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Lisa Soller commented on Dave Davis's blog post 'RISK-BASED PRICING NOTICES'
I am with a finance company that purchased installment contracts from dealers. We are NOT subject to the Risk Based Pricing Rule because we are an assignee on the contract and the dealer is the original creditor. Dealers must give the notice even if…
Profile Information
- First & Last Name
- Lisa M. Soller
- Corporate Title
- Compliance Specialist
- Company
- Automotive Credit Corporation
- City, ST
- Southfield MI
Comment Wall (3 comments)
- At 9:25am on September 3, 2008,
Lisa Soller said…
- You bring up an interesting point related to specific vehicles. We recently had to enact a higher acquisition fee on SUV and are now considering a change on our advance for the 4 cylinder and better mileage vehicles. This is the complete opposite of our behavior just a couple years ago! Our program is quite flexible, and our business has increased substantially because of the subprime fallout. We don't depend on securitization as other lenders do, so as they pulled out of the subprime auto (like Triad, HSBC, etc.), we stayed strong.
It sounds like we both have very stringent funding standards as our deals get the "fine tooth comb" treatment as well, and we have the same consistent funding standards we always have. Its funny that we were considered 'difficult to deal with' in the past because we were so detailed, but now everyone is coming to us because those other lenders were not as strict and now face the consequences.
What is the typical score or customer demographic that you service?
- At 5:43pm on September 2, 2008,
Mike Scampini said… - Hey Lisa-
I'm sure you're hitting similar obstacles with this piece of the business. When sales are down, and institutions are tight, it's hard to find a niche that the dealerhships need, and the institutions are comfortable with. We've steered away from neg. equity, and take a fine tooth comb to pretty much any deal that comes through (800 score or not). With buying habits the way they are, and with credit and equity postions most buyers are in these days, I've found myself trying to find oppurtunities outside my dealer base. I've been working with 2 different companies looking to partner with a local credit union to finance their alternate fuel vehicles. (Electric, ZAP's, BioDiesel, etc) I'm curious to what you think the potential is with these vehicles. As well as the underwritting that goes along with it. (not in KBB to value, etc)
Along the same lines, we market a rate discount for all 30 MPG vehicles and I've started to target my dealerships accordingly.
Relationships can go a long way, but you still need flexiblity and a program that works for today's business. I'm down about 75% from 2006, partly a calculated decision, but any tips you have would be appreciated as well!
Thanks,
Mike
- At 6:32pm on August 18, 2008,
Michael Benoit said… - Thanks Lisa - Glad you found it helpful. I'll look forward to seeing you soon!
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