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.

Company Award Score
Chase Bank Diamond 95.1
Capital One Platinum 92.9
Regional Acceptance Gold 92.4
Wells Fargo 92.1
Group Average 90.9

Vol. 6, Issue 4