Due in part to the COVID-19 pandemic, the outlook for new car sales is less stable now than at any time since the production shutdowns of World War II. And while 2023 is showing signs of at least a little improvement, the outlook for the coming year’s car market—both new and used– is a still […]
Read More… from Bay Motor Finance’s Outlook for Vehicle Sales in 2023: Used or New Cars?
From duplicating keys to hacking into onboard security systems, there are many ways for criminals to steal a car. In most cases, that takes knowledge of the vehicle’s mechanical and electrical systems, and the know-how to decode or disarm its anti-theft safeguards. However, in increasing numbers, a new breed of auto thief has figured out […]
Read More… from Consumer Fraud in the Auto Industry is on the Rise
COVID Relief brought stimulus money to people across the US. For some, it was a much-needed respite. It kept food on the table, the lights on, and roofs over heads. For many, those funds have ceased. Our economy has hit a bit of a rough patch too. Inflation has brought rising prices, which means Americans […]
Read More… from Auto Loan Delinquency Rates: What’s the Current Status?
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 […]
Read More… from What is the Community Reinvestment Act’s Impact on Auto Finance?
We’re protective of our things, more if they’re brand new. If it’s a new item that costs a lot of money, we take every step to ensure no harm comes to it. So when it’s time to purchase a new set of wheels, that protective instinct is front of mind. Luckily, a vehicle warranty is […]
Read More… from What You Need to Know about Vehicle Warranties
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 […]
Read More… from How to Easily Explain Dealership Financing to 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 […]
Read More… from What is an Automated Approval Process and How Might it Affect Your Customers?
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