Gan Chev launches subprime lending service

It’s not uncommon to see a sign outside of a car dealer claiming something along the lines of “No Credit? No problem!” or “Bank says no? We say yes!” The owners of Gananoque Chevrolet Buick GMC Cadillac are looking to appeal to those same car buyers — the ones that might not easily qualify for a loan — but with a more honest approach to buying a car with less-than-ideal credit.

“We will not be advertising a guaranteed solution,” said Mike Kellam, operations manager of Gan Chev and their newest venture, “We will give them the best possible solution for their situation. To us, that means managing expectations a bit — you may not be able to get your dream car because of a credit issue, but that doesn’t mean you can’t drive a reliable, nice car that you can be proud of.  You will still get benefits to your credit, and in a couple of years you might be in a position to get the car you really want.”

This honest, transparent approach is the crux of the new business.

“We make sure that we do things the right way, erring on the side of honesty and transparency,” said Kellam. “Our hope is to really fit into your long-term plans and be a benefit to your life, instead of a burden.”

One of the best parts of the new business is that they’ll be working with the big Canadian banks, which Kellam said will help customers see the most benefit to their credit score, as opposed to using a credit card or dealing with a private lender.

“It’s a fixed payment, paid over a longer period of time than some other types of loans. A credit card can be paid off and done with. With a car, it’s usually a longer-term commitment,” he said.

Kellam hopes to change the way customers will be shopping for cars. 

“Our plan is for a more consultative approach. Often, customers walk on to a lot, drive a car, then end up dejected when they can’t buy that car they’ve just fallen in love with. So we want to have the financing conversation first, figure out what works best for their needs, then try to work them into that vehicle,” he explained. “We want to start our customers off by meeting with a business manager first instead of a sales rep. When a dealer gets someone excited about a vehicle that they can’t buy, that will deteriorate trust right away. Even if we don’t sell a car, but we can help someone to be educated so they can improve their situation, that to me is a better deal. ”

And it’s not just customers with poor credit or income challenges that Kellam and his team are looking forward to serving in the area.

“We want a chance to show people how they might be able to afford a new car instead of a used car,” he said. “Sometimes, we see people who buy a one-year-old vehicle from a used car lot, and they maybe didn’t realize that they could have had a new car at a better interest rate for the same payment. We’re happy to tell people ‘this is not in your best interest’ when necessary.”

Kellam also emphasized the advantage of drawing on Gan Chev’s existing business in providing further value to car shoppers.

“At Gan Chev, we have a very well-established service department, along with everything you can get from the dealership itself — accessories, upgrades, warranties,” Kellam expressed. “Those kinds of things are another advance we have over a typical used car lot. We also offer delivery and pick-up for service appointments: We’ll come get your car, or you can bring it to us and take a loaner for the day. Whatever needs to be done to get your vehicle serviced when it needs it.” officially launched today, and prospective vehicle buyers can start their journey there, or visit Kellam and his team at 439 King Streer East in Gananoque.

This article is advertorial content.

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