Tag Archives: credit

Climbing the 15 Steps to Sub Prime Success with Special Finance Group

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Yesterday morning, I was drinking my morning cup of coffee and catching up on the car news and blogs from the weekend. As I was perusing the headlines, Rick Wise’s blog “15 Steps to Sub Prime Success” caught my eye. I was curious about how Special Finance Group stacked up when compared to someone else’s standards of sub prime success.

Not surprisingly, Special Finance Group met or exceeded each of the 15 steps which we have listed below.

1. Plan for the sale: Planning for a sale means having the attitude that every contact could potentially become a customer. Special Finance Group employees from the phone representatives to the in-house special finance experts are ready to assist customers every step of the way and answer any questions that might come up.

2. Attract prospects: Special Finance Group utilizes both traditional and non-traditional ways of attracting customers. They generate their own leads through their website and through online social media outlets such as Facebook, Twitter, etc.

3. Master the telephone: Special Finance Group’s highly trained customer service phone representatives make first contact with potential customers. They set up the customer with an appointment to come into the dealership, and they generate excitement for the appointment and the prospect of getting into a vehicle.

4. Set the appointment: Setting an appointment instills a sense of urgency in the customer as well as a sense of importance and ownership. This is their appointment, and the special finance experts will be meeting with them personally. If they do not make it to their appointment, they might not be able to get into a car.

5. Master the meet & greet: From the first contact by phone through the meeting at the dealership, Special Finance Group employees are friendly and helpful. They strive to earn the customer’s trust and treat them with respect.

6. Perform a needs analysis: In the initial phone call, Special Finance Group phone representatives review the customer’s application, verify their income, and inquire if the customer is looking for any specific vehicle. This will give the phone representative an idea of what kind of car the customer is looking for, and the dealership can better meet that customer’s needs.

7. Take the statement: “The statement” means the credit application. From the beginning of the process, Special Finance Group ensures that all information submitted by potential customers is entirely accurate and that the customer brings all documentation verifying that information to their appointment at the dealership.

8. Make a credit decision: Based on the customer’s credit, the in-house special finance experts can quickly match them up with vehicles that meet their needs, fit their budget, and are also a good sale for the dealership.

9. Vehicle selection / reselection: One look at the customer testimonials is proof enough that Special Finance Group representatives do a fantastic job matching customers with dealerships so the dealership gets a sale and the customer gets the car they want.

10. Structure the deal and obtain lender approval: By scheduling customers by appointment only, the dealership is able to plan out the appointment and get the lender approval quickly without wasting the customer’s time.

11. Demonstrate the vehicle: Time and time again, customers compliment how smooth and easy the process is, and a big part of that is letting the customer check out cars while the financing is getting worked out. The customer stays engaged and gets to know the car they are getting.

12. Go over the number: Once the customer has found the car they want, the in-house special finance experts review the customer’s payment options. A customer wants to say yes to a car, not a contract. Once they know the car they are getting, they can get excited about it, and they can… (see #13)

13. Close the deal: Special Finance Group makes sure that steps #1 through 12 are in place so that we close more deals, and more happy customers drive off the lot in a new or used vehicle.

14. Contract and deliver: The in-house special finance reps are meticulous, and they make sure that everything is in place including the proper stips from the customer.

15. Ask for referrals: Our customers send us referrals all the time. We ask, and they are happy to oblige!

From the first contact up through the sale, Special Finance Group’s Complete Special Finance Solution covers all the bases and sets up dealerships for sub prime success! To learn more about the Complete Special Finance Solution, click here. You can also find Special Finance Group on Facebook and follow Special Finance Group on Twitter.

Image(s): FreeDigitalPhotos.net

Defaults Down for Auto Loans, New Yorkers

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In some good news for New York auto dealerships, loan defaults continued to drop in May down to a 1.03% default rate.

Loan defaults overall have dropped almost continuously in the past year, but auto loans in particular have hit record lows. Last month’s 1.03% rate was the lowest rate in 8 years, even as sub-prime loans were made more readily available to American consumers. Interestingly enough, the New York City area has also seen a drop in overall defaults from 1.94% in May 2011 down to 1.61% in May 2012.

These figures are very promising for car dealerships in the New York City area, especially those with a special finance department. Lenders are ready to work with car shoppers who don’t have great credit or even good credit. In return, consumers are repaying those loans and lowering the risk for car dealerships to keep working with consumers with low credit or no credit.

Is your dealership making the most of this perfect car buying climate? Special Finance Group wants to improve and supplement your dealership with our Complete Special Finance Solution which includes two in-house special finance experts, access to our fully-staffed business development center, and much more. To learn more about the Complete Special Finance Solution and what Special Finance Group can do for you, go to http://www.specialfinancegroup.com. Also, you can find the latest news from Special Finance Group online by liking Special Finance Group on Facebook and following Special Finance Group on Twitter.

Image(s): FreeDigitalPhotos.net

What You Need to Know About Pinterest (And How Special Finance Group Can Help!)

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One of the hottest new social media outlets of 2012 is Pinterest. Over 10 million users have signed up with the service and approximately 8 million are active monthly users. Though some would argue that its popularity has already peaked, it is still important to know how to use it as part of an overall social media strategy.

A new study from EyeTrackShop suggests that Pinterest is a unique social media outlet and that campaigns for Facebook, Tumblr, or Twitter will not work the same with Pinterest. This might seem obvious to people involved in social media marketing, but it isn’t so obvious to people unfamiliar with Pinterest (and other social media outlets for that matter).

First off, it doesn’t do much good to put a lot of time into the profile on Pinterest. Users rarely look at each others’ profiles, so it is wasted effort. Second, the layout of your pins is important. Just like a Broadway star, the pin that is front and center will get more attention than the ones along the outside. Thirdly, you want the pins to tie in strongly with the brand. For example, a car dealership will want to highlight a mix of the 2012 vehicle line-up along with old favorites. If the pins only tie in loosely with the brand, users will see the Pinterest account as disingenuous and just trying to drive traffic. Basically, the profile might get more clicks, but those clicks will not translate into brand loyalty and new customers.

The great news about Pinterest is that users who view a company or brand’s Pinterest boards will typically have a more positive view of that company or brand, so it is definitely worth having (and more importantly, maintaining) a Pinterest account. Special Finance Group’s social media team understands Pinterest, Facebook, Twitter, and every other main social media outlet, and they know how to use social media to bring in new customers. The Special Finance Group social media team is part of the Complete Special Finance Solution, and they can handle all of your social media marketing needs.

Click here to learn more about the Complete Special Finance Solution, and keep up with the latest from Special Finance Group by liking Special Finance Group on Facebook and following Special Finance Group on Twitter.

Daily Changes Make Social Marketing Full-Time Work

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Every day, online marketing is changing and shifting. More and more, it is difficult to keep up with all the tweaks made to Facebook ads, Google AdWords, or Bing Ads, and the task of generating quality leads is a full-time job.

Today, Mashable gave a rundown of important changes made to Google AdWords in the past few months. For those unfamiliar with Mashable, it is one of the best resources for internet marketing. Mashable’s readership tends to be people who specialize in internet marketing and social media. Their article covered major changes including targeting specific locations by zip code, ad rotation settings, and matching misspelled key word searches.

Keeping up with these changes is vital, and having these tips could mean the difference between a successful ad campaign and an unsuccessful ad campaign. For a busy car dealership, there isn’t time to keep up with the daily, weekly, or monthly tweaks to these online ad services, much less integrate these changes into an overall online marketing strategy. This is where Special Finance Group comes in. Instead of struggling to master the basics of online marketing, Special Finance Group’s SEO/IRM team will handle online marketing for you. Armed with the latest tactics and techniques, their ad campaigns will bring in high-quality leads for your dealership, and after the sale is done, they will continue engaging the customer through Facebook, Twitter, and numerous other social networking sites.

To learn more about Special Finance Group’s Complete Special Finance Solution, click here, and keep up with the latest news by liking Special Finance Group on Facebook and following Special Finance Group on Twitter.

Free images from FreeDigitalPhotos.net

Mashable: When It Comes to Online Marketing, Don’t Do It Yourself

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Special Finance Group has a message for car dealerships looking to gain an online audience. The message can be summed up in 4 simple words: Don’t do it yourself.

A recent article on Mashable, the web’s premiere resource for social media news and technology, had suggestions for companies who are looking into mobile ecommerce. Most of the list pertained to marketing in general like choosing the right platform or simplifying the look, but the last and best suggestion they offered was “Quit Building It Yourself.”

Most business people are overachievers. This isn’t a bad quality, but sometimes they will wrongly believe that they can still manage all of their responsibilities and take on social media and online marketing as well. The problem with this strategy is that the business will focus less time on the actual product and more time learning new technology and online tools. Car dealerships will be spending so much time worrying about their online presence that they will be distracted from providing good customer service to people walking through the door. Dealerships might think they are saving money by doing online marketing themselves, but they are much better off hiring social media and internet marketing specialists like the team at Special Finance Group.

At Special Finance Group, we have you covered in internet marketing, online engagement, and lead generating. Our team is experienced in targeting and bringing in interested car buyers, earning associated dealerships hundreds of thousands of dollars in additional revenue every month. To learn more about what Special Finance Group can do for your dealership, read the Complete Special Finance Solution here. For the latest news from Special Finance Group, like Special Finance Group on Facebook and follow Special Finance Group on Twitter.

Image(s): FreeDigitalPhotos.net

Lenders: Auto Loans More Accessible in 2012

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In 2012, the road to better credit leads right through car dealerships.

According to the Wall Street Journal, the requirements for home and business loans are still strict with most lenders, but lenders are more willing to give auto loans, even for consumers with no credit or challenged credit. They based their analysis on a survey of senior loan officers at American banks as well as foreign banks with U.S. operations.

Studies have shown that car ownership can lead to upward mobility in the workforce and higher pay since car owners are not reliant on public transportation. They won’t be late to work because of a delayed bus or train, and they have more employment options open to them. When a steadier source of income is combined with new available credit, the end result is that the consumer is put in a much stronger financial situation.

Since other forms of credit are not accessible to consumers with a sub-prime credit score, there is a whole market of people looking to re-establish their credit history who will be looking for car loans. Car dealerships that partner with Special Finance Group can tap into this market and have a brand new source of customers. In addition to tradition advertising methods, Special Finance Group has an established online presence and utilizes the latest in online marketing to target the right car shoppers.

To learn more about what Special Finance Group could do for your dealership, read the Complete Special Finance Solution here, and keep up with the latest from Special Finance Group via Facebook and Twitter.

Image: graur razvan ionut / FreeDigitalPhotos.net

Press Release: Special Finance Group Brings On Garden City as New Partner

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Long Island, New York, April 17, 2012 – This week, Special Finance Group announced that it will be partnering with Garden City Jeep Chrysler Dodge Ram to help sub-prime customers in the New York tri-state area, particularly in the Long Island area.

Special Finance Group’s ApprovedLoanStore.com gives consumers with no credit or poor credit another chance at getting a car. People with good credit will also have a wider selection of vehicles and rates available to them. On average, Special Finance Group’s partner dealerships bring in hundreds of thousands of dollars in additional revenue.

Special Finance Group’s Director of Operations Roberto Barca had nothing but praise for Garden City Jeep Chrysler Dodge. “Our customers will love Garden City’s selection and their attention to customer service,” he said regarding the partnership. “We couldn’t be happier to have them part of the Special Finance Group family.”

Garden City Jeep Chrysler Dodge is the premier spot for new and used car shopping in Hempstead, Long Island. Located at 283 N Franklin Street, they have a vast inventory of Jeep, Chrysler, Dodge, and Ram vehicles including favorites like the Grand Cherokee, Town & Country, and Charger. Go to http://www.gardencitycardeals.com or call 877-819-3836 for more information.

Located in Midtown Manhattan, Special Finance Group helps connect qualifying customers with dealerships willing to work with them through their website ApprovedLoanStore.com. ApprovedLoanStore.com also provides financial resources, educational materials, and the latest news from the auto lending industry, helping consumers make better informed financial decisions.

Record-Breaking Months for Special Finance Group

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FOR IMMEDIATE RELEASE

New York, NY – April 13, 2012 – Special Finance Group celebrated record-breaking months in February and March after funding over $1.5 million and $2.2 million in auto loans.

In February, 91 customers were approved for loans through Special Finance Group’s Approved Loan Store program, and in March, 124 customers were approved. These customers had an average income of $27,000 per year and an average FICO score of 545. Despite their clients’ less than ideal financial situations, Approved Loan Store found a way to work with lenders and fund $3,740,978 in auto loans for February and March.

Special Finance Group and Approved Loan Store work with auto dealerships in the New York tri-state area to bring in additional business while also helping car shoppers obtain auto loans. Most Approved Loan Store customers have challenged credit and are unable to get approval for a car loan at their local dealership. With U.S. auto sales continuing to rise, car dealerships partnered with Special Finance Group will get to work with a wider range of car buyers and bring in higher sales and profits than their competitors, benefiting both customers and dealerships.

Located in Midtown Manhattan, Special Finance Group helps connect qualifying customers with dealerships willing to work with them through their website ApprovedLoanStore.com. ApprovedLoanStore.com also provides financial resources, educational materials, and the latest news from the auto lending industry, helping consumers make better informed financial decisions.

Contact:
Rachel Godfrey
info@specialfinancegroup.com
Phone: 877-217-2217

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Consumers With Low Credit Scores Dominate Auto Loan Market

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Car dealerships that aren’t offering car loans to consumers with challenged credit are missing out on significant business.

According to research by J.D. Power & Associates, consumers with credit scores between 0 and 649 now make up a whopping 15 percent of sales for new-vehicle buyers. To clarify, this does not mean that 15 percent of car shoppers have sub-prime credit, it means that 15 percent of actual sales are for people with sub-prime credit.

Analysts have attributed this trend to the fact that credit standards for auto loans are not as restrictive as they used to be. They have also pointed to the rise in auto sales as proof that lenders are willing to work with consumers regardless of their credit situation.

Special Finance Group is in the business of helping car shoppers connect with dealerships that want to work with them and get them into a new or used vehicle. Customers with challenged credit can get approved, and customers with good credit can find a better deal. Go to http:///www.specialfinancegroup.com to read more about Special Finance Group’s Complete Special Finance Solution and how it could benefit your dealership. You can also like Special Finance Group on Facebook and follow Special Finance Group on Twitter.

Image: graur razvan ionut / FreeDigitalPhotos.net

Sub Prime Marketing Experiencing Lending Boom

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Just a few years ago, having some bad dings on a credit report would have made getting something like a credit card or even an auto loan an impossibility. That was then, but things are starting to change. With the recession on the rebound, lenders are starting to eye ball the very people they turned away just a few years prior.

Equifax has released a new report called the “National Consumer Credit Trends.” This report shows that new credit issued to consumers grew more than 10% to $782 billion. This was really due in part to the subprime borrowers. There has been significant growth in the amount being loaned out to that sector. Banks are starting to see that there is real money to be made here and their lending habits are reflective of this.

A lot of this is due to the banks realizing that the recession set many people back, the same people that are now paying back their loans. Amy Cutts, Equifax’s Chief Economist, says that, “Subprime today is not the same that it was five years ago. There are a lot of borrowers out there that have some pretty big blemishes now on their records” but “are in a better position than the ones we lent to a few years ago.”

People who were being denied loans are now starting to find themselves at an advantage. Every dealership should be definitely looking to capitalize on this opportunity. Special Finance Group is here to aid dealerships. To read more about how our Complete Special Finance Solution and see how it can do to help your dealership, take a look here. Be sure to like us on Facebook, that way you can see the latest trends in the industry and just how SFG can assist you.

Image: tungphoto / FreeDigitalPhotos.net