Over the last two years, a tremendous number of formerly prime credit customers have been adversely affected by the shaky economic status of our country. You need not look any further than the United States’ average credit score, which is down almost 50 points from where it was only four years [...] Read more »
Risk and Reward
Credit availability for subprime customers is still low, but the well is not dry. In fact, there are signs that special finance is making a comeback, with the bankruptcy niche leading the way. Finance sources with an established history in the bankruptcy segment know the payoff is worth the risk. They know those consumers will [...] Read more »
Social Influence, Not Just For Your Sales Department: A Special Finance Perspective
In the auto industry social media can play a huge role in brand management by bringing trust, recognition, and awareness to more than just your sales department. It can also boost your service and parts business as well as highlighting specific aspects of your F&I, such as buy here pay here and special finance, the [...] Related posts:
- [VIDEO] Creating Influence On Social Networks
- If I Sold Cars Today – How Would I Do It Differently
- Social Media, BHPH and Decreasing Delinquency Rate
The Special Finance Lead – Getting Them to Show, Once and For All
“Yes, there is a difference. A BIG difference.” That’s the answer I give when I’m asked by a dealer, “Is there a difference between how you handle prime leads and special finance leads?” In a nutshell, prime customers want to tell you what to do while special finance customers want (or need) to be told [...] Read more »
Preparing For Tax Season
Unless you or your customer is getting a refund, tax time isn’t the most joyous time of year. Except for those individuals who filed for bankruptcy and now have trustees holding their money to pay off debts, the vast majority of special-finance customers have historically received tax refunds. That’s why it’s critical you prepare now [...] Read more »
Subprime Auto Lending Leaves Intensive Care
By Steve Finlay WardsAuto.com, Dec 3 ORLANDO – Not yet out of the hospital, subprime auto financing at least has left the intensive-care unit. The credit crunch that hit in 2008 hurt virtually all levels of financing. Subprime suffered the most, making it tough for people with low credit scores to get car loans. But so-called special financing “is [...] Read more »
Tax season checklist – part 2
How do you market to clients with a big tax refund burning a hole in their pockets? How do you get to them before they mentally or physically spend the money? Well, there are several approaches that work well. One is to get their attention during the filing process itself. This can be done several ways. Signing [...] Read more »
Tax season checklist for your sales department – part 1
It’s almost that time of year and no I don’t mean Christmas. I mean the time of year that helps car people all across America pay off those credit card bills they accumulate during Christmas. Tax season is upon us and it is greatly needed after the tough financial year that has been 2009. I have [...] Read more »
Better Collections Through Technology
Repossessing a vehicle is never a good thing, but technology has certainly come a long way in helping dealers do just that. The Special Finance Coach discusses how to keep customers on time with their payments, as well as how social networking sites like Facebook can help when they’re not. Contrary to popular belief, repossessing a [...] Read more »