Tag Archives: New Cars

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.

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Subprime Auto Loans in an Upswing

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Recent studies are showing that dealerships that are not putting their resources behind special financing are missing out on a prominent and steadily growing market.

According to Automotive News, there has never been a better time to get in on special financing. Interest rates are dropping, even for high-risk loans, and 41.5 percent of auto loans are subprime auto loans. Only a few years ago, subprime auto loans were closer to a third of all auto loans, and now they are creeping up to half. Besides that, Standards and Poor has estimated that subprime loans in general will be higher this year. In 2011, subprime loans were 24 percent of all loans, and in 2012, they are expected to make up 25 to 30 percent of all loans.

With these numbers, putting resources into special financing is a no-brainer for any car dealership, and Special Finance Group can help dealerships make the most of their special finance departments. Special Finance Group brings years of experience as well as the latest in internet marketing and social media tools to bring in new clientele and hundreds of thousands of dollars in additional revenue.

Read more about Special Finance Group’s Complete Special Finance Solution here and find out what it could do for your dealership. Also, keep up to date on the latest from Special Finance Group by liking us on Facebook here.

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Shoppers Flock to Fuel-Efficient Cars

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Last month, the American auto industry continued its momentum into one of its strongest sales months in quite some time, shocking analysts, and the reason for its continued comeback might surprise you.

In the past few months, gas prices have been on the minds of millions of Americans with prices recently as high as $3.70 per gallon. High gas prices might seem like an odd reason for a surge in car buying, but when you consider that these car buyers are looking for more fuel-efficient cars that will cost less in the long run, it makes much more sense. During the month of February, 15.1 million vehicles were sold, and a good portion of those vehicles were compact cars like the Chrysler Fiat 500, the Ford Focus, and the Chevy Cruze.

The rising interest in fuel-efficient vehicles can be attributed to a more educated public (and thus a more educated first-time buyer) and long-time car owners getting fed up wasting money at the pump. Still, 15.1 million car sales in one month cannot be solely attributed to high gas prices, especially in a time when many people don’t have solid credit or money for a large down-payment, so what is driving car sales?

According to industry analysts, credit availability is also improving, and with many dealerships offering special finance options, more and more consumers are able to afford a car. What Special Finance Group can offer to dealerships are cutting-edge ways to connect with new customers and get those customers into a car. From the quality customer service offered by their call centers to their extensive knowledge of new media and social networking, Special Finance Group consistently brings in new business to its associate car dealerships.

To learn more about Special Finance Group’s tested and proven program, click here, and check out Special Finance Group on Facebook here.

Image: Michelle Meiklejohn / FreeDigitalPhotos.net

Lack of Used Cars Drives New Cars Sales

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CNBC has put out an analysis of the used car market. It’s findings did not bode well as the used market was hit hard by the collapse of 2008. Due to the economic downturn, many vehicle manufacturers cut their production on a large variety of makes and models to keep their doors open. While the economy is starting to come back to better times, car owners that have seen harder times due to the recession have been deciding to keep their cars rather than trading in for a new ridge.

How much exactly? Well, the amount of three and four year old cars for sale on the market is down by about 19 percent. That comes out to a total of around 5.7 million used cars that would’ve been on sale or available. Since this supply has taken such a hit, it’s no surprise to see that used car buyers are now looking to the new car market instead. Thankfully, it was a good winter for the auto companies. Even January sales showed a vast improvement over the previous year with about 13.5 million. Ford and Chrysler have already been putting out some good numbers for the month as well.

There’s definitely a high demand out there for vehicles and for the buyers with challenged credit. There is no better time to sign up for Special Finance Group’s Complete Finance Solution than right now. You can view the program here and go to the main website to see just what SFG can do for you and your dealership. Don’t forget to also follow them on Facebook.

Image: Stuart Miles / FreeDigitalPhotos.net