Beautiful South Martin 24 Posted June 7, 2019 Been using Close Bros for quite a few years now, happy with the service, payout speed etc but I was wondering if I'm getting the best commission rates out there, which lets be honest it is the main reason why we offer finance. Currently Im offering 5.5% Flat as a base rate, maximum I can charge, anything less and commission drops. Example of deal going out this weekend, customer has borrowed £4500 over 48 months and my commission is £350. Is this about right or anyone who would give more commission on that deal? + they have a £350 doc fee built into it spread over the term. I don't have any stocking loans with them either so no ties......Any pointers would be appreciated. Share this post Link to post Share on other sites
MarkTVS 209 Posted June 7, 2019 Blue give much better commission and it’s paid instantly. Always handy to have a few. We use close, blue and evolution Share this post Link to post Share on other sites
EPV 631 Posted June 7, 2019 6 minutes ago, MarkTVS said: Blue give much better commission and it’s paid instantly. Always handy to have a few. We use close, blue and evolution This. Also you can sell Blue out much higher. I sold a 12500 advance out at 8.99 the other day. Share this post Link to post Share on other sites
Del Boy 76 Posted June 7, 2019 4 minutes ago, EPV said: This. Also you can sell Blue out much higher. I sold a 12500 advance out at 8.99 the other day. Your customer would’ve been better off borrowing the money from Wonga! Lol Share this post Link to post Share on other sites
Autolink100 34 Posted June 7, 2019 39 minutes ago, MarkTVS said: Blue give much better commission and it’s paid instantly. Always handy to have a few. We use close, blue and evolution If ever there was a thread that belonged in the private members section, this might be it! Share this post Link to post Share on other sites
James01 21 Posted June 7, 2019 53 minutes ago, EPV said: This. Also you can sell Blue out much higher. I sold a 12500 advance out at 8.99 the other day. Fair enough if the customer had an average to poor credit and that was the only rate you could get them on with. If they were good and the rate was bumped up to this it’s a bit of a liberty if you ask me. Share this post Link to post Share on other sites
Zest 7 Posted June 7, 2019 1 hour ago, Autolink100 said: If ever there was a thread that belonged in the private members section, this might be it! ^ This! Share this post Link to post Share on other sites
Row 71 Posted June 7, 2019 3 hours ago, Autolink100 said: If ever there was a thread that belonged in the private members section, this might be it! I'm sure contributors forget that this an open forum section. Share this post Link to post Share on other sites
trade vet 704 Posted June 7, 2019 9 hours ago, EPV said: This. Also you can sell Blue out much higher. I sold a 12500 advance out at 8.99 the other day. Be carefull,If that was ‘prime’ the chances are it could be settled early. Share this post Link to post Share on other sites
EPV 631 Posted June 7, 2019 9 hours ago, James01 said: Fair enough if the customer had an average to poor credit and that was the only rate you could get them on with. If they were good and the rate was bumped up to this it’s a bit of a liberty if you ask me. I wasn’t. 31 minutes ago, trade vet said: Be carefull,If that was ‘prime’ the chances are it could be settled early. It wasn’t. I was just pointing out Close Bros downside. They cap me at 6%, the OP at 5.5%. You’re either a yes or a no with Close. Blue have tiers and offer accordingly. It’s a much better system than Close. I admit my earlier post looked “braggy” but that wasn’t the point I was trying to make. I prop and the lender offer. I don’t bump up rates. Share this post Link to post Share on other sites
David Ayers 171 Posted June 7, 2019 Check out The Car Shop rates “Excellent” credit rating 8.53% Fixed “Very Good” credit rating 13.06% Fixed Share this post Link to post Share on other sites
trade vet 704 Posted June 7, 2019 1 hour ago, EPV said: I wasn’t. It wasn’t. I was just pointing out Close Bros downside. They cap me at 6%, the OP at 5.5%. You’re either a yes or a no with Close. Blue have tiers and offer accordingly. It’s a much better system than Close. I admit my earlier post looked “braggy” but that wasn’t the point I was trying to make. I prop and the lender offer. I don’t bump up rates. OK James,I have had instances where you do good finance deals with good commission and then the personal loan dept of the finance company hijack the deal.They would tell your punter that they can do a home improvement loan at a low rate which would include their car loan so they are quids in.Then all your commission gets clawed back ! Share this post Link to post Share on other sites
EPV 631 Posted June 7, 2019 10 minutes ago, trade vet said: OK James,I have had instances where you do good finance deals with good commission and then the personal loan dept of the finance company hijack the deal.They would tell your punter that they can do a home improvement loan at a low rate which would include their car loan so they are quids in.Then all your commission gets clawed back ! Yep, i’m aware of the clawback risk. Nothing that can be done. The comms are nice but I haven’t exactly retired to the Bahamas on it. If it gets clawed back, ce la vie. Nobody will starve. 19 minutes ago, David Ayers said: Check out The Car Shop rates “Excellent” credit rating 8.53% Fixed “Very Good” credit rating 13.06% Fixed They probably rely on people thinking that’s APR! Share this post Link to post Share on other sites
Rory RSC 596 Posted June 7, 2019 I do a lot at lower rate to avoid clawbacks where its just not worth them changing on the lumpy stuff. This is actually one thread I would love to see what TV has earned back in the day as I reckon there was some serious money in finance back in the day from what I hear with salesmen literally going to the bahamas on the finance company incentives. Share this post Link to post Share on other sites
trade vet 704 Posted June 7, 2019 1 hour ago, Rory RSC said: I do a lot at lower rate to avoid clawbacks where its just not worth them changing on the lumpy stuff. This is actually one thread I would love to see what TV has earned back in the day as I reckon there was some serious money in finance back in the day from what I hear with salesmen literally going to the bahamas on the finance company incentives. Rory,you don’t want to know ! Share this post Link to post Share on other sites
