What is the Community Reinvestment Act’s Impact on Auto Finance?

At Bay Motor Finance, we feel it is essential to keep our clients informed of lending policies in the news, including the latest on the Community Reinvestment Act. Something that may affect our dealership partners and loyal customers.  What is the Community Reinvestment Act (CRA)? The CRA was passed in 1977. For those wondering what […]

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How to Easily Explain Dealership Financing to Your Customers

You have a client ready to buy a car––outstanding! They’ve picked out their new ride, are excited to drive it off the lot, and all that stands between that experience is signing the paperwork, handing over the keys, and the funds to make it happen.  Securing dealership financing is something clients need to walk through […]

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What is an Automated Approval Process and How Might it Affect Your Customers?

Traditionally, automobile dealerships have had a “red phone” communication with lenders. Speaking directly to an underwriter has historically made it easy to discuss options for your customers and find them the right solutions for their unique needs. Lately, the trend has been leaning toward a more automated process, and this could spell big trouble for […]

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The Impact of the CFPB’s Changes on Lenders and Dealerships

The Consumer Financial Protection Bureau is concerned with rising costs in the automotive industry but, since the agency has no oversight of car dealerships, the bureau is planning to focus its efforts on automobile financing. The Bureau of Labor Statistics has found that the stalled manufacturing processes, along with chip shortages, are increasing costs while […]

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The Electric Vehicle Market is Growing: Are You Ready?

For consumers facing sticker shock at the pump, it may be time to consider shifting to a fuel-efficient, low-emission electric vehicle. The electric vehicle market is growing exponentially. It was originally valued at just over $163 billion in 2020, but it’s expected to top $823 billion by 2030. How will this growing industry affect dealerships?  […]

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