Webinar 18: A Crude Awakening...A Royal Pain in the Gas!
Members are facing challenges like never before. Many are losing homes & jobs while bankruptcies are escalating. Furthermore, the cost of basic needs such as food & transportation are financially draining. Gas prices continue to escalate and members are looking for relief! With gas prices running $4 - $5 a gallon, many are trading in their SUV's but the dealers already have full lots. They are turning to smaller, more fuel-efficient, yet overpriced cars. Financing is unavailable because members are already upside down.
WHY WHAT WE'RE CURRENTLY DOING WILL NO LONGER WORK:
- 40% of all outstanding car loans are upside down
- Little or no demand for SUV's & credit unions currently have a lot of these loans on their books
- OVER-FINANCING Credit unions should only consider over-financing if they want to keep making car loans. Keeping current underwriting guidelines in place equals no car loans and no loan growth.
SO WHAT HAS TO CHANGE? Everything! Credit unions have to change their underwriting, pricing, and appetite for taking risk.
WE MUST BE WILLING TO CONSIDER:
- 150% loan to value
- 10 year + car loans
- Special financing
- Tiered pricing
- New car loan products we are not offering
THIS WEBINAR WILL TEACH YOUR EMPLOYEES & MANAGEMENT HOW TO:
- Take More Risk -Find out the member's motivation
- Look at every possible option
- Avoid overreacting to high loan values
- Close loans so both you and the member are on the same page
- Rewrite your loan policy to allow you to over-finance Rex Introduces his new 'S.A.I.L.' Technique: Special
Sail through this stormy economy! Credit unions must be willing to step up and help members who need our help now. Otherwise, watch while the competition comes up with a solution!