In today’s market, with lengthening contract terms, down payments getting smaller and the cost of vehicles remaining steady, the collections process is becoming a larger issue within BHPH dealerships and finance companies. In addition to these factors, regulators are scrutinizing collections practices more closely. The collections process begins at the....
Used car sales can be very irregular, where sales can occur nonstop for some periods of time and at other times not really occur at all. This inconsistent revenue can create pressure on the other functions of a dealership. If you do not already have a servicing department, the thought....
If a co-signer of an account files bankruptcy, do you report the account as bankrupt? The answer to this question, is no. If only the co-signer on an account files bankruptcy, the account is not to be reported to the bureau as bankrupt. Only when the primary signer on the....
In order to maximize collection efforts, a company needs the best collection software available to keep customer’s information organized and up to date. Deal Pack already offers a great Collections module filled with many filtering options and convenient tools to make contacting customers quick and easy. A new innovation recently released by....
In today’s modern world, everything has gone digital. It began with simple email correspondence and has grown to having meetings online and much more. Do not get left behind! Make sure your company is up to par with the latest technological advances that can keep you on top of the....
What is the CUTOFF time for Paytek and what I do if I messed up and sent wrong customer for processing? Every week, I have someone call and say, “Oh no, I accidentally ran my Paytek and send someone that didn’t need to be send”. The first thing I....
The Truth in Lending Act (TILA) is United States federal law designed to promote the informed use of consumer credit by requiring disclosures about its terms and cost. It standardizes the manner in which costs associated with borrowing are calculated and disclosed, hence protecting consumers against inaccurate and unfair credit....
I recently received an e-mail from a customer concerned with upcoming law changes regarding their state consumer loans interest rates. Some states are enacting laws setting maximum interest rates in the form of a tier. One good example is the state of Florida. If you are licensed, you may charge....
What makes a buy here pay here dealership successful? Part of that equation of course, is having the right cars to meet demand. However, the other and arguably more important side of the equation is having the right customers. What defines the right customer? For every dealership, that may be....
In a utopian society, customers would make their payments on time. Unfortunately, some customers are not perfect and fail to make their payments. If this happens, usually there is a point where repossession is sure to follow. If the time comes to repossess a vehicle, certain protocols must be followed....