Starting in 2020 the new FASB Lease Accounting Standards will go into effect. These Standards overall are not expected to have any major changes for the LHPH and Financing Companies, but will have a change in how their customers, the Lessees, will report them on their books. A couple of....
BHPH (Buy Here Pay Here) and LHPH (Lease Here Pay Here) dealers need every advantage possible when they are trying to maximize their profits in the sub-prime market. Installing integrated GPS tracking devices in each of their sold vehicles is a great way for dealers to minimize their losses, as....
Your collections practices are easily one of the most important aspects of any buy here pay here or related finance company's day to day business. Not only do you need to collect payments from customers who don't necessarily have the best history paying on time, you must stay within state....
One new feature we added to our robust Collections Module is Two-Way SMS Texting. Two-way texting will be a very powerful tool to add for your collectors. There are a few reasons why you need to add texting to your collections process. Firstly, texting has become the number one way....
Are you prepared when a regulator shows up to conduct an audit? You may want to think twice about where you put all your documents. Putting all those files into a file cabinet can end with a disorganized, cluttered and hard to navigate mess. When a regulator shows up, you....
Car loans have topped $1 Trillion for the first time in history. With loans being over extended and an increase in sales, some analysts are warning of an auto loan bubble. Analysts comparing it to the subprime housing loans that caused the mortgage crisis have noted one marked difference, the....
Whether you’ve measured unit sales, revenue, operating efficiency, or profit; whether focused on retail or wholesale; whether interested in new or used, it was another good year for the automotive industry. According to recent reports, new unit sales in 2015 were up 68 percent from 2009’s total, auto loans outstanding....
Many used car dealers are operating in the Buy Here - Pay Here (BHPH) market currently, but many are missing a great opportunity with Lease Here - Pay Here (LHPH). Here are six reasons why you may want to consider adding LHPH to your business: 1) LHPH allows the....
What are your dealership’s Red Flag and Compliance policies? Having a clearly defined policy in regards to compliance laws not only protects your customer’s sensitive information, but it also protects your dealership. One way that Deal Pack Pro assists you in staying compliant is by running an OFAC (Office of....
Auto theft! We all think that it can't happen to us, but the reality couldn't be further from the truth. According to a recent study done by the FBI, auto theft is on the rise, leaving auto dealerships increasingly vulnerable. Nearly 41% of stolen vehicles are not returned according to....