Subprime Credit Finance
Not only did overall scores take a plunge, but the number of providers who were rated as above-average dropped from six last year to only four. The level of dealer satisfaction is clearly down, no doubt driven by the inability to get deals financed in a tightened credit environment. Even though scores were lower, several companies were able to improve their overall standings nonetheless.
After debuting in this category with a Gold Award win last year, Chase Bank pulled ahead of the pack to claim the Diamond Award. “Chase Auto Finance believes it’s important to provide a full range of credit services to dealers … but challenging times may have put more of a spotlight on our subprime lending,” commented Mary Kay Bean, spokeswoman for Chase Auto Finance. “It’s truly an honor any time Chase receives recognition from our dealer clients.”
After several above-average finishes, Capital One finally claimed a place in the top three with the Platinum Award. Only half a point behind was Regional Acceptance Corporation with the Gold Award. The only other company to receive above-average scores was the now combined Wells Fargo/Wachovia, who dropped to fourth place from last year’s Diamond finish.
Vol. 6, Issue 4