Credit Acceptance Corp. is the lending side of our Guaranteed Credit Approval
auto loan program. They rate all of their auto dealers 1-7. 1 = Best, 7 = Worst. As of November 1, 2009 All Star Ford is rated a #1 Dealer with Credit Acceptance after being in the program for only one year.
What does this rating mean to our customers?The dealer rating means a lot, actually. A high dealer rating means our customers do not need to come up with as much down payment to buy a car. If a customer was trying to buy almost exactly the same car through two different Credit Acceptance dealers, one being a Rating 1, and the other a Rating 3, the difference in required down payment could be between $600-$1000. There are not many Credit Acceptance dealers in Washington that have a #1 rating.
How did All Star Ford receive a #1 Rating?The only way to truly improve dealer ratings with any lender is to help customers buy good vehicles with payments they can afford, and to be honest with our customers throughout the whole sale process so they actually want to make the payments. When we put together a Credit Acceptance loan, we want to make sure that all of the following are true:
1. All down payment collected at the time of sale.Some dealers will delay down payment so that they can have a larger down payment on the loan contract. If you have good credit, you are probably not going to let a large hold-check bounce because you want to protect your credit. If you are trying to rebuild your credit, delaying your down payment is just a bad idea. Your first payment with Credit Acceptance will be due in 30-days. What happens if you cannot afford to pay both the dealer, and the lender? You do not want to start out with late payments on a brand new loan.
2. Car Payment Coincides with Pay Day.Since your monthly payment is due 30-days from the contract date, and due that day every month, it makes sense that we sell you the car at a time of the month that works for your pay schedule. Credit Acceptance will not allow you to change your due date later on.
3. Automatic Payment.When possible, we always prefer to setup your Credit Acceptance loan with automatic payment. We can break your payment up weekly, bi-weekly, semi-monthly or monthly so that it comes out on a payment schedule that fits your budget. All we need is the tracking and routing numbers for your account and we can set up AutoPay before you leave with your new car.
4. The monthly car payment is affordable.If you cannot afford the payment, you are not going to make the payment. It is very important to us that your loan is affordable to you. In fact, if we do not think you will be able to afford the payments, we will not do the loan.
5. The vehicle needs to be reliable.If your car breaks down, and you have to spend a large amount of money to get it fixed, would you be able to afford the monthly payment on the car? To a lot of people, the answer is no. Credit Acceptance understands this, and their program makes it easy for you to get an extended warranty on pretty much any vehicle you buy with a Credit Acceptance loan. We spend a lot of money reconditioning used vehicles that other dealers would just put on their lot. That being said, we still cannot predict every problem, so the Credit Acceptance warranty program makes a sense to most people.
The Credit Acceptance program is designed to help you rebuild your credit. Each of the 5 steps described above are designed to help you succeed. If you are in need of an auto loan, and you know your credit is not so good, let us help.
Call our Credit Acceptance team at 360-412-4120 and let us help you buy the car you need so you can start rebuilding your credit with a bad credit auto loan.
