Dealers are seeing an increased number of customers with subprime credit as the U.S. continues to face economic headwinds arising from the COVID pandemic. Serving these car buyers can be difficult on a good day, but in a model year with unaffordable MSRPs and strained inventories, it can be an excruciating process for both retailers and consumers.
On this episode of Driving Solutions, host Jim Fitzpatrick is joined by Paul Sansone Jr., owner of Sansone Jr.’s Auto Group and founder of Dealer Controller Leasing. Sansone has spent years in the dealership finance and insurance sector, driving success for customers and retailers alike with innovative solutions. Now, he joins the show to discuss Dealer Controlled Leasing, a new F&I platform that gives dealers more control over the lending process and helps them drive profit on every transaction, regardless of the buyer’s prime or subprime credit ratings.
Key Takeaways
1. Dealer Controlled Leasing is a subprime lending product that installs a lease-here-pay-here model at dealerships.
2. Lease-here-pay-here models not only make it easier for car buyers with subprime credit to find the products that work for them, but they can also help dealers drive profits.
3. Dealer Controlled Leasing identifies car buyers with subprime credit and helps them improve their scores over the course of the lease by reporting payments to credit bureaus.
4. Higher interest rates and bank fees have led to an increase in demand for Dealer Controlled Leasing.
5. Dealer Controlled Leasing also provides credit coaching to subprime buyers, giving them additional resources to improve their financial standing.
"While I feel making money is attractive to a dealer, I also feel serving my customers and serving my community is also something that's very important." — Paul Sansone Jr.
