Eric Tam, director of risk management at CarMax Auto Finance, and Daniel Parry, chief credit officer of Exeter Finance Corp., have joined the roster of stellar speakers at the upcoming Auto Finance Risk Summit.
Tam will participate in a discussion entitled “Executive Dialogue: Defining the New Risk Challenges in Auto Finance.” The panel will address topics including evolving risk goals within the industry, the most dangerous risk threats, and success stories of recent initiatives implemented to contain risk.
Parry will join executives on a panel to hash out strategies for controlling growth in a newly competitive market. The group will present tactics for increasing profitability, combating “irrational” lending, and balancing price with volume and potential losses.
Other speakers include Chuck Smith, director of lending at San Antonio Federal Credit Union, and Bill Strauss, senior economist at the Federal Reserve Bank of Chicago.
Visit www.AutoFinanceRiskSummit.com for more information or to register for the conference, which will be held Mar. 21-22 in Dallas.
If a dealer offers varying terms, then they are subject to determining a Risk Based Pricing document. The varying terms exclusion is intended for lenders who only offer 1 rate to all consumers. So let’s say I only offer 19% to all customers then I don’t have to issue a notice. To be able to determine “less than favorable terms on the fly at a dealership customer by customer would be difficult, which is why I recommending the credit score disclosure exception notice to all credit report based customers. Another note is that the dealers are technically required to issue either a Risk Based Pricing Notice or Credit Score Disclosure Exception Notice prior to contractual agreement. So, dealers do not need to worry about having a sales person etc. deliver it to the customer. My guess is that it will be another form added to the F&I process along with other basic privacy notices, arbitration, etc before actually contracting the customer.