Drive to Success: Mastering Auto Finance

In this episode of Drive To Success: Mastering Auto Finance, we take an in-depth look at Buy Here Pay Here (BHPH) dealerships and how they shape the auto financing landscape. Discover how BHPH dealers serve high-risk customers with in-house financing, the impact of this model on credit-challenged buyers, and the financial risks and rewards for dealerships. We’ll also explore how indirect lenders like Westlake Financial, Credit Acceptance, and others partner with BHPH dealerships, the process of selling loan portfolios, and how lenders like Spartan Financial Partners help BHPH dealers manage risk and unlock liquidity. Whether you're an industry pr...

In this episode of Drive To Success: Mastering Auto Finance, we take a deep dive into the importance of auto insurance when purchasing a new or used vehicle. We discuss why insurance is essential, how insurers calculate rates, and the factors that influence your premium. Plus, we break down the average insurance costs for sedans, SUVs, trucks, vans, and sports cars.

Looking for the best insurance rates? We highlight top companies offering affordable coverage and share tips on how to lower your premium. Whether you're financing, leasing, or buying outright, understanding your insurance options can save you...

In this episode of Drive To Success: Mastering Auto Finance, we break down three key auto finance concepts that can impact your car purchase or lease: Date of First Use, GAP Insurance, and Over Allowance. Learn how the Date of First Use affects your vehicle’s warranty, whether GAP insurance is a smart investment or an unnecessary expense, and how dealerships use Over Allowance to make trade-in offers seem better than they really are. By the end of this episode, you'll have the knowledge to negotiate smarter and avoid costly mistakes.

Tune in now and take control of...

In this episode of Drive To Success: Mastering Auto Finance, we take a deep dive into the world of remarketing, a critical but often overlooked aspect of auto finance. From lease returns and repossessions to dealer auctions and direct-to-consumer sales, we break down how vehicles are resold to maximize value and minimize losses. Learn how captive lenders, dealers, and fleet operators leverage remarketing strategies, the role of technology in the process, and how it impacts consumers in terms of vehicle affordability and financing options. Whether you're an industry professional or a savvy car buyer, this episode will give you...

Thinking about buying a used car? Don’t get stuck with a salvage title or hidden damage! In this episode of Drive To Success: Mastering Auto Finance, we break down how to read, review, and understand a CARFAX report to uncover a vehicle’s true history.

We’ll also expose title washing, a deceptive practice where scammers erase a car’s accident history, flood damage, or salvage title by transferring it between states with weak regulations. Learn which states have lax title laws, how to spot red flags, and protect yourself from auto fraud.

In this episode of Drive To Success: Mastering Auto Finance, we take a deep dive into floorplanning for auto dealers—what it is, how it works, and why it’s a game-changer for managing inventory and cash flow. We’ll cover the advantages and disadvantages of floorplan financing, key requirements to qualify, and the top floorplan lenders in the industry, including Ally Financial, NextGear Capital, Ford Credit, Toyota Financial Services, and more. Plus, we’ll explore the importance of lender oversight and audits to ensure compliance and financial stability.

If you’re a dealer looking for better financing...

In this episode of Drive To Success: Mastering Auto Finance, we tackle one of the most challenging financial situations many people face—recovering from repossession and bankruptcy. Divided into six actionable segments, we explore:

The differences between voluntary and involuntary repossession.

Proactive strategies to avoid repossession before it happens.

Steps to rebuild after repossession, including managing deficiency balances and repairing your credit.

The impact of Chapter 7 and Chapter 13 bankruptcy on your financial future.

How to qualify for an auto loan after a financial setback by rebuilding credit, saving for a...

In this episode of Drive to Success: Mastering Auto Finance, we take a deep dive into the critical relationship between Original Equipment Manufacturers (OEMs) and their captive lenders. Discover how this partnership shapes the automotive industry by boosting vehicle sales, providing seamless financing options, and fostering customer loyalty.

We’ll explore:

The roles and impact of OEMs in vehicle production and innovation.

How captive lenders support both consumers and dealerships through tailored financing and leasing solutions.

The strategies OEMs and captive lenders use to align their goals, from incentivized loans to el...

In this episode of Drive To Success: Mastering Auto Finance, we explore the ins and outs of auto loan refinancing and how it can help you save money, lower your monthly payments, or pay off your car sooner. Learn about top refinancing options from major lenders like LightStream, Bank of America, and Capital One, along with member-focused solutions from credit unions such as Navy Federal, PenFed, Alliant, and DCU.

We’ll break down their rates, fees, qualifications, and terms, and discuss when refinancing makes sense for you. Don’t miss this essential guide to finding the best refi...

In this episode of Drive to Success: Mastering Auto Finance, we’re diving into the fascinating world of credit score tiers and how they directly impact your auto financing options. Discover how lenders categorize credit scores into tiers—like excellent, good, fair, and poor—and use them to determine your loan's interest rates, terms, and even down payment requirements.

We’ll break down what each tier means for you as a borrower, explore options for those with less-than-perfect credit, and share practical tips for improving your credit score to secure better financing deals in the future.

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