Tag Archives: recession

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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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.

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Call Centers Aid Dealership Come-Back

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Everyone suffered when the economy collapsed, but dealerships felt the brunt of it harder than most. The car industry was dealt a heavy blow and it took the government stepping in to bail them out.

Since then, the economy has turned around, and so has the auto industry. 2011 turned out to be a fantastic year for sales, with January and February continuing this trend. Dealerships have been brought back from the brink and are now being taxed with keeping up with the increase in demand. The question exactly what steps are needed to get back to the level they were at before the recession.

A recent post on AutomotiveDigitalMarketing.com says that answer lies in the call center. It’s hard not to see why considering the help they can supply. For example, callers that hang up on hold or go to voice mail get reduced by 26%. There’s an increase from 29% to 55% in connected sales calls. Service appointment rates on inbound calls go from 45% to 65% Best of all, follow up of calls for people who haven’t made appointments doubles from 20% to 40% with a call center.

Still, in order to get such a positive response from a call center, it takes more than just people calling on telephones all day. It takes the highest quality people making the phone calls, making good impressions on customers to keep not just new, but also old clients from leaving.

That’s where Special Finance Group agrees. In order to get the best results you need the best employees on staff. The SFG staff strive everyday to overcome negative stereotypes typical to the call center environment. With an operations manager who has over 21 years of experience in customer contact solutions and an experienced sales staff, SFG offers only the best in call centers. Sign up today to see just how much they can improve your dealerships special finance department. Go online for more information or call today 212-239-7270. Be sure to follow on Facebook for all the latest news.

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