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…
News
What You Need to Know about Vehicle Warranties
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…
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…
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…
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…
Love It Or Hate It, Online Car Buying is Here to Stay
The days of customers wandering into your dealership looking for their next car may be nearing an end. Buying cars online is growing in popularity,…
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…
