It's been reported that Equifax, Inc recently reviewed two groups of consumers with Equifax Risk Scores below 550. Equifax found that over a three year period, consumers who originated a sub-prime auto loan showed a significant increase in their credit scores than those consumers that did not obtain a loan. ....
Reviewing a credit report can be a lot like reading a book in a foreign language; if you don’t understand the language, the point will be missed. Thankfully when pulling credit reports in Deal Pack Pro, E-CBI decodes the report into a much more reader friendly format. That being said,....
Some analysts have taken the recent rise in subprime auto lending to mean that an impending bubble burst is forming similar to the mortgage bubble burst that kicked off the recent financial recession. The issue with their thinking is that they are comparing apples to apples when they should be....
It’s that time again; your customer just handed you a bag full of cash totaling more than $10,000 to pay for the automobile you just sold them, and now the IRS wants to know the details of the transaction. This is an all too common scenario for the automobile industry,....
A new rule passed recently that affects larger dealerships within the subprime industry. The Consumer Financial Protection Bureau (CFPB) will now be the oversight board for nonbank finance companies who make, buy or refinance more than 10,000 loans per year. These companies originate about 90% of the loans generated in....
A major part of being prepared for the upcoming tax season is filing IRS 1099 Forms to the right people, for the right amounts before the deadline. IRS Form 1099-A for Acquisition or Abandonment of Secured Property You must file this form for each borrower where you lend money....
The process of purchasing vehicles has changed dramatically. We are no longer in the era of posting huge ads in the phone book or posting signs on billboards to get consumers attention. For all we know, even word of mouth no longer plays a big role when it comes to....
When financing vehicles and loaning funds, it is important to properly disclose the APR and finance charges to your customers. These calculations can be highly debatable and when the situation arises where a customer or other software challenges those calculations, knowing the law and how to validate the calculations used....
Are you concerned about the way you’re doing business? Would you like to know exactly how profitable you are? Are you interested in learning your weaknesses and how to minimize your risk? Well, the subprime analytics reports will do just that. The subprime analytics reports were designed so that you....
Anyone who has purchased a car at a dealership or through a bank has been asked this question: “Would you like to add GAP coverage to your car?” Most of the time the only thing we are thinking is “this guy just wants to sell me something so he can....