Are you using payment technology to manage your loan portfolio effectively? A 2019 Experian study shows auto loan debt is at a record high. As an auto lender, your first thought might be, “Well, of course. Cars are more expensive, and more people finance them now.”

Delinquencies were increasing before the virus outbreak. What happens now? Even before the massive drop in economic activity due to COVID-19, there were signs of trouble brewing on the subprime loan side of the auto lending market. Now more than ever, it's important for subprime lenders to understand and effectively manage these delinquencies.

Take advantage of one of the few times of year you KNOW your customers have money for both down payments and loan payments.

The average tax refund last year was $2,869, according to Marketwatch.

Auto lenders are facing a big problem: credit quality is deteriorating. Private lenders and buy here pay here lenders are getting hit the hardest. 

There’s no doubt that consumer preferences are evolving quickly while expectations for high quality service continue to rise. Dealers not only have to identify the right mix of product and service offerings to attract new customers, they must consider how to effectively nurture these customers past the initial sale to develop long term relationships and establish recurring revenue streams.