March '17

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rv-pro.com March 2017 • RV PRO • 91 for and obtained personal financial state- ments and tax returns. The finance pro- fessionals secured proof of income before the lender asked for it. These managers also inquired about the customer's retire- ment accounts and balances. The deal- ership managers were pro-active – not re-active. I find myself asking what it was that allowed that successful business practice to change. All I can come up with is: the Internet, credit bureaus, and the finance team taking the path of least resistance. To maximize the potential of 2017, the finance team should go a bit retro. Once again, value a complete credit application with all the information. So, ask for the proof of income and tax returns upfront. For deals that have financing that exceed $55,000, complete a personal financial statement with the customer ahead of time. The other outside lenders will ask the customer for this documen- tation, so do not be embarrassed to do so. You are a lending professional, and you are helping to build a customer profile to be presented to a lender. Think of it this way: The more infor- mation going in, the faster the credit decision. In this case, information is the magic to secure the sale and pro- tect the sales department's gross profit of the deal. Consider this: You are asking a lender to lend money – sometimes twice the amount of invoice – to someone the lender has never met, does not know, and never will meet. Currently, with very skinny information, thinking that it can all be collected in a blink of an eye over the Internet is like asking how much water can a strainer hold. If you were the lender, my dear friends, I can assure you that you would want more information about the person you are con- sidering lending all the money to even before you pull a credit bureau. Can you tell anyone's net worth from looking at a credit bureau? The answer is no, you cannot. All you can tell from a credit bureau is most of the outstanding debt, and the customer payment history on the debt that is being reported. There is so much more to identifying the customer's net worth and liquidity. The winds of change are blowing early in 2017. The new year brings all of us increased opportunities, so you must be prepared with the resources to make the incremental sales that will turn 2017 from a good year to a great year for your sales team. Every dealership needs to have access to a non-traditional lender that has the ability to get those incremental deals approved. I wish you all the best selling season. 3-DAY COMPREHENSIVE F&I SEMINARS February 14-16, 2017 ............................ Portland, Oregon May 16-18, 2017 ................................... Portland, Oregon August 15-17, 2017 .................................... Portland, Oregon December 5-7, 2017 ................................... Portland, Oregon F&I 20 GROUP Accepting applications. Visit our website for the downloadable pdf or email Jan@jlkelly.com for your request. Call 800-336-4275 or visit www.JLKelly.com for more information on our various Profit Building educational venues! Education Jan with Kelly Kelly Enterprises A Division of JLKelly Inc Process Based • Results Driven 2017 CAN'T MAKE ANY OF THIS YEAR'S SEMINARS? NO PROBLEM. HAVE JAN COME TO YOUR STORE FOR ON-SITE TRAINING!

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