Lending Curve - Part 45

EFG Companies Recognized as One of the Best Companies in the Subprime Auto Finance Space

Post author By efgmarketing
Post date March 16, 2015

Subprime Auto Finance News Lists EFG in the Subprime Top 125

EFG Companies, the innovator behind the award-winning Hyundai Assurance program, announced today that it has been named as one of the top 125 most influential firms serving the subprime auto finance industry by Subprime Auto Finance News. Organizations included in the SubPrime 125 profile are heavy hitters from the multiple facets of the auto finance industry, including from financing companies, rapidly advancing service and technology firms, industry associations and more. The Subprime 125 companies were chosen based upon nominations and editor’s picks.

“The SubPrime 125 issue is one of the highlights of our entire editorial calendar. Working as a team to craft a listing of the best companies and organizations in the subprime auto finance space is a challenging and gratifying experience. It’s our opportunity to showcase how important these operations are to industry growth and our economy’s health. Each one mentioned should be proud of the great work completed by their management teams and invaluable employees,” said Bill Zadeits, publisher of SubPrime Auto Finance News.

For close to 40 years, EFG has developed products to protect consumers from the risks associated with costly vehicle mechanical breakdowns.

Tags AFIP, ASE, Automotive Service Excellence, Benchmark Portal, Bill Zadeits, Consumer Credit Compliance Certification, EFG, EFG Companies, John Pappanastos, Karen Klees, subprime auto finance news

Compliance F&I

Control is an Advantage with Non-Interest Income

Post author By efgmarketing
Post date February 25, 2015

Contributing Author: Karen Klees, Certified Consumer Credit Compliance Professional, EFG Companies

In a new world order of uber-competitive interest rates and shrinking profit margins, a significant number of lenders are supplementing revenues by promoting and marketing privately-labeled consumer protection products. While still reeling from the implementation of formal compliance processes relative to financing, discussion has grown louder regarding FTC and CFPB involvement in the oversight of the sale of F&I products.

There are many elements to consider as you review your current policies and procedures for your existing product offerings. On a positive note, having a suite of private-labeled products provides the ultimate control in pricing (and profit), and significantly more control in making sure your product offering passes the litmus test from a consumer perspective.

This being said, applying compliance standards and scrutiny to the partners you have chosen to be a third party administrator or insurer is growing in importance. A recommended starting point, as you evaluate or re-evaluate product offering, is to ask a simple question: Does the product’s benefits fulfill a real and mathematically calculable customer need (or have risk)?