Boost Collections & Avoid Defaults
at Your Indy Dealership
As an independent or BHPH dealer, collecting payments from customers can be difficult – especially when lending to subprime borrowers.
Boost your profits and reduce risks within your dealership by learning how to:
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Avoid common obstacles faced by independent and BHPH dealers including:
Payments submitted even a few days late can severely impact small independent dealerships by stunting their growth.
Risk of Identity Fraud
Subprime customers may submit fraudulent information to better their chances of being approved for a loan –whether it be home and work address or identity data.
When growing your business, lending to non-prime borrowers is inevitable. This increases the variety of risk to your portfolio.
According to the NICB, a car is stolen in America every 36 seconds. In 2021, 194,876 vehicles were stolen, at an estimated total value of approximately $1.7 billion.
High Risk of Defaults
Default rates are at 36% and customers typically default within 4 months of loan origination.
When lending, you lose direct access to your assets and face an increased risk of towed or poorly maintained vehicles. This can severely affect your ROI.