"Unfortunately, the banking industry has lost the trust of everyone including the regulators because of all the abusive, deceptive, irresponsible actions over the last decade. The captive finance companies contributed to it as they gained power while…"
"The lack of prospects can be solved with good executives in charge of the credit unions. It only takes creativity. Everyone knows that there is plenty of pent-up demand for cars. Auto financing should be the basic bread and butter loans of a credit…"
"Perhaps consumers are becoming more alert to the fact that our government leaders are looking for continued slow economic growth and continued declining personal incomes instead of a more robust traditional rebound in order to promote social change…"
"This is just another example that the banking industry has not paid attention to what is going on in the public market - just look at the name - Consumer Financial PROTECTION Bureau. . The banks have been abusing the customer in so many ways…"
"An interesting business for a community bank. While their current loan to deposit ratio is low, this will increase it quickly and most of the loans will be sub-prime. I wonder how much skin in the portfolios they will have to keep as they try…"
"I hope the new mouse trap works. If it is to apply to payday lending, to what end is the product being developed? Just another payday loan designed to keep poor folks poor? Or is their a desire to help those elements of our society break the debt…"
"Perhaps somebody at Santander bothered to read the history of the company as it appears to be unchallenged on Wikipedia.
Or asked why you would pay anything for a company that only earned $4767 over the last 3 months?
Or were they just an asset…"
"Good post, Mike!
This looks like an automated version of the Dave Ramsey program to get people out of debt.
This is where the real rubber hits the road with regard to "Can I trust my bank?' because this could have and should have…"
"Mike, Good post.
Motivation is one big key to being a good manager.
Motivation is initially personal and can also be team depending on the physical situation. It is always nice to see a new spin on providing training and motivation…"
"Credit Unions have more time to provide "underwriting" beyond FICO on their customers. While they might not have really good underwriters, they do have the ability to understand the customer better and perhaps the employers better.…"
You get it!
Unfortunately, some big banks (Wells Fargo, US Bank, Regions) have the reverse mindset. If they know you need a product and are uneducated or are poor, they will sell you a product that is good for them but bad for you!
"Good post,Mike! And thanks for the reminder - "It's important that lenders stay on the right side of fair lending laws when making specific offers to specific individuals." Just as important is remembering to treat…"
It is my hope that 2010 ends well for you, your organization and our industry. I would like to introduce you to my company, GripFin, which provides advisory and investment services to auto portfolio originators, sellers and buyers of all sizes and credit spectrums. I would appreciate your visiting my profile and inviting me to become your friend. Thanks, Glenn Gottfried, CEO, GripFin, Inc. (gripfin.com).
I am looking for a partner to establish a nationwide skip tracing and repossession management firm. If you know any party that might be interested please forward them my information. The firm that I was V.P. of sales and marketing for averaged a $3,000,000,000 profit with only a fracture of national auto finance clients.