Why Lenders Should Leverage Alternative Data to Assess Credit Risk

Every lender has been in the situation. A new customer with a limited credit history wants a good rate on a first-time auto loan. The numbers are lacking, but the instinct gnaws. Take the risk? Make the deal? In these situations, consider evaluating alternative data to assess credit risk. According to an Experian study fielded […]

Preparing for a Subscription Economy

Rapid changes are taking place in the way people buy things. The U.S. is moving toward a subscription-based economy, driving companies to focus less on individual sales, and more on gaining recurring customers. This trend is seen across industries, in companies like Netflix, Blue Apron, Spotify, Amazon, and now BMW, Mercedes, and Audi. But, how […]

Reduce Risk by Counseling Consumers

Everyone has been in the consumer’s shoes when shopping for a vehicle. And, Everyone has experienced the excitement and relief that comes with knowing that the first loan payment is often not due for 90 days. But, lenders probably make it a priority to begin paying down the auto loan as soon as possible, i.e., […]

Communicating the Value of Refinancing

Once a consumer is locked into a car loan, it’s easy for them to habitually make the monthly payments without further consideration. But sometimes, it pays to hit pause and consider the potential benefits of refinancing an auto loan, for both lender and consumer. The key point is to evaluate and educate. The Fed has […]

How Lenders Should Respond to the Fed’s Rate Hikes

At the end of September, the Federal Reserve made good on its promise to increase interest rates by 0.25 basis points. According to Chairman Jerome H. Powell, the American economy is experiencing “a particularly bright moment.” The Fed stated that the decision to raise rates between 2% and 2.25% was not intended to get in […]

New Research Reveals Consumers Prefer Traditional Payment Options

It’s an exciting time for innovation in the payments industry, with new artificial intelligence (AI) and mobile technologies and tools emerging every day to make the bill pay process faster, easier and more convenient for consumers. However, according to Speedpay® Pulse, a consumer billing and payments trends survey of 3,000 U.S. adults responsible for two […]

Technology’s Impact on the Human Element in Auto Lending

Chatbots. Artificial intelligence. Voice prompts. Phone trees. Digital avatars. Truly, technology is advancing at a rapid pace, especially in the retail automotive lending space. One example is the use of automatic approvals to increase loan volume in the dealership. Will technology sound the death knoll to human interaction in the lending office? Or, will it […]

5 Ways Lenders Should Prepare for Transition Into 2019

It’s the beginning of October and auto dealers are doing the old car/new car shuffle. Current models are moved out of the indoor spotlight and pushed to the part of the lot where they are “priced to sell.” Showy 2019 models are off-loaded from haulers and placed under those coveted spotlights. 2018 inventory exposure is […]
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