Complete the form below and we will contact you.
We will be reaching out to you shortly.
By Deal Pack - September 17, 2012
The title of this blog post may be a little deceiving. As a BHPH dealer you really aren’t concerned with a customer’s credit as much as their ability to pay. If you sell your notes or have them financed by a sub-prime lender or related finance company, they might be more appropriately evaluating your customer’s credit worthiness. At the end of the day it all boils down to the same question….Basically, how much should we risk?
The question is answered by taking a variety of measures from your prospect. Pulling a credit history is a logical place to start. The propensity to pay can largely (and accurately) be predicted by their past behavior. Herein lies the challenge, if they had excellent credit and always paid on time then they wouldn’t be at your lot to begin with. So, if you do pull credit you shouldn’t be surprised with a less than perfect history. In addition to the credit history, several other important factors need to be considered. What other monthly debt are they servicing? What is their income? Is there going to be a co-buyer?
The more accurate information you get, the better decision you can make about whether or not you can risk extending them credit and, if so, how much. While pulling credit and getting a FICO score is easy, can your DMS track, record and display in reports the other critical information to make a credit decision? Do they have the ability to create custom scoring models with income, housing status, and job factors, just to name a few? At Deal Pack, we understand your inventory is a prized possession and have spent a great deal of time in our credit application section to allow you to input dozens of key pieces of information resulting in a comprehensive analysis of the prospect, which will give you piece of mind when deciding to extend credit.
Enter your email address and be notified of new posts.
Advanced Business Computers of America (ABCoA) develops and supports end-to-end software solutions for the subprime finance industry. Since 1983,
we have helped automotive dealerships and finance companies eliminate duplication, remain compliant, and achieve success with dependable, all-in-one software and white glove service and support.
Deal Pack is a complete, all-in-one software ecosystem customizable to your exact needs and scalable to your exact size - helping improve your operations, grow your business,
and solve the challenges you face. Whether you are a finance or sales company, multi-entity or publicly traded company handling BHPH or LHPH, operating or capital leases,
internal or external floor-planning, retail, rentals, consumer loans, origination, or seasoned paper, Deal Pack is the dependable software for mission critical operations.
Deal Pack handles all of your business needs transparently – providing you measurable improvements and complete financial control, saving you time,
increasing your bottom line, and allowing you the freedom to focus on your daily operations. Deal Pack is relied upon by thousands of customers across
all 50 states in the United States and six countries around the world. Customers properly using Deal Pack have never lost an IRS audit.
To learn more about ABCoA, visit www.abcoa.com.