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Wednesday, June 20, 2012

Time to Strike It Rich With Quality Finance Leads

Tuesday, June 19, 2012

Special Financing For Bad Credit Car Loans

When we were teenagers, a car was more of a want than a need. Pre-driving-age teens imagine themselves putting around town, going fun places with friends, and making quick runs out to get a burger or to buy a loaf of bread for mom at the grocery store.

But as we get a bit older, one day we suddenly realize that owning a car is becoming less of a want and more of a need. We do not just desire a car - we actually start to require one in order to do the things we want to do. For married adults, these things might include getting back and forth to work, doing the family shopping, and shuttling the kids around. For single adults, it's work, meeting with friends, going on road trips and going out on dates.

This is all fine and well, but connecting that need with reality can be a bit tricky. In particular, qualifying for auto financing is not always as easy as we believe it should be.

Bad Credit Is The Number One Enemy Of Car Financing

If you have attempted to get a car loan but have been denied more than once, you may be interested in finding special financing for a bad credit car loan. Special financing involves getting connected with a lender who will take your situation into account, rather than just looking at your credit score or employment status when deciding whether to offer you a loan.

How To Find Special Financing For Bad Credit Car Loans

Here are 3 steps for how to find special financing for a bad credit car loan:

1. Get the facts straight: If you are relatively new to the world of auto financing, invest an hour or two of your time learning about the ins and outs. You will want to learn about how the lending process works. You are also going to want to find out your own FICO (credit) score so that you can be prepared for the type of interest rate you will be offered. Remember: no matter how low your score is, it could always be lower.

2. Connect with multiple lenders: People in a tough credit situation sometimes get so eager for an auto loan that they are inclined to take the first offer that comes their way. Be sure to resist that temptation! Remember, the lender is not doing you any favors, and if you can qualify for a loan with one lender, there are others out there who will want your business.

3. Automatically reject the first loan offer you get: Once you start getting offers for loans, make sure to automatically reject the first offer you see from each lender. Remember that they are working with a range of interest rates they can offer you. Hold out for a second, lower offer. Doing so could save you thousands over the life of the loan.

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Introduction To Special Finance

Have you had trouble sleeping lately? Been watching any "trash TV" or late night infomercials? Then, without a doubt, you've been inundated with "Bad Credit Mania". It seems like every time you turn your TV on, there's somebody telling you that, regardless of how bad your credit may be, you can get approved for a loan, with no money down, for that beautiful high line import sports car, or how about that beautiful luxury SUV. And payments that are so low, you hardly have made them. Just come on in and they'll send you home in the dream vehicle of your choice with no hassle.

If you're an automobile dealer, or manager, you wonder how people can actually believe all this nonsense. No money down financing for bad credit customers is just another fantasy. But the dealership down the street is constantly flooded with ups, while your guys stand around drinking your coffee and littering your used car lot with their cigarette butts. Meanwhile, that other dealership seems to be busy all day and night...why, they still have ups on the lot when you're getting ready to close.

If this sounds like your dealership, then you probably never heard of Special Finance. Maybe you have, but you've also heard all the horror stories that go along with it. The "skuzzy "customers, their trashed trade-ins, bad down payment checks, and all the lies they tell to try and get approved for a loan. And the banks, oh the banks you have to deal with for these people. They take forever to fund a deal, if indeed the deal gets funded at all. Seems like the only guy to make any money on these deals is your "repo-man," if he can find these people and get your car back! Why would anyone in their right mind want to subject themselves to this kind of aggravation?

But what if I could show you that, by ignoring these customers, you effectively eliminate up to half the customers within a 30 mile radius of your dealership. Imagine that over 50% of the people living around your dealership suddenly pack up and move overnight. Would you even have built it there in the first place? Probably not, but since you're already there, why would you even think of excluding these folks from your dealership? Contrary to what you might think, this aspect of the business can be both profitable and clean, and these customers prove themselves time and again to be some of your most loyal customers ever. They regard you and your dealership as a friend who helped them out during some tough times, and will refer friends and family with great vigor, especially those in the same circumstances. They will service their vehicles at your service department, and will take advantage of your body shop if you have one. They will come back time and again and will continue to do business with your dealership for as long as you'll let them. They are without doubt the best word of mouth advertising you can get!

So, who is your store in the grand scheme of dealerships? Do you openly embrace sub-prime customers, and make this business your main objective? Do your people run for cover when a special finance customer hits the lot, knowing that your F&I department has no interest in these customers. Do you dabble on the outskirts of special finance, doing only those deals which require little effort?

Research shows that, when it comes to Sub-prime or Special Finance (SFI), dealerships traditionally fall in to on of four categories. We like to call it "The Dealership Four Square":

The Bold Dealership is just that. He's known as the special finance king. All his advertising dollars go towards the sub prime market, and you can pretty well surmise that anyone driving one of his cars probably has a credit problem. The dealership caters to sub-prime business, and as such, good credit customers may be reluctant to go there. If a 750 beacon walks in the door, he probably made a wrong turn!

The Enthusiastic Dealership is willing to do Special Finance, but is typically not ready There is no pro-active marketing for Special Finance , thus the limited business is generated from , lot traffic," Get ME Dones" and primary F&I turn downs. The F& I Turndowns are typical when the Sales Desk has a strong deal on a vehicle and is delivered to the customer on the Sales Desk's "OK to SPOT". These deals have been shopped to every primary lender with no success. It is at this point (often two days later) that the Special Finance Manager gets the deal and is left with the task of salvaging a deal that was never handled properly from the beginning. These stores see the potential for sub-prime but can't figure out how the store down the street can deliver all their turn downs. They tend to take only the easy deals, and those that require some work usually get let out after the initial round of rejections.

The Necessary Dealership does Special Finance, but not consciously. The F&I manager knows something about sub-prime, and can get a deal approved with some effort. His pay plan typically does not compensate him sub-prime, so he pays little attention to it. His attitude regarding special finance is that these customers don't deserve a loan, but when he gets them approved, he is the BEST! This dealership is concerned with the image that Sub Prime can conjure up. This dealership is not interested in the being known as a "Sub Prime Dealer", and does not want to jeopardize his current customer relationships. This dealer is only interested in Sub prime if it could be done with only the banker knowing!

The Unwilling Dealership has no desire to be in the sub-prime business. This store is usually one of the top dealerships in the market, selling hundreds of vehicles a month. Most of his financing goes through his captive source, and they tend to buy so deep, many of what would be considered sub-prime at another store get done as primary in this store. Management's philosophy regarding sub-prime is that it's simply not worth the headaches, and the few extra deals a month do not make up for the previous nightmares that this store may have experienced.

What category does your dealership fall into?

DOES MY DEALERSHIP NEED A SPECIAL FINANCE DEPARTMENT?

You may already be in the Special Finance business and don't even know it. If your F&I department is that good, you don't hear a lot of complaining about the deal that couldn't get bought. While it's highly unlikely that your staff closes every customer that walks on your lot, odds are that you are probably selling some of these sub-prime customers to your primary sources. But we live in a world of maximums and super sizes, so why not have both on these deals?

We know that over 50% of the population surrounding your dealership has some kind of credit impairment. Why would you want to exclude that many potential buyers from your dealership? Even if you're a mega-dealer doing hundreds of units a month, wouldn't it be nice to have another 25 to 50 sales on top of what your already doing? Keep in mind that we're not talking about abandoning the business you already have, but expanding it.

Remember, special finance customers aren't just the ones who sit home and watch Jerry Springer all day, trying to figure out where they can cash their next welfare or unemployment check. They may be doctors or lawyers or any other professional who have just had a bit of bad luck. As the saying goes, "Bad things happen to good people." These customers want to do business with a professional, not some fly-by-night operation they pass along the way. Additionally, these customers will provide additional business for your parts, service and body shop. And the referral business they can bring could be well worth it within the long run.

Remember, when everyone else is saying how bad business is, the quality of the customers coming into your dealership hasn't changed, it's the circumstances these people face that is different

1.The subprime mortgage crisis effects the your subprime customers the most!. Many of them are "victims" of these subprime mortgage loans and are unsure of what their mortgage payment will be when their rate goes up!
2.These same people that were banking on the equity in their home continuing to rise and many took out equity lines or second mortgages and now don't have the equity left to support these loans.
3.The housing market is down, and many of the people who work in it are feeling the pain. The construction worker, carpenter, framer, electrician, plumber, etc. all were riding high when the new housing market was in full swing. Now, many of them, if they are still employed, have gone from 70-80 hour weeks making big overtime to 40 or less hours a week with no overtime. Income is way off, so many of them don't have down payments available.

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Monday, June 18, 2012

Credit Counseling In Special Finance

One of the most important roles a special finance manager can have is that of "Credit Counselor'. Most of the time, we talk about counseling your "no sales" or turndowns, in an effort to hold on to them and possibly sell them a vehicle later on, after they have "refreshed" their credit. A proactive approach to this concept is taking on the role of credit counselor in order to sell these customers a vehicle now, during the sales presentation. Doing so will help you control the process, keeping the customer focused on the "credit decision" and away from the "product decision" until you are ready to do so. Taking a credit counselor demeanor with these customers will also help set and keep their expectation reasonable.

While bad credit may be obvious to someone who looks at credit reports all day, many times a customer may not realize what their credit issues may be. Credit counseling is an effective way to maintain control of the special finance sales process. If the process is done correctly, an applicant's expectations will be kept at a reasonable level.

So first of all, what exactly is bad credit? Numerous types of credit report problems are considered a sign of bad credit and could cause a lender to reject an application for a loan. Such problems include: missing a credit card payment, defaulting on a prior loan, filing for bankruptcy in the past seven years, or not paying taxes. Other black marks on a credit report include a judgment filed (perhaps for non-payment of spousal or child support) or any collection activity. To many special finance customers, these may be regular occurrences which they do not consider to be bad credit.

The credit counseling process begins with the customer interview. The credit application should be reviewed during the customer interview. Take the time to find out if there are any potential pitfalls. Look for gaps in residence or employment. Find out the particulars regarding the customer's living arrangements. Do they rent or own; is the monthly expense split with anyone else? Is the income correctly stated and is it verifiable. This process starts the conversation in a non-confrontational manner. Not only do you get to know your customer better, but this process gets customers talking freely about themselves.

Once the application has been fully reviewed, it's time to move onto the credit report. Remember the objective here is to keep the customer focused on the "credit decision" and away from a "product decision". Take the time to explore their credit file to see if there is an explanation for any issues which may present themselves.

All too often, reviewing a credit report with a customer consisted of simply marking all derogatory information with a big, red magic marker. Raise all the red flags possible and beat the customer into submission. Public humiliation was supposed to get customers to acknowledge their bad credit, and make them accept that fact. All this is the name of big profits!

Effective credit counseling involves getting a customer to acknowledge their credit issues without the humiliation. Review the complete credit report, mentioning not only the derogatory information but the positive accounts as well. Look for a positive credit reference which can be used to build a case to present to a lender. A previous auto loan paid reasonably well, or even an auto loan that was paid well for long period of time before it was repossessed can be used as a positive reference. Look for patterns of good credit that may have preceded their current credit problems.

Ask your customer if there was something that happened to them that led up to their credit problems. A catastrophic event, such as a major illness, an employer closing or going out of business, a military call-up, or any number of personal tragedies can lead to credit issues. Now is the time for your customers to tell you their story, so you can relay it to your lenders. Review each line on the credit report with the customer. Ask for explanations and make notations where appropriate.

This may take a little longer than you're used to but it helps set the stage for reasonable expectations from your customer. It also shows them how much work you've got ahead of you to get a loan approved for them.

Take some time to explain the process. After the credit review, explain how a lender determines whether to approve an application. Review the S.A.W. principle most lenders use to consider an applicant. - Stability, Ability and Willingness to Pay. Remember that many "D" tier lenders look at more than just the credit score of an applicant, and in many cases, these lenders do not consider the FICO score of an applicant in their approval process. Marginal lenders look at the total applicant picture to determine if the will approve a deal. An applicant with a stable employment and residence history and a decent income stands a better chance of getting approved for a loan, even with a spotty credit bureau, because the lender knows they will be able to collect the payments, even if they are a little late each month!

Explain "debt to income" and "payment to income" ratios to your customers and how lenders use them to determine what vehicles they will qualify for. Many customers want much more vehicle than they can qualify for, their logic being "I can afford to pay that much". Explain how lenders, using all the data available form the vast number of loans they make, have determined which loans are most likely to be repaid and base their decisions using this date. They know that any payment which is more than 20% of an applicant's income has a much more likelihood of leading to a default and repossession. Lenders want to collect payments, and structure their approvals based on the data they have. This is especially true if a customer has had a history of slow or late payments on their previous auto loan. The lender figures "if they couldn't make that payment without some problems, I want my payment to be lower than that!" Explain that excessive monthly obligations eat up a substantial portion of their income, and most lenders will only consider applicants with less than 50% of the income being used to pay their monthly bills, including rent. This is especially true with a customer that already has an open auto loan and was not planning on trading it in. In either case, explain that the lender typically will ask for a co-signer, but you will submit the application and see what they say. Place the decision in your lenders hand, and let your customer bear the burden of meeting the lender's requirement for approval.

Take a few minutes to explain how equity can help an approval along. Lenders like to loan less than the book or wholesale value of a vehicle to marginal customers. Sometimes a large down payment can convince a lender that an applicant will make the payments, since they have a stake in the loan. Remind your customers that, while many lenders may consider a loan with no down payment, they typically like to see the taxes, tags and fees paid upfront by the customer. Many customers, who say they don't have any money available for a down payment, will have cash set aside to pay these fees. They do not view these as down payment, so make sure to ask how they plan to pay the taxes, tags and fees for the vehicle they are trying to buy.

Many customers will go from dealer to dealer trying to get a loan. Often times, they apply to multiple web sites touting easy credit approvals for bad credit customers in the hopes that someone will approve a loan for them, or give a better approval than they may already have gotten elsewhere. As a credit counselor, explain that, for the most part, dealers work with all the same lenders. While there may be one or two new lenders out in the market, you know and work with virtually all available lenders. Explain that the call back from these lenders is based on the information provided, and as such, will not vary from dealer to dealer. As a matter of fact, explain to them that multiple applications can lead a lender to turndown an application due to "excessive inquiries", which may cause a lender to think that the customer is trying to buy multiple vehicles at different dealers.

Setting customer's expectations to reality is sometimes the hardest part of the counseling function. Explain to a customer that lenders aren't in it just to help a dealership sell a car, but to insure that they can collect on the loan. Giving a customer a loan that a lender thinks the customer can't afford does no one any good. Lenders don't want to make a loan today only to repossess the vehicle tomorrow; they make their money only if they can collect the payments. Explain that, in order to help rebuild their credit; customers with credit issues must "crawl before they walk". This is all part of the process of rebuilding their credit. There has to be a strong foundation to build on; no one builds a house from the roof down!

Lenders realize that credit challenges usually result in setbacks for these customers. Your job is to help them overcome these setbacks. This is typically the beginning of the process to rebuild their credit. They have to start out with a vehicle that not only will fit their budget, but provide reliable transportation while they rebuild their payment history. Once favorable payment history is on their credit bureau, they can move up to a better vehicle with more favorable terms.

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Where To Look For Special Finance Leads

The economic slump witnessed around the world in the last few years has impacted almost every business. However, the impact has been severe on the lending industry as there prospective clients have experienced a fall in their credit rating due to layoffs, pay cuts, repossession, defaults and/or bankruptcies. But this also enhanced their prospects in the special financing department as now they can cash in on special finance leads.

However, the only problem in this case is where to look for special auto finance leads. Although television and newspaper advertisements are popular, the return on investment expected from them is much low. Internet is being used by almost all dealers and lenders to look for general leads and can also be used for auto finance leads. Many lead generation portals give out these leads more as many special loan borrowers have started giving their information to the portals. Another way to gather more leads is to put up special offers for bad credit borrowers on the website or put advertisements around bad credit loan information providers.

Many bad credit borrowers check a lot of articles before making the choice of loan and other terms. Including the advertisement around those articles would improve the number of special auto finance leads received by the dealership. One of the cheapest ways to acquire a special finance auto lead is to contact other dealerships or lenders which have bought general leads over the internet. If any of those consumers had imperfect credit, then it would be easier to provide them with the finances. Moreover, they might even contact the dealership for the car which acts as a positive point for them too.

Robert Worley has been entrenched in the auto leads industry for numerous years and writes articles to help auto dealers across the U.S. understand the upsides of special finance leads or auto sales leads. To read more about Robert and his other articles or if you would like to start receiving special finance leads or automotive leads, just visit his website:

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