Auto Loan Refinancing. Anyone offering this as service to their customers?

Chad Albertson
Working on a project to setup refinancing options to dealership customers. We see hundreds to thousands of customers in our service and sales departments. Some of these customers maintain equity and/or a solid track record of good payment history. We feel a conversation with our customers that have met some of these basic qualifications will allow them to reduce their payment, lower their payment, add on valuable protection products or allow them to shorten their term. Has anyone been using a specific lender(s) to make this process seamless/smooth? How do you avoid taxes and fees normally associated with a car deal? How does the lender reward F&I (the dealer)? How do you handle maintaining the existing F&I products? Are you seeing additional penetration on F&I products during the process? What are the perfect times, mileage and other key data factors that make your customer and their vehicle a target for refinancing? How do you create awareness around the service to your customers? Would you mind sharing your process?
Tom Banner
Customers can always shorten their own terms. Most re fis will lower payments and LENGTHEN their terms. Unless interest rates have gone down significantly, and in this environment , it is likely the 750+ FICO already got the lowest rate possible. You don't get an 800 Score making foolish financial moves. I recommend to buyers to get financing in place before they walk into a dealership and for the longest term possible if the rates are 0%.-2% Hard to refi those loans at a customer's benefit. IF they are going to buy an ESC (which I don't recommend, depending on the brand and model) I tell them to wait until the last year and shop it out of state, There are dealers who sell the top factory ESCs for far less than the local dealer on certain brands. GM, Honda Ford, Infiniti and Toyota (with a little work) and never buy anything but an exclusionary Branded ESC. No after market nightmares,
David Tokarsky
The issue might be competing with places like Lending Tree, Rate Genius, Up 2 Drive, etc. when this is what these companies do without much of a charge other than the interest they're making. For the time spent on a refinance it may not produce the ROI needed to be worthwhile. If you can create a win-win situation I would love to see it. Good luck and I applaud you for thinking "outside the box"!

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