May '17

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70 • RV PRO • May 2017 rv-pro.com B U S I N E S S The Art of the Credit Interview Collecting key customer details related to proof of income, payment history and any outstanding judgments can make all of the difference in terms of whether a customer's RV purchase gets financed or not. By Jan Kelly Jan Kelly is the president of Vancouver, Wash.-based Kelly Enterprises. She is an educator and consultant, convention speaker and writes frequently for industry publications. Recently, Kelly has joined the Newcoast Financial Services team. For information about Newcoast Financial Services, educational venues or joining an F&I 20 Group, call 800- 336-4275 or visit www.JLKelly.com. Success in closing a deal is enhanced when the finance manager can see the customers during the first visit, when they are in write-up process. That's especially true any time the credit bureau shows any areas of concern, or when the sales manager has a need for clarity regarding a customer's credit profile. D ealer Track certainly changed how sales and finance departments approached consumer credit over the years. Most of the current managers in the industr y cannot remember anything except the Dealer Track process. Prior to electronics, the customers had to complete a lengthy customer statement, also known as a customer credit application. This document might very well predate the credit scoring system we all seem to rely upon. Consumer credit is far more complex than a simple number on a credit scorecard. The credit score does not consider of the amount of the cus- tomer's net worth. I have heard pushback from current managers telling me that they would not disclose that information on a credit application, so why should their customers do so? To them I say this: "Your customer is asking the lender for a loan for a luxury item that costs more than $100,000. Would you loan the customer an amount of more than $100,000 knowing only their name, Social Security number, and credit score?" If the answer is any- thing but no, they need to rethink the answer. Lenders want to feel secure in the knowledge that the customer has the resources to repay the loan. The lenders rely not only on credit his- tory, but also upon the character and stability of the customer.

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