Auto Finance News

No products in the cart.

Subscribe
  • Home
  • News
    • All News
    • Capital & Funding
    • Compliance & Regs
    • Technology
    • Risk Management
    • Sales & Marketing
  • Data
  • EXCELLENCE
  • Magazine
  • Events
    • Auto Finance Summit 2023
    • Powersports Finance Summit 2023
    • Using Pricing Analytics to Increase Loan Profitability and Mitigate Portfolio Risk
  • Podcast
  • Powersports
BIG Wheels
Log In
No Result
View All Result
Auto Finance News
  • Home
  • News
    • All News
    • Capital & Funding
    • Compliance & Regs
    • Technology
    • Risk Management
    • Sales & Marketing
  • Data
  • EXCELLENCE
  • Magazine
  • Events
    • Auto Finance Summit 2023
    • Powersports Finance Summit 2023
    • Using Pricing Analytics to Increase Loan Profitability and Mitigate Portfolio Risk
  • Podcast
  • Powersports
BIG Wheels
Log In
No Result
View All Result
Auto Finance News
No Result
View All Result

When tough times hit, proactive strategies pay

Conduent, Inc.byConduent, Inc.
November 2, 2020
in Risk Management
Reading Time: 2 mins read
0

COVID-19 has been an enormous disruptor for people and businesses everywhere. Amidst the pandemic, auto finance companies have been under a lot of pressure on several fronts:

  • Steadily increasing losses and delinquencies
  • Financially stressed customers with growing requests and inquiries
  • Shortcomings in current processes and third-party partners coming to light

For auto lenders, this is a time for intense evaluation of current collections practices.

The pandemic has been a stress test on collections processes and systems. It’s caused auto financers to see more clearly how lagging digital infrastructure and underdeveloped omnichannel capabilities can create roadblocks to customers’ ability to “self-cure” and get on a rapid path to resolving any payment issues.

As more and more customers need additional help through this crisis, lenders who can deploy the tools and capabilities to enable customers to resolve their own payment issues will be ahead of the game. This can significantly relieve stress on contact center teams and help infuse cost efficiency for lenders while adding convenience and a sense of control for customers.

From deferred payment plans, extended loan terms, custom payment arrangements, “self-cure” strategies and other creative options, lenders need to make impacted customers feel they are fully supported with a wide range of workable options.

Example: A married couple is late on their auto loan payments and one is now out of work due to the pandemic — lowering their total monthly income. Traditionally, the couple would need to call an agent and talk through their options. If the lender is equipped with tools to be able to offer those options online, the customer can review those and self-initiate their new program after choosing the plan that best fits their needs — all without speaking to an agent. A payment plan that allows them to keep the car, but also make lower monthly payments will keep payments coming in while fostering good will with the customer.

Here are key attributes lenders can lean into as they look to stay strong and forge a successful path forward during tough times:

  • Make agility and flexibility core elements of your strategy.
    Rigid, slow, inflexible aspects of operations and business models need to be re-examined. How are systems and processes holding up now, and how will they hold up to a variety of potential future scenarios?
  • Leaner is better.
    An adaptable cost structure builds stability for downside scenarios. Fixed costs make it hard to adjust to the changing shape of demand. The more your costs adapt with the scale of your business, the better prepared you will be to withstand impacts and take advantage of opportunities.
  • Get closer to your customers.
    Businesses that know their customers best, win. This is increasingly true when the financial situation rapidly changes for those customers. Meeting them where they are with real solutions to their real problems fosters better connections and payment outcomes.

Learn much more in Conduent’s eBook, “Recovery in Action — Collections Solutions Lenders Need Right Now.”

Tags: Sponsored
Previous Post

Carvana ratchets up finance GPU

Next Post

5 ways to gamify auto finance engagement

Related Posts

The Marriner S. Eccles Federal Reserve building in Washington, DC.
Risk Management

Lenders face longer period of restriction amid Fed rate pause

September 22, 2023
UAW members and supporters on a picket line outside the Ford plant in Wayne, Michigan, on Sept. 20.
Risk Management

UAW to expand strike against GM and Stellantis while sparing Ford

September 22, 2023
A Carvana vending machine in Daly City, California
Risk Management

Carvana shifts to neutral to maintain unit economics

September 21, 2023
Next Post
© Can Stock Photo / Patrick

5 ways to gamify auto finance engagement

STAY INFORMED WITH OUR NEWS ALERTS

COLUMNS

Closeup of car head lamp

Under the Hood: Opposing forces tug at industry’s future

September 15, 2023
Green plant growing from the coins

Under the Hood: Lenders spice up funding routines

August 28, 2023

Innovation & Technology

Cars

Westlake portfolio grows following product launches

September 19, 2023
Close up of a charger plugged into an electric vehicle

Bank of America sees EV penetration at 21% by 2025

September 15, 2023

RISK MANAGEMENT

The Marriner S. Eccles Federal Reserve building in Washington, DC.

Lenders face longer period of restriction amid Fed rate pause

September 22, 2023
UAW members and supporters on a picket line outside the Ford plant in Wayne, Michigan, on Sept. 20.

UAW to expand strike against GM and Stellantis while sparing Ford

September 22, 2023

SPONSORED

A new era in auto finance collections with Voicebots

August 15, 2023

Finding the Perfect Sweet Spot For Your Auto Loan Pricing

June 13, 2023
© Can Stock Photo / kran77

When rates take a hike, do auto lenders change strategies?

April 28, 2023

Resources

ABOUT US

HELP CENTER

MARKETING SOLUTIONS

PRIVACY TERMS

ADA COMPLIANCE

CODE OF JOURNALISM ETHICS

Manage Cookie Consent

Special Content

EXECUTIVES OF THE YEAR

AUTO FINANCE EXCELLENCE AWARDS

MAGAZINE ARCHIVE

INDUSTRY GLOSSARY

Follow Us

twitter linkedin twitter podcast podcast
© 2023 Royal Media
No Result
View All Result
  • Home
  • News
    • All News
    • Capital & Funding
    • Compliance & Regs
    • EVs
    • Exec of the Year
    • Innovation & Technology
    • Management
    • Powersports Finance News
    • Risk Management
    • Sales & Marketing
  • Events
    • Auto Finance Summit East
    • Auto Finance Summit
    • Powersports Finance Summit
    • Equipment Finance Connect
  • Excellence
    • Best Practices
    • Topics
      • Compliance
      • Customer Experience
      • Technology
    • White Papers
    • Glossary
  • Magazine
    • Latest Issue
    • Features
    • New Tracks
    • Car Culture
    • Staffing Shuffles
    • Under The Hood
    • Spotlight
    • Issue Archive
  • Podcast
  • Data
  • +PLUS
  • SUBSCRIBE
  • Log In / Account

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
THIS WEBSITE USES COOKIES

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “I CONSENT”, you consent to the use of ALL the cookies.

Cookie settingsI CONSENT

Review our Cookie Policies
.
Manage Cookie Consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
34f6831605sessionGeneral purpose platform session cookie, used by sites written in JSP. Usually used to maintain an anonymous user session by the server.
a64cedc0bfsessionGeneral purpose platform session cookie, used by sites written in JSP. Usually used to maintain an anonymous user session by the server.
CookieConsentPolicy1 yearUsed to apply end-user cookie consent preferences set by our client-side utility.
cookielawinfo-checkbox-advertisement1 yearSet by the GDPR Cookie Consent plugin, this cookie is used to record the user consent for the cookies in the "Advertisement" category .
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
crmcsrsessionGeneral purpose platform session cookie, used by sites written in JSP. Usually used to maintain an anonymous user session by the server.
JSESSIONIDsessionThe JSESSIONID cookie is used by New Relic to store a session identifier so that New Relic can monitor session counts for an application.
LS_CSRF_TOKENsessionCloudflare sets this cookie to track users’ activities across multiple websites. It expires once the browser is closed.
LSKey-c$CookieConsentPolicy1 yearUsed to apply end-user cookie consent preferences set by our client-side utility.
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
CookieDurationDescription
__cf_bm30 minutesThis cookie, set by Cloudflare, is used to support Cloudflare Bot Management.
_zcsr_tmpsessionZoho sets this cookie for the login function on the website.
663a60c55dsessionThis cookie is related to Zoho (Customer Service) Chatbox
e188bc05fesessionThis cookie is set in relation to Zoho Campaigns
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
CookieDurationDescription
_ga2 yearsThe _ga cookie, installed by Google Analytics, calculates visitor, session and campaign data and also keeps track of site usage for the site's analytics report. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors.
_gid1 dayInstalled by Google Analytics, _gid cookie stores information on how visitors use a website, while also creating an analytics report of the website's performance. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously.
CONSENT2 yearsYouTube sets this cookie via embedded youtube-videos and registers anonymous statistical data.
vuid2 yearsVimeo installs this cookie to collect tracking information by setting a unique ID to embed videos to the website.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
CookieDurationDescription
__Host-GAPS2 yearsThis cookie allows the website to identify a user and provide enhanced functionality and personalisation.
_dc_gtm_UA-1038974-31 minuteUsed to help identify the visitors by either age, gender, or interests by DoubleClick - Google Tag Manager.
_fbp3 monthsThis cookie is set by Facebook to display advertisements when either on Facebook or on a digital platform powered by Facebook advertising, after visiting the website.
fr3 monthsFacebook sets this cookie to show relevant advertisements to users by tracking user behaviour across the web, on sites that have Facebook pixel or Facebook social plugin.
test_cookie15 minutesThe test_cookie is set by doubleclick.net and is used to determine if the user's browser supports cookies.
VISITOR_INFO1_LIVE5 months 27 daysA cookie set by YouTube to measure bandwidth that determines whether the user gets the new or old player interface.
YSCsessionYSC cookie is set by Youtube and is used to track the views of embedded videos on Youtube pages.
yt-remote-connected-devicesneverYouTube sets this cookie to store the video preferences of the user using embedded YouTube video.
yt-remote-device-idneverYouTube sets this cookie to store the video preferences of the user using embedded YouTube video.
yt.innertube::nextIdneverThis cookie, set by YouTube, registers a unique ID to store data on what videos from YouTube the user has seen.
yt.innertube::requestsneverThis cookie, set by YouTube, registers a unique ID to store data on what videos from YouTube the user has seen.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
CookieDurationDescription
caf_ipaddrsessionNo description available.
citysessionNo description available.
countrysessionNo description available.
gnt_eidsessionNo description available.
gnt_eu6 hoursNo description
iamcsrsessionZoho (Customer Support) sets this cookie and is used for tracking visitors (for performance purposes)
systemsessionNo description available.
traffic_targetsessionNo description available.
Save & Accept
Powered by CookieYes Logo