Consumer Portfolio Services is customizing the messages dealers see when they submit loan applications, as part of a new deal structuring portal unveiled in mid-June.
“A lot of the messaging we were sending was really outdated, not really applicable, and boilerplate about our program,” said Curt Powell, senior vice president of sales. “Dealers didn’t pay much attention.”
Now, CPS shows dealers options that apply to the specific deal submitted, like offering a service contract or gap insurance. “Rather than say here’s four messages that apply to every deal, we say, ‘This particular application has these characteristics, therefore we’re going to respond with these more specific responses that apply more to that situation,’” Powell explained.
Another element of the new portal is called maximum payment feature, which tells dealers the maximum amount for which a consumer can be approved.
“Dealers tend to be of the mindset that a lender is more likely to approve a $300 payment for a weak customer than a $500 payment,” Powell said. Because of that, dealers might send several payment structures in the $300 range, “crossing their fingers that the deal gets approved,” he added.
“They were kind of running blind,” Powell said, unaware that they might be able to get the customer approved for a $400 or $450 payment. “There’s a lot of back and forth, so posting that maximum payment helps a lot,” he added.
The messaging revamp was triggered by dealer feedback received through CPS’s sales reps.Like This Post