It might seem like common sense, but the auto industry is realizing that not every customer that walks into a dealership is a prime credit customer or a repo waiting to happen. Sometimes, customers fall in the middle, and the industry can do more to help customers struggling to make their payments on time.
In a recent profile with Wards Auto, Hyundai Capital America walked through the steps they have taken to better serve their subprime customers who might be struggling with their payments. First, they needed to look at the people calling into their customer service center, their most common issues, and how customer service people were currently addressing these issues. They realized very quickly that their systems were inadequate for addressing customer concerns. Customers that could have received a loan extension might have missed out on the opportunity because service representatives had to get approval from their managers on every case. They would need to make some major changes if they expected to improve the customer experience and avoid potential delinquencies and repossessions.
Fortunately, Hyundai added a new software system to their rep’s computers. The rep could check if the customer’s payment history and whether they had received an extension before. While these reps still didn’t have the final say on granting extensions, the system walked the rep through the process and provided considerably more information on the customer than before.
When dealing with sub-prime credit car buyers, there are many little details that dealerships have to keep in mind when working and closing a deal, and dealerships that are new to special finance can miss these details easily. Fortunately, Special Finance Group is ready to help with the Complete Special Finance Solution. Lead tracking, a fully-staffed business development center, an in-house marketing team, and more, Special Finance Group has everything a dealership needs to create a profitable special finance department. To learn more about the Complete Special Finance Solution, click here.
Want to learn more about how Special Finance Group can work for your dealership? Go to http://www.specialfinancegroup.com today to learn more about the Complete Special Finance Solution, and connect with Special Finance Group on Facebook, Twitter, and LinkedIn!
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