Brown & Brown Dealer Services welcomed 160 registered attendees to its three-day F&I school last weekend.
The school run a full three days for the first time. The extended school time enabled 23 presentations from vendors, lenders and Brown & Brown employees.
Bob Lettis of 700 Credit updated attendees on the company’s new Quick Scan mobile app. The app functions as a mobile identification scanner and a tool to prevent synthetic identification fraud.
Lenders released numerous updates to their dealer programs during the weekend. Among the highlights were:
Alliant Credit Union told attendees its RV lending business was booming. Alliant surpassed its 2023 RV funding goals by the fall.
Medallion Bank said its program would still consider 2022 model year RVs as new models until Dec. 31 this year. Senior Vice President of Business Development John Haymond also urged dealers to be on guard for potential fraud, which he said has recently increased in frequency and sophistication.
Merrick Bank discussed its subprime program, noting its minimum credit score is 570.
BMO said its RV program has undergone changes in 2023 as the bank merged with Bank of the West. BMO said it reinstated its low credit score of 680 the day the F&I school began.
OneSource Financial is celebrating its 25th anniversary this year. The lender launched its national RV lending program at last year’s F&I school. This year OneSource launched its nationwide marine program, which will mirror the terms of its RV lending program. In addition, OneSource discussed its variable rate program. The program will fix the interest rate for five years before adjusting to a variable rate. The variable rate loan can be refinanced.
Aqua Finance noted two program highlights. First, the advance Aqua allows on its new RVs is based on the retail sales price. Second, its used RV valuation is based on low wholesale value from NADA and includes all adds.
Fifth Third Bank said its lending was available either directly through the bank or through Trident Funding.
U.S. Bank said it now is accepting eSignatures, including DocuSign, Rey Rey, Vision Dealer Solutions and Tekia.
Also, U.S. Bank introduced a rate buy down program to enable dealers to offer lower rates than typically offered. U.S. Bank dealers are encouraged to connect with their area representatives to get signed up for the eSignature service and to learn more about the rate buy down.
M&T Bank clarified RV program aspects, including that dealers could show negative equity on deals. For loans under $50,000, where M&T Bank does not require minimum equity, negative equity does not need to be cleared to have the loan funded.
In addition, Brown & Brown released a new video learning platform for its customers and a roofing service contract. Trident Funding, the lone new presenter at the school, discussed details of its RV lending program, including access to refinances.
