What is Guaranteed Asset Protection? Guaranteed asset protection (GAP), also called “gap” insurance, covers the difference between a vehicle’s actual cash value and the amount that is still owed on the vehicle in the event that it’s determined a total loss. A total loss could be an accident that causes the vehicle to become undrivable [...]
Cars are a global necessity, and the auto industry shows no signs of slowing down soon. With the constant demand for vehicles, auto dealerships are realizing how important it is to partner with reputable finance companies to provide loan servicing for their customers. According to FICO's 2019 Consumer Survey, 63% of customers in the U.S. [...]
People with a poor credit score or purchase history may have difficulty in financing a vehicle purchase. This is why it is important to partner with a finance company that will be an asset to your auto dealership. They can help pair you with reliable creditors to assist with financing. One of such reputable finance [...]
On average, car repairs cost between $500 to $600. That’s a considerable sum that leaves many in debt each year. As a result, interested clients opt to either postpone or cancel an auto purchase for fear of not being able to pay their dues. The good news is that a vehicle service contract can help [...]
Bank reps will walk through your dealership’s doors regularly with new programs or fresh strategies designed to sell more cars. However, if you’re not careful, you could end up with more sources than you need. Lenders are looking for more contracts to build their loan portfolio, not just more applications. Look-to-book ratios will be monitored [...]
As an independent dealer, you understand the importance of securing solid financing options for your clients. After all, offering retail financing is the key to helping you sell more cars as well as boost your bottom line with backend products. But how do lenders view your independent dealership? It boils down to risk and cost. [...]