Ben Eisen
speaker
1,467 appearances
35 recordings
1 series
first heard Jul 2017
last heard Nov 2024
Ben Eisen’s voice in public audio — every appearance, attributed to the second.
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Appearances
Yeah, definitely.
I mean, I think it's a lot more like that than it is a mortgage.
A mortgage pays for a house, which is an asset that appreciates over time because you own the underlying property and that gains in value.
A car loan is secured by the car.
It is secured, but oftentimes the loan has a higher balance than the value of the car itself.
Yeah, this is something that you've really seen shift over time.
When you think about where dealers historically made their money, it was on the margin attached to a new car.
But it's become more difficult to kind of squeeze profit out of that because people know how much to pay for a car now.
They can just go online and look at what the...
transaction price should be.
So as the margins from actually selling the car have gone down on the showroom floor, they've gone up in the finance office.
And when you go into the finance office, that means the finance manager who makes the loan is probably going to take some sort of cut and they may try to sell you on insurance and other kind of add-ons that get packed into the loan.
And that's really become a real profit center, the finance and insurance.
So yeah, the dealer might make the loan, but they are turning that loan over to a lender.
And the lender will be dedicated to servicing it.
And for this story, we went inside one lender and looked at how they make sure that customers pay on time.
And it's a very sophisticated operation trying to keep people current.
They deal with a lot of folks who are subprime,
who struggle to make payments, and it really requires a lot of staying on top of people, making calls as soon as they're late, and kind of going through this entire operation to kind of keep people paying when it gets difficult.
Exactly.
Showing 861–880 of 1,467 · page 44 of 74
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