Volume 1, Issue 12 May 2004
“Residuals aren’t as bad as you think”
Many of you have told us that residuals on new vehicles have come down dramatically in the past few years. We at North Shore Bank agree, since 1997 residuals have declined until about 2001 where they leveled off. But…Residuals aren’t as bad as you think. Those of you who were in the automotive business in 1997 remember high residuals, but also remember low rebates. In fact a $500 or $750 rebate on a vehicle was considered something extraordinary. Although residuals have declined, rebates are at an all time high. In fact, certain manufacturers have combined rebates up to $7,000. When this is factored into a customer’s lease payment it makes the residual difference negligible.
Online Calculator has increased functionality
Our online lease calculator now has the ability to run the “2 for 2” enhancement as well as the ability to increase the acquisition fee for profit.
Here is how you can use the “2 for 2” enhancement: 1. 2. 3. Go to www.alg.com/northshore Enter year, make and model of unit. Choose applicable mileage, options, and pricing. 4. 5. 6. Click on “Rate” and choose amount of reserve. Then click on 2 for 2 next to the rate selected. This will automatically increase the rate by .0002 and increase the residual by 2%. 7. In almost every case the payment will decrease.
Business Lease Tips
As most of you are aware, North Shore Bank accepts business leases. In addition, if the owner of the business is going to personally guarantee the lease, it may be approved tier 1. The proper name and spelling of the business is critical for us to approve and fund a lease. Here is a link to a free website that will allow you to search and check the exact legal name of any business. Go to www.wdfi.org/corporations/crispix and enter in the name of the company. The exact legal name of the company will then be shown. You should use that name on the contract.
Here is how you can increase the acquisition fee: 1. 2. 3. 4. Perform steps 1-5 as above. Choose “Do Deal” on top of screen. Choose the term and applicable tax. Find the “Acquisition Fee” box and increase it up to $450.00. 5. Click anywhere on the page and the screen will refresh with the new payment.
REGIONAL ACCOUNT MANAGERS
Bruce Craker - Madison/West 608-516-5952 John Goman – Milwaukee South 414-659-1875 Dale Livingston – Fox Valley/Green Bay 920-915-1077 Patti Zander – Milwaukee North 414-640-8252
LeaseLink Manual now available
An easy to use Leaselink Manual is now available on our website at www.northshorebank.com/dealers. The user name is “auto” and the password is “lease”. You will find the link to the Manual on the right hand side of the screen. Check it out!!
North Shore Bank Lea 1
NORTH SHORE BANK EXPRESSWAY
Instant Credit Approval For New and Used Vehicles
Dealership: ______________________________________________ Customer Name(s): _______________________________________
All applicants and non-applicant spouses must have a minimum bureau score of 700(Empirica) and a
minimum 5-year credit bureau history.
Full credit reports on both spouses if the lessee is married. No co-lessees. Minimum verified income of $40,000. Bureau report must contain at least 5 trade lines with minimum of 1 vehicle lease/loan. (Qualifying
trades exclude utilities and student loans.)
Current and continuous source of income for a minimum of 5 years (verifiable upon request). Bureau report must be free of any bankruptcy, foreclosure, repossession, charge-off, unpaid collections,
unpaid tax liens, pending or unpaid lawsuits or current delinquencies.
Lease must be for personal use only. No business leases allowed. Must be Wisconsin resident and vehicle must be titled and used in Wisconsin. New vehicles: Maximum Advance is 100% of MSRP with a maximum of $40,000. Used vehicles: Maximum Advance is 100% of CRV with a maximum of $40,000 Terms available 24 – 60 months. Attach completed and signed credit application along with a copy of scored credit bureau. Waive security deposit at no cost Free deferred 1st payment and $100 discounted Acquisition fee
Please consult your North Shore Bank Lease Manual for further details on our lease program guidelines, rules and enhancements.
Any questions regarding North Shore Bank Expressway Instant Credit Approval, please contact your Regional Account Manager.
Thank you for using North Shore Bank!
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