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Posted by Rodney Michail on Nov 21, 2018 8:00:00 AM


Sales reps and credit analysts are knowledgeable about their lenders’ product offerings but tend to fall short when it comes to accessibility and information-sharing.

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The report, published by Royal Media, analyzes 6,200 evaluations to identify the core traits that spur consumers to choose one lender over another. It also tracks analyst callback time and maps the frequency that issues are resolved on the first call.

Among various institution types, captives scored highest for accessibility and ability to keep consumers informed of product enhancements. “Their deficiency lies in the willingness to get deals done,” according to the report.

Consumers want Quicker Response Times and More Data

On average, credit analysts returned calls in 65 minutes. Analysts usually called back about prime loan applications within 56 minutes, and about non-prime or subprime apps within 75 minutes, according to the report.

By institution type, captives call back fastest ­— in 62 minutes.

Credit unions, meanwhile, are most adept at resolving issues on the first call, according to the report.

Broadly, consumers seek sales reps that have their best interest at heart and will bend over backward to get deals done. “I would choose the hard-working rep over the bank with the lowest rates that has no interest in building relationships with their customers,” said one survey respondent quoted in the report.

Sought-after personality traits among reps and analysts include honesty, professionalism, sincerity, intuitiveness, and an upbeat attitude.

The report analyzes dealer data based on institution type – bank, captive, credit union, and independent finance company – as well as by consumer respondent. It also includes state-by-state data and comparisons between prime and subprime lenders.

“At a time when vehicle sales are starting to decline, better-rated lender traits will become increasingly critical to drive volume,” the report said. “These traits translate to a strong lender book-to-look ratio.”

This article was first seen on AutoFinanceNews

A better solution however, is to deal with a finance brokerage. When the consumer's decision can be biased by the sales rep or credit analyst, it is always best to consult with a single point of contact that can analyse products across multiple lenders and provide the ideal finance solution.

Brokerages like 1800Approved will compare 40+ Lenders, making sure they work for the consumer and not the banks. This ensures that the consumer always leaves with the best deals and well-informed about their financial situation and credit worthiness. Put it to the test - Apply Now and get a FREE Approval Today!