The automotive finance industry is facing significant challenges in 2023, and it's essential to be prepared and proactive in protecting your auto portfolio. As the industry landscape evolves, here are four crucial factors to consider
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Being 100% compliant with GAP coverage guidelines doesn't have to be painful. Over the past few years vehicle prices and interest rate hikes have led to higher financing costs. Consumers are stretching out their loan terms to maintain lower monthly rates. Higher costs and longer loan terms are two of the reasons people turn to GAP coverage. GAP coverage is more important to lenders as a result of this increased interest. If you are struggling to stay compliant or just want to be more efficient, there is a better way to handle this process. Send me a message and I would be more than happy to help to continue this conversation. Let's make 2024 a better year for you and your business.
Automotive lenders should implement a uniform process for GAP refunds across all states they lend in to comply with Consumer Financial Protection Bureau guidelines despite the high cost of the process and a variation in state policies by state, some advisors say. #autofinance #autoindustry Implementing uniform GAP refunds: Costly but necessary | Auto Finance News https://hubs.la/Q02dkVXt0
Implementing uniform GAP refunds: Costly but necessary | Auto Finance News
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Per the article, "Cox Automotive calculated the average yield spread on auto financing increased by 9 basis points in July, making rates less attractive to consumers compared to bond yields". Add a lot of negative equity into this scenario and it no wonder auto sales are stagnant. Bring on the 72 month captive finance incentives and 84 month terms, because its the only way most consumers will have a chance at affordability.
Auto-credit availability dips for fourth consecutive month
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Are you trying to navigate auto ownership in times of inflation? The cost of car ownership is getting painful, and a character-based vehicle lending program like ours can make a difference. Our program offers unique loan understanding education, vehicle selection assistance, and long-term financial mentoring. In the face of rising costs, our program empowers you to make informed choices, ensuring your car purchase aligns with your financial goals. Having access to a highly fuel-efficient vehicle that holds its value with extended warranties financed into every loan to prevent large repair bills can ensure you'll cruise through inflation with confidence. https://lnkd.in/eXxwqk5S
The Cost of Car Ownership Is Getting Painful
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Preparing to finance your dream car begins with securing a strong credit score. Firstly, start by checking your credit report for any inaccuracies. Correcting errors promptly can positively impact your score. Secondly, aim to reduce your credit card balances and maintain a low credit utilization ratio. Lastly, ensure to make all your payments on time to demonstrate responsible financial behaviour. Negotiating with a car dealership on a new car can be daunting. Your Auto Agency can do this for you, and save you money at the same time. Call Kyle today to find out more - 0423 703 417 #CreditScoreTips #CarFinanceAdvice #GoldCoastCars #FinancialPlanning #CreditRepair #CreditHealth #CarLoanTips #PersonalFinance #CreditScoreBoost #FinanceGoals
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As we continue to navigate through the dynamic landscape of the automotive industry, January leaves the hesitaters in the dust. The importance of smart financial decision making when it comes to purchasing your next car have never been so crucial. At BR Automotive we take pride in being your trusted partner in the journey to car ownership. Whether you are a seasoned F1 driver or a first-time car buyer, our team of expert finance brokers are here to guide you through the seamless and stress-free process. "Why choose BR Automotive?" - We often get asked this question, below are a few key benefits to utilising our services. 1. Tailored Solutions - Our finance experts work closely with you to understand unique needs and financial circumstances to create bespoke solutions. 2. Wide panel of lenders - We have 17 different lenders available and will match your circumstances above to the most suitable lender to ensure you are borrowing from a lender to suit your individual credit profile 3. Efficiency - Our streamlined process ensures a quick and efficient approval process, getting you into your dream car the very next day. Interested in learning more about the latest trends in car finance or have questions about our services? Drop a comment below or send me a direct message. I'm here to help!
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Insightful article regarding trade-ins being underwater. More Trade-Ins Under Water March 15, 2024 • by FI Staff • “Trade-in vehicles in negative equity are at a two-year high, according to Edmunds data. Of those traded in the fourth quarter for new-vehicle purchases, 20.4% were in negative equity, up from about 18% a year earlier and 15% two years earlier, Edmunds says. The average debt level of borrowers in negative equity situations, meanwhile, climbed from $5,347 in the fourth quarter of 2022 to a record $6,064, which is up 46% from two years earlier. Edmunds said that with renewed new-vehicle sales due to replenished inventories and the return of incentives, used-vehicle transactions have in turn cooled. "With demand for near-new vehicles on the decline, used car values are depreciating similarly to the way they did before the pandemic, and negative equity is rearing its ugly head," said Director of Insights Ivan Drury in a press release. Consumers who paid more than manufacturer’s suggested retail prices during the pandemic are the most vulnerable to going under water because their newer trade-in models are most prone to big value declines. The average transaction price of 1-year-old vehicles fell 15% in the quarter to $38,720, Edmunds said. ATP of 2-year-old models fell 9% to $32,583. It’s the reverse of the pandemic scenario of scarce used vehicles due to supply constraints’ effect on new-vehicle production. "During the last few years, consumers could jump into new car loans and their trade-ins were shielded from negative equity because some dealers, desperate for used inventory, were willing to pay near original purchase prices," Drury said. "These days, consumers need to be more careful — especially if they're trading in newer vehicles — because near-new cars are being hit the hardest by depreciation." Highest Regards, Demetrios T. Lahiri, BA, BS, MBA President Anesti Financial Services, AFS www.AnestiFinancial.com Highland Park, TX 75205 USA E-Mail: [email protected] [email protected] Mobile: 214.727.5041 TX Insurance Property & Casualty License Number: 1583628 TX Insurance Limited Lines License Number: 1226745
Home - ANESTI Financial & Automotive Services
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👋 Ready to say goodbye to title headaches? AFC Insights dives into the world of Auto Title Management in the latest edition of Dealer Terminology. Learn the key steps, why it's important, and how it impacts your #afcfloorplan financing: https://lnkd.in/eKyMqFQQ
What is Auto Title Management?
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🚗 Ready to hit the road? Here's how to finance your first car like a pro: ✅Set a budget – factor in purchase price, insurance, maintenance, and fuel. ✅Check your credit score – it impacts your loan interest rate. ✅ Do your research – compare models, prices, and reviews. ✅Get pre-approved – know how much you can borrow and the interest rate. ✅ Choose wisely – pick a car that fits your budget and lifestyle. ✅ Negotiate everything – price, loan terms, trade-ins. ✅ Read the fine print – understand all contract terms before signing. ✅ Stay on top – make timely payments to build your credit. At Automotive Finance we're here to assist you every step of the way! Reach out to us today to make your dream car a reality. https://buff.ly/3QeJGv8 or 📞(02) 7900 3288 #AutomotiveFinance #CarFinance #FirstCar #FinancialTips #CarBuying #NewCar
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Do you know all your fees? Here is one that is often overlooked. #autodealership #automotiveindustry #reinsurance #wealthmanagement #cardealership
Many dealerships fail to consider the impact of cancellation fees on their reinsurance programs, often resulting in significant financial losses. Cancellation fees are charges imposed when a customer cancels their service contracts before the expiration date. To avoid such losses, car dealerships must pay close attention to the cancellation fees associated with their reinsurance programs. This means carefully analyzing all fees and developing strategies to maximize program profitability. #automotiveindustry #reinsurance #dowc #cfc #carbusiness
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Cox Auto Revises Dealertrack Credit Availability Index Outlook https://bit.ly/4aU41gN #glenviewfinance #subprimefinance #usedcardealer #autofinance #creditbuilder #independentdealer
Analysts revise April Dealertrack Credit Availability Index when sharing May reading
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