When lending to customers with less than perfect credit, how does one balance high volume sales with the inevitable lower collection percentages & higher repossession (repo) and charge-off rates? The key to managing these challenges and increasing BHPH profit effectively lies in leveraging an advanced Dealership Management Software (DMS), such....
The Consumer Financial Protection Bureau (CFPB) recently reported significant issues in auto loan servicing that can serve as a cautionary tale for Buy Here Pay Here (BHPH) dealers. Understanding these pitfalls, implementing best practices, and partnering with a finance and accounting software tool for car dealerships like Deal Pack, can....
The Buy Here Pay Here (BHPH) business model offers valuable opportunities to serve customers with limited credit options. However, one common challenge faced by BHPH dealerships is a higher rate of loan defaults compared to traditional lenders. Dealing with delinquent payments and implementing effective collections strategies can be complex and....
Navigating the complexities of CPI (Collateral Protection Insurance) or forced placed insurance is a critical endeavor. This safety net for lenders safeguards their interests when borrowers fail to maintain insurance coverage on financed vehicles. Amidst the intricacies of CPI management, Deal Pack emerges as a pivotal tool, offering comprehensive solutions....
In the fast-paced world of automotive sales, leveraging cutting-edge technology is key to staying ahead. Technologies for BHPH like GPS Tracking and Starter Interrupt Devices, payment technologies, online inventory management, and E-contracting and Digital Signatures drive your dealership into the future and ahead of the curve. GPS Tracking and Starter....
Dealership operations often involve extensive data transfer between various systems, which can result in redundant data entry. This redundancy not only increases the risk of errors but also inflates operational costs and can lead to significant inefficiencies. To streamline these processes, many dealerships are turning to real-time DMS integrations that....
In the BHPH space, ensuring customer satisfaction isn't just about selling vehicles—it's also about providing exceptional service, even when it comes to refunds. Guaranteed Asset Protection (GAP) refunds play a crucial role in maintaining customer trust and loyalty. However, efficiently managing GAP refunds while adhering to regulatory compliance can be....
Introduction In the fast-paced world of automotive dealerships, every minute counts. Imagine arriving at work, ready to tackle the day’s tasks, only to find that your Dealer Management System (DMS) is completely down. Not just for a few minutes or hours, but for days. Panic sets in. How will you manage sales, payments, and....
Pulling credit helps Auto Dealers and Finance Companies assess the level of risk associated with financing a particular customer. It gives the ability to analyze factors such as payment history, outstanding debts, and credit utilization from a credit file. If you are interested in pulling credit or already pulling credit,....
Buy Here Pay Here (BHPH) dealerships serve a vital role in providing auto financing to individuals with limited credit options. One strategy commonly employed by these dealerships is accepting deferred down payments, allowing customers to delay their initial payment. While this practice can attract customers and facilitate sales, it also....