Help grow your customer base with one simple message: “I can save you $50 a month on your car note!”

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Nothing motivates people to take immediate action like a well done refinance program. These programs help identify opportunities to cross-sell a more favorable auto loan with a lower monthly payment. While refinance programs aren’t new, there are new data-driven strategies for driving successful campaigns that help move the needle in terms of profitability and customer [Read More…]

Make your customers—and dealers—an offer they can’t refuse

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Why preferred dealer programs are a win-win for everyone Auto dealers must optimize their mass marketing dollars across multiple channels including TV, newspaper and radio. However, as a lender you have the opportunity to send dealers a gold mine of prequalified, interested vehicle prospects, often for a fraction of the cost of other marketing programs, [Read More…]

Compliance webinar – poll suggests more growth for auto loan securitization

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The automotive lending community seems to be leaning towards a bullish view on continued growth in securitization of auto loans. That was the indication we got from attendees at a recent webinar on the changing regulatory environment for lenders and dealerships. The audience of over 150 managers, underwriters, loan officers, compliance managers and others in the automotive [Read More…]

Demystifying compliance issues in automotive dealing & lending and the impact of the CFPB

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Webinar: Demystifying compliance issues in automotive lending & dealing and the impact of the CFPB Date: Tuesday, April 7, 2015 Time: 2:00 PM ET During the webinar, attendees will learn about key compliance concerns for automotive dealers and lenders from a former examiner with the Federal Reserve Bank of Atlanta, including the increasing reach and influence [Read More…]

Update Your Scorecard to Win

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Tax season is sending loan volumes soaring, making right now the ideal time to freshen up your scorecards. It’s a smart, cost-effective way to better maximize every opportunity that walks through the door enabling you to win more customers without taking on more risk. So, where do you start? Here are a few ideas to [Read More…]

Equifax Releases its Latest Economic Trends Commentary Around Subprime Auto Loans

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On February 18, 2015, Equifax released its latest Economic Trends Commentary, “Subprime Auto Loans: A Second Chance at Economic Opportunity,” which examines two groups of consumers with deep subprime credit scores (Equifax Risk ScoreSM below 550) over a three-year period: those who originated a subprime auto loan and those who did not. Equifax found that [Read More…]

 Credit Training: A Major Focus at the 2015 NABD Best Practices Conference

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Lack of available credit training is an issue affecting the buy here, pay here (BHPH) dealer community across the country, and has resulted in these dealerships not getting the full benefit of the data available on the consumer credit file. For many dealers, qualifying buyers is an uphill battle, one they don’t know if they [Read More…]

Questions are the Answer for Millennials in Auto Finance

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The next generation of car buyers is walking through showroom doors with mounds of student debt and thin credit files, making creditworthiness particularly challenging to discern. For dealers looking to better serve the swiftly growing millennial market, Equifax’s resident auto marketing expert Jenn Reid recently shared practical advice with Car Biz Today on how to help align this growing customer base with the [Read More…]

Keep Customers from Selling Themselves Short

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A common misconception in auto lending is that there’s a high propensity for customers to overstate their income. In reality, what Equifax has found is that around 25% of borrowers overstate their income while 75% actually under-report what they make. In either scenario, getting an accurate representation of employment and income data eliminates many uncertainties [Read More…]

Auto Market Revels in Record Vehicle Loan Totals: A Breakdown of the Recent National Consumer Credit Trends Report

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Auto Market Revels in Record Vehicle Loan Totals: A Breakdown of the Recent National Consumer Credit Trends Report