Selected by CIO Review as one of the Top 20 Most Promising Automotive Tech Solution Providers in 2014.
If you’re confused as to what the difference is between subprime and deep subprime, don’t worry, you’re not alone. Put simply, the “subprime” category applies to buyers with credit scores in the 550-620 range, while “deep subprime” encompasses those with scores below 550.
While on one hand, it’s great that new borrowers are finding opportunities to secure financing for their vehicles, it also might be the beginning of a slippery slope for BHPH dealers if they’re not careful. If subprime lending is risky, then deep subprime lending is even more of a crapshoot.
In the automobile financing world, there’s nothing worse than a vehicle repossession. Not only are there costs associated with locating and securing a delinquent vehicle, but, in most cases, the vehicle borrower’s loan will have to be written off. With GoldStar GPS real-time telematics, much of the risk associated with subprime financing can be mitigated. Unlike other telematics solutions, GoldStar GPS offers world-class technology and features at an affordable price.
With it, dealers and lenders can quickly locate and recover assets, eliminate repossession costs, reduce loan defaults, approve more credit-challenged customers, offer better rate terms, and extend the life of loans.
GoldStar GPS customers have seen their loan performance improve by 10-25 percent on average. See for yourself. Click here for a free demo today!