Defaults Down for Auto Loans, New Yorkers

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 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.


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

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.

Lenders: Auto Loans More Accessible in 2012

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.

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Record-Breaking Months for Special Finance Group


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 also provides financial resources, educational materials, and the latest news from the auto lending industry, helping consumers make better informed financial decisions.

Rachel Godfrey
Phone: 877-217-2217


Consumers With Low Credit Scores Dominate Auto Loan Market

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:/// 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.

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Sub Prime Marketing Experiencing Lending Boom

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.

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