Articles

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When it Has to be Right, Right Now

Guides, Operations April 24, 2018 at 9:52 am

From pre-approval to post-closing, hundreds of data points must be compiled, confirmed and, above all else, correct. When it has to be absolutely right, lenders shouldn’t rely only on people and training alone. New technology and access to cloud-based computing have made it possible to put more tasks on autopilot.Read More

4 Tips for an Effective Social Media Campaign

4 Tips for an Effective Social Media Campaign

Best Practices, Guides, Operations, Sales & Marketing April 20, 2018 at 10:30 am

When Chase Auto set out to create its first Instagram campaign in February, the idea was to relate the emotional connection consumers have with their cars to the personal relationships they celebrate on Valentine’s Day. The resulting campaign, which pitched a do-it-yourself date night idea called the “Cuddle Car Kit,”Read More

7 Ways to Improve the Customer Payment Experience

7 Ways to Improve the Customer Payment Experience

Guides, Payments April 18, 2018 at 12:54 pm

The rapid increase in connected digital devices is changing the way people interact with the world and thereby making the customer payment experience ripe for innovation and disruption. The idea of paying by check, or wiring money, has become an outdated concept. Instead, you will find customers asking for moreRead More

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How Social Media Aids In Servicing Customer Complaints

Guides, Sales & Marketing April 13, 2018 at 11:30 am

Social media is a wildly versatile application that has clear uses in an individual’s personal life, but it’s also a valuable tool for any company. Social media strategy is a key way for a company to reach its consumer base but the technology works both ways. Consumers can reach companiesRead More

The Hyundai Ioniq (via press kit)

What Hyundai and Startup Carma Learned About Car Subscriptions

Operations April 11, 2018 at 12:46 pm

Car subscriptions have been one of the hottest auto trends of 2018 so far. Less than 100 days into the year, BMW, Mercedes-Benz, Toyota Motor’s Lexus brand, and a host of startups have all launched services or said they intend to. The subscription trend began in January 2017 when Cadillac pilotedRead More

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Due Diligence Instead of Damage Control: Stopping Auto Lending Fraud Before It Starts

Payments, Risk April 10, 2018 at 10:36 am

The hard-won lessons of the 2008 financial crisis are more relevant today than ever. While the mortgage industry tightened regulations and lending standards post-crisis, the same cannot be said for the auto lending industry. The volume of auto lending has been steadily growing since 2010, and fraud is unfortunately onRead More

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Lenders Will Require Larger Down Payments as Underwriting Tightens

Risk April 6, 2018 at 11:00 am

Dealers and lenders have a lot of tricks at their disposal to keep monthly rates affordable for consumers. If the monthly bill is too high, just extend the term. If it’s still too high, perhaps the consumer would consider a certified pre-owned vehicle off-lease. If a new car is non-negotiable,Read More

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How the Digital Age Could Shape Collection Strategy in the Coming Years

Guides, Operations, Opinion, Payments April 4, 2018 at 1:53 pm

We live in the Age of Information. Humans produced 2.5 quintillion bytes of data per day in 2017, according to IBM, and it is often said that humans have generated 90% of the data in the world in the last three years alone. This data is generated through people’s purchasing behaviors, webRead More

What the FTC Says Should Be on the Auto Industry’s Radar [PODCAST]

What the FTC Says Should Be on the Auto Industry’s Radar [PODCAST]

Compliance, Podcast March 29, 2018 at 11:22 am

With lingering uncertainty over what will become of the CFPB and unconfirmed appointees to the Federal Trade Commission, lenders’ compliance obligations are in flux. In this episode of The Roadmap, Dama Brown, Southwest regional director of the FTC, clears up confusion about collection practices and the Fair Debt Collection PracticesRead More