Average loan terms for new vehicles now exceed 71 months, up from just over 69 months a year ago. As terms grow longer, the chances for repeat business can decline, particularly while customers are upside-down on their vehicle.
We’ve told you before about how AutoPayPlus can help you. It’s also an outstanding way to generate more F&I revenue.
As lockdown restrictions get eased and manufacturers offer an array of incentives to generate showroom traffic, it’s a perfect time to look at ways to improve your F&I earnings while offering customers more flexibility.
Accelerated payment plans like AutoPayPlus deliver numerous benefits for both dealerships and customers. Simply by switching monthly payments to biweekly payments for a nominal fee, these plans deliver a lot of value for everyone involved:
As prices for new and used vehicles keep rising, finding innovative financing solutions for customers is critical to closing more deals. And as auto loan terms continue to set records, longer loan terms are becoming commonplace.