With an industry rebound in full swing, a number of companies are taking action to expand their finance offerings. GM Financial has started a lease program, which it hopes to offer to near-prime customers later this quarter, and ultimately to subprime customers, too. Capital One Auto Finance is exploring prime and near-prime offerings in an effort to better serve dealers looking for one-stop shopping.
A couple years ago, the industry was awash with full-spectrum providers, but the credit crunch stymied those plans and most retreated to their core businesses. Might this new wave of full-spectrum lending stick? What will financiers need to do differently this time around?
Full Spectrum to me includes pre-owned leasing. Anyone see anything on the horizon? I wonder why GM Financial wouldn’t get involved there since they would have a virtual monopoly.
embrace technology, payment options, flexibility, etc. Maybe with GPS disable functionality, better online payment processing, etc. risk mitigation can be achieved expanding full spectrum lending in the market.
Frank, ah, now I understand. Yes, I agree with you.