Newsreleases

• 11-21-11 – REVOLVING CREDIT CARDS - A Win-Win Financing Option for Your Customers and Your Dealership
  Recently I was at the movie theater and noticed the parking lot was full. I wondered why the news kept talking about all the economic doom and gloom. Sure, some things are financially tougher today, but it was obvious that people were still spending money. Did I mention I was at the budget theater where my ticket was two dollars? Consumers, myself included, still go out but are smarter and more cost conscious these days. Your dealership might be experiencing a similar phenomenon. People are still making purchases but are being smarter about spending, seeking flexible financing and researching their options.Read More »
• 08-22-11 – How Co-Buyers Help Secure Recreational Loan Approvals
  Credit scores are not what they used to be. Just a few years ago, many considered a good credit score 680 and above, but today that same 680 score would be an automatic decline from most recreational lenders. You owe it to your customer, as well as to your dealership, to obtain the most complete credit information available before submitting the loan to your lender partners. This means your F&I department needs to have available all three major credit bureaus’ reports. Read More »
• 08-03-11 – 4 Responsibilities of an F&I Manager
  Co-buyers aren’t the solution for every credit challenged customer you see, but savvy F&I managers know when a co-buyer will help secure a recreational loan approval and when they won’t. Of course, a lot of this depends on your lenders’ guidelines as well as the amount financed, but knowing when to seek a co-buyer and when not to can help save you and your customer precious time when working on an approval.Read More »
• 02-06-11 – Secure More Approvals
  Credit scores are not what they used to be. Just a few years ago, many considered a good credit score 680 and above, but today that same 680 score would be an automatic decline from most recreational lenders. You owe it to your customer, as well as to your dealership, to obtain the most complete credit information available before submitting the loan to your lender partners. This means your F&I department needs to have available all three major credit bureaus’ reports. Read More »
• 12-1-10 – Red Flag Compliance
  The Red Flags Rule, very simply put, was designed by the Federal Trade Commission (FTC) to help organizations detect and prevent identity theft that may arise during the lending process. Your dealership is required by law, to establish a formal, written identity theft detection and response program to protect your dealership and your customers. As your business office, Priority One has created and implemented a program in accordance with the Red Flag Rules and if you do not already have a program in place at your dealership, you may find it helpful to follow the steps that we used when designing our program. Read More »
• 09-09-10 – RV Dealerships Can Make Money on Finance and Cash Deals
  When a customer is ready to purchase his RV he has the option of paying cash or financing the unit. More than likely you are hoping he is going to finance with your dealership because you have the opportunity to make additional profit through finance reserve and products such as extended service contracts, credit life and GAP protection. However, if the customer says he is going to pay with cash, there are still opportunities to generate additional revenue. Read More »
• 09-09-10 – Marine Dealerships Can Make Money on Finance and Cash Deals
  When a customer is ready to purchase his boat he has the option of paying cash or financing the unit. More than likely you are hoping he is going to finance with your dealership because you have the opportunity to make additional profit through finance reserve and products such as extended service contracts, credit life and GAP protection. However, if the customer says he is going to pay with cash, there are still opportunities to generate additional revenue. Read More »
• 06-16-10 – Recreational Financing: Understanding & Expediting the Process
  We’ve all heard the saying time is money. And this is so true in our industry. When you have a customer ready to buy, you want to get them approved, closed and out the door. But let’s face it, not every deal is a slam dunk. In fact, when it comes to recreational loans most deals take time and skill. A good F&I manager knows how to use his time wisely, expertly submit complete and correct paperwork, allow for unforeseen delays and give him ample time to negotiate with the lenders on behalf of the customer. Read More »
• 04-07-10 – Open Your Door to Non-prime Lenders and Increase Profits
  Many dealers are skeptical about using non-prime lenders to finance their customers’ boats and RVs, but if you don’t offer non-prime financing, you are leaving money on the table. For those who don’t qualify for traditional loans, non-prime loans might be the answer for those customers with lower credit scores, insufficient or comparable credit, bankruptcy and other unique credit situations. Read More »