{"id":344,"date":"2014-09-03T14:55:42","date_gmt":"2014-09-03T19:55:42","guid":{"rendered":"http:\/\/efgintelligence.com\/subprimepoint\/?p=344"},"modified":"2014-09-03T14:55:42","modified_gmt":"2014-09-03T19:55:42","slug":"dont-get-lax-customer-service","status":"publish","type":"post","link":"https:\/\/efgintelligence.com\/lendingcurve\/dont-get-lax-customer-service\/","title":{"rendered":"Don\u2019t Get Lax With Customer Service"},"content":{"rendered":"

\"Contributing<\/a>Great News! The auto industry continues to break sales records! According to a report from Urban Science, the average number of sales per dealership in the U.S. is on track to hit an all-time record of 904 units<\/b>, based on vehicle sales of 16.2 million. As far as subprime growth is concerned, according to CNW Research in July, the auto industry experienced a 25.5 percent year-over-year increase of subprime buyers<\/b>. And, Edmunds determined that 77 percent of car buyers in the same month financed their vehicle purchase through the selling dealership<\/b>.<\/p>\n

With sales and indirect lending up, both lenders and dealers can be tempted to take a step back and relax. However, a new ground war is brewing around compliance and consumer perceptions.<\/p>\n

The Consumer Financial Protection Bureau (CFPB) has continued to focus its efforts on the dealership finance process since fining Ally Financial, earlier this year. Recently, the CFPB fined First Investors Financial Services Group, Inc., which primarily operates in the subprime auto finance segment, $2.75 million <\/b>for providing inaccurate information to credit reporting agencies. The CFPB and the Federal Trade Commission have also made it easier for consumers to post formal complaints regarding their treatment during the dealership finance process.<\/p>\n

In addition, a recent survey of online shoppers by Kelley Blue Book found that:<\/b><\/p>\n