Some lenders have tightened up on indirect auto lending for fear that a pandemic-related recession, or “Covid Credit Crunch” could be looming ahead. This market uncertainty plus the strain on inventory supply and demand are expected to have a negative impact on the financial performance of auto lending through the remainder of 2021. In turn, this hurts consumers, dealers and the economy as a whole.
While the consumer credit business has always been risky, at least - in the past - it was predictable. The good news about the post-pandemic era, however, is the resulting shift toward consumerism and digitization. For far too long, the financing process has been the bane of the car buying experience - in fact, data shows it’s the #1 frustration among auto and RV buyers. Lenders and dealers have suffered too from the process redundancies, the mountains of paperwork and expensive overhead costs.
Unfortunately, FiQore has not figured out a way to change the events of the last 12 months, but we are helping lenders and dealers continue to do “business as usual” by providing a stable, easy and compliant platform for auto and RV financing. Our meticulous due diligence and guaranteed lien perfection gives our lenders the extra peace of mind they need to confidently - and eagerly - underwrite and service our loans.
While some banks and credit unions are bracing for massive charge-offs and collection activity, strategic, forward-thinking lenders are flushing out new opportunities to expand their reach and grow their portfolio with high-quality loans. Really smart lenders quickly realize they can do all of that and more by simply joining the FiQore network!
FiQore lender partners rave about our processes and performance. Our streamlined technology, quality control and white-glove service virtually guarantees our lenders receive a “perfect” deal and a very satisfied borrower. We even lower costs for our lenders! You see, we never “shotgun” deals, which means our look-to-book is mind-blowing. In fact, 52% of the credit applications we submit to our lenders get funded. Since lenders pay ridiculously high fees to even “look” at a credit application, we save tons of time and money by only submitting deals that align with each partner’s specific lending criteria. The result? Lenders on the FiQore network spend less time scrubbing paper and more time funding loans for newly-acquired and happy customers.
This is one of many reasons why indirect lenders love FiQore. Talk with us today.