Credit policy enhancements top August’s priority list

A new buying strategy. More consistent pricing for prime deals. Improved pricing across the full credit spectrum for equity deals. And pricing enhancements for joint applicants with significantly differing bureaus.

These are the highlights of what dealers have been seeing since the Chrysler Capital Best Program rolled out last month.

Another item of note regarding the Chrysler Capital Best Program include improved tier distribution. The pricing improvements have rebalanced tier five callbacks, moving many of these approvals up to tiers three and four. Tier three callbacks have more than doubled while tier four is seeing nearly four times as many approvals. Tier one has also seen substantial growth, showing a 21 percent increase in approvals.

For more details, and some specific examples of how the Chrysler Capital Best Program is delivering more market-competitive callbacks, click here.

In addition to the new credit policy enhancements, an update was made to the discount (dealer fee) field. The fee is now listed as a percentage of the total amount financed versus a dollar amount.

August resulted in nearly 100 more dealers joining the Chrysler Capital online application program. With over 12,200 online applications and an approval rate of 74.11%, the program is proving to be a successful tool for those enrolled.

Finally, the Digital Media Team has posted new videos. Watch as Hayden Elder talks about the relationship his dealership has with Chrysler Capital, specifically Floorplanning. And our Chrysler Capital Consulting team has been hard at work. Check out the additions to their video training series as well.

Until next month, happy selling!