Consumer Credit File Essentials
“Our passion for data, it’s in our hearts. An unrivaled ability to make the complex simple, and turn data into intelligence so you can make smarter decisions…” Carol Gray, President Equifax Canada
Profit Drivers is honored to have Paul Le Fevre as our guest speaker during a LIVE webinar, November 16th, “Financing Fundamentals“, to share his expertise about How to Read a Credit Report. (more…)
Dealers, get prepared for a strong focus on leasing for all brands! Scotiabank has entered the leasing market in Canada, being the chosen financial institution for Volvo and Mazda leasing in Canada. In December 2010 TD Financing Services purchased Chrysler Financial, surely with the intention of expanding into leasing also. And now, the deal between GM Financial Company, Inc. and FinanciaLinx finalized April 1st, 2011. To (more…)
When Business Managers/F&I Managers are working with a cash customer, you will find they are one of four buyer types. Either they are refinancing their home and including their vehicle purchase in that refinance; they have an investment they are cashing-in to purchase the vehicle; they are using their personal line of credit; or they truly have cash in the bank. In order to present logical “what if” scenarios that (more…)
Click on each program for full details… (more…)
Your lease customer is entitled to a One-Day Cooling Off Period, as provided for under the The Motor Dealer Act Regulation. After the lease agreement has been signed, the customer may cancel the lease without penalty within one full business day (which includes a Saturday), during which time the motor dealer physically keeps the vehicle in their possession. It was recently brought to our attention by an experienced and informed Business Manager after taking her Level II licensing course with VSA, that the law allows a lease customer “One Clear Day” as the (more…)
“…although GM’s acquisition of AmeriCredit closed just three days earlier, financing for the Buick/Cadillac lease program isn’t coming from that entity, now called GM Financial.
Rather, these leases will be offered through FinanciaLinx, Canada’s largest independent national leasing Company. (more…)
Here’s a tip for business managers that refinance a customer’s automotive or RV loan within 90 days of the original purchase and finance contract signing…
Loans refinanced with the same lender within 90 days are subject to be paid NO dealer reserve OR at the best, the business manager will be paid the difference between what was paid as DR for the first loan and what will be paid as DR for the new, refinanced loan. (more…)
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Do you ever get stuck when trying to get your finance deal approved? Sometimes it’s the deal structure Sometimes a co-applicant will help Sometimes more cash into the car will work |
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Sometimes you need to move them to a new vehicle with manufacturer cash incentives to help reduce the risk OR if they came in on a used car, they may think that’s all they can afford. Sometimes a new vehicle is easier to finance.
Always follow-up with the credit analyst on a declined credit application. Before you make that call, know what the strengths of the deal are and what the story behind their impaired credit is.
If you are stuck, sometimes an objective perspective will help trigger an idea you hadn’t thought of. Stay connected with others in your community. Our Profit Drivers Facebook Group is open to Automotive and RV Business Managers and serves as a platform to connect with other professionals like yourself! Click Here to connect with your community!
What’s YOUR Willingness to be a Top Performer?
“Most business managers working in dealerships today have been trained to be great salespeople. They sell extended warranties, vehicle protection, insurance products on loans or leases and a myriad other aftermarket goods or services…”
For the full article, refer to direct link, Canadian AutoWorld.ca
