With subprime financing or secondary financing, St. Albert Dodge deals with it a little bit differently. At the end of the day, statistically 25% of the market itself is subprime, so one out of four people walking into our dealership right now have credit challenges.
Not a lot of people know getting a brand new car loan is one of the best and easiest ways to rebuild and re-establish credit. If you’re on the higher scale, percentage-wise of a loan will get you something. They keep you in it for 12 months that way there’s minimum depreciation, bring you back, and at that point, the banks do have what we call the loyalty program.
So make all of your payments on time, and the banks will usually lower the interest rate in half. You can also take advantage of our Chrysler programs; we do get subvented rates through the dealer. It is helping people like I said, build, reestablish that credit, open up their credit. Now they’re able to qualify for Visa cards, and take that credit from being damaged to A++ credit within two or three years which is great!