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

A Week of Innovation and Leadership in the Used-Vehicle Industry

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The Equifax team is gearing up as the countdown begins to Used Car Week at Red Rock Casino, Resort & Spa in Las Vegas, Nevada November 10-14. This week-long event hosts four outstanding conferences in one: CPO: The Pre-Owned Conference – Nov. 10 & 11 SP: The SubPrime Forum – Nov. 10-12 Re3: Recovery, Repossession, [Read More…]

Beyond Credit Scores in Subprime Auto Loans

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We’re gearing up for Used Car Week in Las Vegas Nov. 10-14 and all things subprime vehicle lending. Even with more stringent and strict regulatory enforcement by the Consumer Financial Protection Bureau, subprime auto loans account for about 32% of approved originations. As the subprime vehicle market continues to grow, “trust but verify” is good [Read More…]

Tips for Auto Dealers Working with First-Time Buyers

Best Practices in Auto Lending for Thin/No-File Millennial Customers

Thin-file/no-file millennials can be a difficult demographic to appeal to. Here are some best practices for lending to this important population.