion,” said Teresa Lynch, the dealership’s F&I manager. “Our [Roadrunner Financial] rep literally did everything she could think of — from resending the contracts to screen-sharing it — to see if she could figure out what was going on and get everything done so we could get funded. It was funded two days from signing. I was busy, so I didn’t return her call immediately; she just called back until she got me on the phone, and she follows up every time I have an approval pending.”
“Teresa says great things about Octane Lending [Roadrunner Financial] and their follow-up skills,” said Matt Lang, the dealership’s general manager. “I personally have a great relationship with Model Finance … I can call them at any time for help on a deal and we find a way to make it work. [Many] lenders are very vague, short on the phone, and we usually speak to someone different every time.”
Freedom Powersports McKinney’s lender partners include: Sheffield Financial, Synchrony Financial, Citi Retail Services, Performance Finance, GO Federal Credit Union, DATCU Credit Union, MB Financial, ThunderRoad Financial, Roadrunner Financial, Marine One, Model Finance, and MotoLease.
3. Freedom Powersports Lewisville, Texas
“Unity One Federal Credit Union has gone above and beyond working with this store given all the title issues we have had in the past,” said Heather Addleman, a F&I manager at the dealership. “There are specific people that I deal with directly every time. The direct communication with the ‘decision makers’ is key to getting things done in a timely manner.”
“We have a great rapport with the head buyer Chris Shelly at American Honda Finance,” said John McKinney, an F&I manager at the dealership. “Being able to rehash a deal with actual people is a huge plus.”
Freedom Powersports Lewisville’s lender partners are: American Honda Finance, Synchrony, Citi Retail Services, Yamaha Motor Finance, MotoLease, First Community Bank, American Cycle Finance, MB Financial, Unity One Federal Credit Union, DATCU, U.S. Bank, Sheffield, Bank of the Ozarks, Bank of the West, Blue Water Financial, ThunderRoad Financial, Model Fiance, LendMark, and Marine One.
4. Freedom Powersports Fort Worth, Texas
“Chris Shelly with American Honda Finance is always helpful with taking a second look at deals,” said Kyle Blackett, the dealership’s general sales manager. “[Many] other lenders are always firm on their first answer and hardly take second looks.”
Freedom Powersports Fort Worth’s lender partners (including marine) are: American Honda Finance, Synchrony, Citi Retail Services (for Honda and Kawasaki revolving credit programs), Yamaha Motor Finance and Yamaha Credit Card, Marine One, MB Financial, ThunderRoad Financial, Model Finance, Sheffield, Roadrunner Financial, American Cycle Finance, MotoLease, First Community Bank, and Southside Bank.
5. Freedom Powersports Huntsville, Texas
“One of the best stories that we have had where the lender has gone the extra mile would be just a couple of months back,” said Louis Yarborough, the dealership’s F&I manager. “We had consumer with a 580 Fico score … whose [credit report] was not bad, considering — if you looked at it. When we sent [that consumer’s information] over to American Honda Finance, they said ‘no’ … at first. We called and they listened,” he said. When the dealership asked AHFC to take a second look, the captive did. In the end, the deal was approved.”
Freedom Powersports Huntsville’s lender partners (including marine) are: American Honda Finance, Citi Retail Services (for BRP, Honda, and Kawasaki revolving credit programs), Performance Finance, First Community Bank, Acceptance Loan Co., Roadrunner Financial, BMW Bank of North America, Sheffield, Westlake Financial Services, MotoLease, Yamaha Motor Finance and Yamaha Credit Card, Synchrony, MB Financial, Marine One, Home Loan Investment Bank, ThunderRoad Financial, Family Security Credit Union, Mariner Finance, LendMark Finance, and Springleaf Finance.
6. Freedom Powersports Decatur, Texas
Yamaha Motor Finance, Model Finance, and Marine One are lenders that “reach out to us and ask questions to try and get customers approved, or to see why approved applications haven’t been contracted so they can help,” said Jake Robison, the dealership’s general sales manager. “Not only does that type of communication help save deals from time to time, but we also develop personal relationships that aid in getting future approvals and/or funding delays handled in a timely manner.”
Freedom Powersports Decatur’s lender partners (including marine) are: Synchrony, Citi Retail Services, Roadrunner Financial, Sheffield, Westlake Financial Services, MotoLease, Yamaha Motor Finance, MB Financial, Marine One Acceptance Corp., ThunderRoad Financial, and Snap Finance.