Special Finance Education: Funding a Deal

Properly funding deals is the most important part of a successful special finance department, and yet in a rush, it is often the most neglected part of the process. In a hurry to get the deal submitted, someone might miss a stip, something minor like a utility bill or their last pay stub. Missing these stips or any part of the deal, however, can lead to problems down the road.

On Special Finance Insider, they give an example of a problem that happens too often. The customer comes in on Tuesday, and the deal is shipped overnight, arriving on Thursday morning. The bank or finance company reviews it, and something is wrong with the stips. Tuesday’s work is out the window, and you might not know it until early next week unless the finance company gets to it right away.

Not every deal will have every single stip included when it is submitted. Sometimes a pay stub or a utility bill will get sent a day later, and many of those deals will go through with no problem. Still, no one ever succeeded in life or business by shooting for mediocrity. Always strive for better and try to submit better deals with every stip included. You will see a difference in turn-around time from the finance companies and spend more time closing new deals rather than trying to fix deals you already did.

If you are looking to move more inventory and boost foot traffic in your dealership, Special Finance Group is ready to assist you with their Complete Special Finance Solution. To learn more about what Special Finance Group can do for you, go to http://www.specialfinancegroup.com, and connect with Special Finance Group on Facebook, Twitter, and LinkedIn.

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