2020 is here, offering both a new year and the start of a new decade. But in order to look ahead, it’s also important to reflect back. In 2019, the auto finance industry experienced challenges and opportunities resulting from regulatory changes, data management growth, and the shifting infrastructure of both people and technology. This blog shares 9 insights learned in 2019 to help you prepare for what’s to come in 2020 and beyond.
1. There is a Growing Need For Consumer Education
As consumer negative equity continues to grow and consumer costs continue to rise, a growing need to provide financial literacy resources for consumers is emerging. In general, buyers are paying more for their cars over a longer time period. These increasing long-term expenses are playing a part in fueling rising household debt concerns. If dealers and lenders take the initiative to educate, they could help consumers better understand the purchasing process and how loan characteristics impact monthly payments.
continue reading »