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Car Loans Inc. Pivots to New-Vehicle Financing

Car Loans Inc. is slowing its subprime loan volume as it shifts to “higher-quality vehicles” in response to an uptick in default rates, according to Chief Executive Max Haynes. “We wanted to be careful because what we saw there were some issues in the marketplace, so we took action and slowed down [loan volume] a […]

Car Loans Inc. Ramps Up Mobility Efforts

Car Loans Inc. is implementing a “mobile-first” strategy to cut servicing costs and better the customer experience, according to the company’s Chief Executive Max Haynes. “Our numbers are showing that over 90% of subprime borrowers have a smartphone,” Haynes said. Some of these consumers are struggling to make their car payments, but never miss a […]

Car Loans Inc. Cuts Mobile Site Load Time [VIDEO]

Speed and ease of use are essential to a financial provider’s mobile payment arrangement functions, according to Max Haynes, founder and chief executive at Car Loans Inc. Which is why the company has cut its mobile site load time down from 10 seconds to between two and three seconds, Haynes told attendees at Auto Finance Innovation […]

Games May Help Lenders in Pursuit of Underbanked Millennials

Some millennials may not have checking accounts or desktop computers, but the vast majority have smartphones, and many of them can be motivated to pay on time using innovative approaches like “gamifying” payments, experts said. “They may change their address and not update the email, but they have the smartphones,” said Michael Collins, senior vice […]