The special finance industry has been around now for nearly a quarter century. No, I am not talking about the buy here pay here business, but the business of subprime indirect retail installment contracts originated by auto dealers and assigned to unrelated auto finance companies such as Capital One, Chase Custom and the like. I
Dealers Who Expand Their Marketing Without a Solid Foundation in Special Finance Will be Disappointed Dealers are always asking what type of marketing and advertising they should be doing to drive special finance customers to their websites or through their doors. It’s a marketing paradox question. In response, I always ask the same question: “How
Do you really need to spend money on Subprime Training? How hard can it be, right? With over 30,000 dealers nationwide offering indirect financing, you would think a major portion of those dealers would have a solid grip on subprime. However, the truth is, only about ten percent are really succeeding in Subprime. So how
Underperformance Need Not Be the Norm One of the things that befuddles me about the Consumer Financial Protection Bureau (CFPB) is the agency’s narrow focus on interest rates and finance terms. If they want to ensure the fair and equal treatment of all customers, they should ask themselves why the same car buyer can be
Customer Satisfaction Begins with Empathy and Respect Bear with me while I rant. The personal experience I am going to relate will absolutely tie back to understanding the challenges of getting deals bought in special finance. As many of you know, I live in Sarasota, Fla., one of the epicenters of the 2006 housing collapse.