Archive for the ‘Q and A’ Category

FAQs for tax-time funding with Santander Auto Finance

Is there a question that keeps popping up? Let Santander Auto Finance (SAF) provide some answers to help keep your deals on track. Here are answers to some frequently asked questions we receive during the busy tax season.

Dealer Question: What forms of Proof of Income (POI) are accepted during tax season?

SAF Answer: SAF will accept W2s and 1099s as POI until March 31, 2015.

Dealer Question: Sometimes during tax season, there is no stip for POI on my callback. When is POI waived?

SAF Answer: Many times during tax season, a customer will come into the dealership with a large amount of cash from a tax refund.  If the customer can provide a cash down payment of 30 percent or more, SAF can waive POI. Other times, a customer’s credit score will dictate whether or not his or her POI will be waived. Check with your buyer if you have any questions about your stips.

Dealer Question: What other forms of down payments will SAF accept during tax season?

SAF Answer: If your callback requires Proof of Down (POD), SAF will take copies of the following tax items to fill that stip:

  • Tax refund check
  • Tax loan check
  • Tax refund debit card
  • State-licensed tax preparer’s debit card/prepaid credit card

Dealer Question: Say I want to add a backend product to my deal. What is the best way to make changes to my deal structure?

SAF Answer: When adding a backend product or switching vehicles, make sure you get the change approved before sending the deal into funding. Your ASM or buyer can help you. You also can visit the Dealer Extranet and take advantage of our Rehash Tool to make real-time adjustments to your deal. Always remember to send your final approval into funding.

Finding solutions to help our dealers is the goal at SAF. Should you have any other questions, don’t hesitate to contact your ASM or your buyer.

Buyer Spotlight: Santander's Jordan Cook

Santander Consumer USA

It’s a team effort between the sales team and buyers at Santander Consumer USA. We work together to make sure our dealers get the most out of every deal. Meet team member Jordan Cook. When it comes to buying deals, no one does it quite like Jordan.

Hometown: Dallas, TX

Tenure at Santander: Five years servicing the East Coast, from Maine to Florida

Siblings: Two younger brothers, Garrett and Logan. Garrett is a senior at Ole Miss, and Logan is a freshman at the University of Colorado

Favorite Food: Anything Tex-Mex

Favorite Movie: Groundhog Day starring Bill Murray. Groundhog Day starring Bill Murray. Groundhog Day starring Bill Murray.

What is on his playlist: “Talk radio, does that count as music? I do enjoy classic rock on occasion.”

Bucket List Vacation: Southeast Asia, Thailand and Cambodia

Favorite Pastime: Besides buying car deals, I’d say playing golf or softball

Work/Life Philosophy: “It’s great to be dedicated to your job, but I try to get outside for exercise and fresh air as often as possible.”

– LaQuenda Jackson

 

 

Ask the ASM-Phone Bill Verifications

Ask the ASM Featuring Merica Profit

Need to overcome an obstacle to close the deal? Ask your ASM. The Area Sales Managers with Santander Consumer USA are knowledgeable and able to help you handle issues that come up with an application. Today’s question is how to complete a deal without a phone bill from your customer. Santander ASM Merica Profit has some helpful tips.

 

 

Full Script Below:

Hi, I’m Merica Profit, Area Sales Manager with Santander Consumer USA, here with a helpful hint about phone verifications.
With e-billing and online statements, many times our customers won’t have the physical phone bill needed to fund their loan. 
Santander has a solution.
While a phone bill in the customer’s name would speed up the funding process, our funding specialists can also perform phone verifications by calling the numbers given on the customer’s credit application. 
In addition, Santander can conduct the required customer interview, verifying two items with one easy call.
Just make sure to get the right numbers, and we’ll do the rest!
Don’t let small questions keep you from making the sale. 
Ask your ASM! Get the answers you need to close the deal!

Greenlight Remarketing sits down with Ken Osborn of Adesa Inc.

With the focus on auction returns more acute as we start the New Year, GreenLight Remarketing sat down with Ken Osborn, the general manager of ADESA Dallas, to discuss his auction business and trends to watch in 2009.

greenlight remarketing: How long has ADESA Dallas been around and what is your niche market?

ken osborn: ADESA Dallas opened in the mid ‘80s as a part of Gulf States Toyota. Our market is defined by the client mix. On the OEM side we have Toyota, Honda and BMW. We have the largest bank/finance clientele in the Dallas wholesale market.

glr: What trends do you see in the auction area that dealers should be aware of?

ko: Certification programs on vehicles being sold are a much larger part of the wholesale auction market. It is important for dealers to be aware of guarantees and inspections being performed by the institutional seller. Arbitration policies and interpretations are becoming more and more universal with the implementation of National Auto Auction Association guidelines across the country. Although the NAAA guidelines are not 100 percent in force with every client at every auction, the trend is certainly moving that way. The availability of condition reports via a variety of methodologies on the Internet is helping dealers preview purchases before coming onsite, thereby saving time.

glr: How does ADESA Dallas add value to the dealer’s business in today’s economy?

ko: Because we offer a large number mid-priced vehicles (a result of our clientele mix), the dealers find a good population of retail desirable vehicles at ADESA Dallas. In today’s economic environment that is essential to success in used-car retail. This auction is an ADESA leader in the post-sale inspection process. This after-sale inspection process can provide a dealer with a greater sense of comfort on his/her purchases. Surprisingly, many dealers who purchase “as-is” units also use the post-sale inspection service to ascertain the total condition of their buys.

glr: What can dealers do to get the most out of their auction experience?

ko: Prepare. That’s number one for going to the auction. Hit the Web site. Study the runlists. Look at your recent retail units and determine what the dealer needs to sell again. Review the dealership’s current inventory and determine which units should be sent to the auction and refreshed with a different vehicle. ADESA takes the view that we are the “stock exchange”— literally. Sell what you don’t want or need. Buy what you do need.

glr: What attracts dealers to buy autos from Drive?

ko: Dealers have several basic needs:

  • A good variety in the mix (trucks, cars, SUVs)
  • Consistent representation on the auction block
  • Consistent certification processes
  • Consistent arbitration policy interpretation

All of these needs translate into a consistent expectation of buying success for the dealer. Today’s dealer will find the lane that meets those needs regularly and seldom ventures away. The Drive remarketing program is tailored to those needs.