Category: Rumors
F&I data: Used EVs losing value faster than hybrids and gas-powered cars
A Cox Automotive analysis compares the value of used hybrid, electric and gasoline vehicles with their sticker price.
Trump says he’ll make interest on car loans tax deductible for vehicles made in U.S.
Trump has not specified if the tax breaks would be available to many foreign-owned automakers who produce millions of vehicles in the U.S., including Volkswagen Group, Toyota and Hyundai.
F&I tip: Look at buyers with lower credit scores as an opportunity
Auto lenders and dealerships should not ignore car buyers with lower credit scores, Armando Hidalgo, director of servicing at SameDay Auto Finance, said in a panel discussion at the Auto Finance Summit this month in Las Vegas.
With many of those consumers “now needing credit, it is a good opportunity for us to capture some of that market,” Hidalgo said. It is “also a good opportunity for borrowers to reestablish themselves.”
Auto lenders can manage the risks of customers with lower credit scores by informing those consumers ahead of time and by keeping in touch with them often, Hidalgo said.
“It is up to us to make sure that we put them in the right path of success,” he added.
Have a good auto finance and insurance tip to share? Email Automotive News F&I reporters John Huetter at john.huetter@crain.com and Paige Hodder at paige.hodder@crain.com. See more F&I tips at autonews.com/topic/fi-tips.
Guest commentary: New strategies make the road back to 17 million SAAR possible
The industry must be willing to take a disciplined approach to sales, inventory management and pricing.
Vehicle cost and high rates are holding back middle-income Americans, according to Santander
Thirty percent of those surveyed said they were likely to take out an auto loan if rates came down.
AutoTrainer software reviews F&I conversations, trains staff using AI customers
Startup Anomaly Labs screens car dealers’ finance office sales pitches to real-life consumers and uses AI customers for managers to role-play and improve.
Brent Burns retiring as head of JM Family; Dan Chait to become CEO
JM Family Enterprises CEO Brent Burns will retire and be succeeded by President and COO Dan Chait. Chait will remain president when he becomes CEO on Jan. 1, JM Family announced.
F&I data: Fed LIFE Survey finds consumers more challenged by bills
Americans this summer were having a harder time paying bills and feeling greater concern about making ends meet compared with a year earlier, according to the July 2024 edition of the Federal Reserve Bank of Philadelphia’s Labor, Income, Finances, and Expectations Survey.
F&I tip: Be available by phone to the lender on stipulation deal
Dealership staff should be sure their indirect auto lending partners can reach them by phone when a deal is contingent on the customer providing stips.
Guest commentary: Know your customer and tailor payment options to fit them
Auto lenders and others should tailor payment options to their customers’ preferences, writes PayNearMe CMO Anne Hay.