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The great shrinking auto loan margin

first_img 20SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Mark Hein As CEO for SWBC’s Financial Institution Group, Mark Hein manages the day-to-day operations and sets the strategic direction for the division. He is committed to continuous product training, increasing … Web: www.swbc.com Details It’s no secret that auto loan competition is steep; we talk about this often because we realize how important auto lending is to so many of our clients. With the number of financial institutions, ‘buy here, pay here’ car lots, insurance companies, and online retailers, credit unions are often forced to find creative ways to keep their current borrowers and attract new ones. Often times, this comes in the form of lower rates. And when rates continue to drop, not only does it become more difficult to compete for the pool of borrowers, but returns shrink on the loans that are closed, causing a decrease in interest income and revenue. In fact, according to the 2014 NADA Data report, in 2014, auto dealers sold 16.43 million units, but only experienced a profit margin of 2.2%.What’s the Driving Force Behind Declining Rates?As mentioned above, the increase in competition has driven rates down, but there are several other factors in the rate decline. Consumers have gotten more savvy, and now have online resources such as Edmunds.com and Autotrader.com that arm them with information such as invoice prices and comparable pricing for vehicles in their region so that they can negotiate for the price and rate that they want. In addition, consumers aren’t afraid to shop around to find the deal they want.Alternative Ways to Boost Revenue With auto interest income being a key business component, and the market simply not being conducive to it at the moment, credit unions have to find alternative ways to generate income while still serving their members. Point of sale and insurance products go hand-in-hand. Think of it this way: would you buy ice cream at one store and then drive across town to another store to buy cones? Probably not, so why make your members do this when it comes to purchasing valuable vehicle protection products?Vehicle protection products can sometimes have a bad reputation, particularly in the dealership F&I office where the price is marked up significantly, up to $800 for a GAP policy according to Edmunds. The fact of the matter is, a GAP policy can be critical in protecting your borrowers from the inevitable depreciation that accompanies automobile ownership, particularly those borrowers with low or no down payment. And when purchased from you, they can get a much more competitive price on the policy, making your auto loan more valuable, and ultimately building trust and loyalty with your members.Like most forms of insurance, you don’t realize how important it is until you have to use it. If your borrower gets into an accident, the last thing they want to add to the stress and worry of the situation is the frustration and disappointment of learning they still owe money on a vehicle that they can no longer drive. Vehicle protection policies can help prevent this, and in some cases, put your borrower back into a vehicle, financed by you.As you protect your members’ vehicle investment, you will inevitably boost revenue, helping to fill the gap of the interest income lost to shrinking margins. GAP with PowerBuy™ can give you the ability to provide your members with a vehicle protection product that can not only pay off the balance of their auto loan in the event of a total loss, but also give them funds to finance their next vehicle with you.Click here to learn more.last_img read more

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Update on the latest sports

first_imgIn other developments related to the COVID-19 pandemic:— A shortened baseball season would result in some temporary rules changes. Extra innings that start with runners on second base, games ending in ties and re-entry are among the possibilities. And the season may be limited to a maximum 60 games by teams that claim they can’t afford more due to the coronavirus pandemic. MLB included the controversial extra-inning runner rule in its proposal Wednesday for a 60-game season, down from an initial 82, and also wants it for 2021. The players’ association accepted the rule Thursday for 2020 only in its counterproposal for 70 games, down from an initial 114.— Five-time PGA Tour winner Nick Watney tested positive Friday for the coronavirus, the first player with a confirmed infection since golf resumed its schedule last week. Watney withdrew immediately from the RBC Heritage and must self-isolate for at least 10 days under the PGA Tour’s protocols. Watney played the opening round with Vaughn Taylor and Luke List. As part of the contact tracing plan, Taylor, List and their caddies were to be tested immediately.— Clemson says 23 football players have tested positive for the coronavirus since the athletes returned to campus this month. There have been 28 positive tests for COVID-19 at the school, including two football staffers and three athletes from other sports. None of those contracting the virus have been hospitalized. Those testing positive are isolated for at least 10 days. The uptick at Clemson is similar to one in the state of South Carolina, which reported a single-day high of 1,081 cases on Friday. — An unidentified San Francisco 49ers player has reportedly tested positive for COVID-19 after an informal workout with teammates in Tennessee. The NFL Network reported that one player who took part in the workouts this week in Nashville has tested positive. All the players who were there will now get tested to see if there is any spread. The team declined to comment, citing federal and state privacy laws about the personal health of employees. UNDATED (AP) — Every team in Major League Baseball will shut its spring training camp over concerns about the coronavirus pandemic, according to a person familiar with the decision. The move follows an announcement by the Philadelphia Phillies that five players had tested positive for COVID-19.The person told The Associated Press the spring complexes in Florida and Arizona will close temporarily and undergo a deep cleaning and disinfecting. No one will be permitted back inside without a negative test for the virus.Soon after the Phillies became the first known team to be affected by the outbreak, Toronto shuttered its site in Dunedin, Florida, about five miles from Philadelphia’s camp in Clearwater. The Blue Jays said one player showed symptoms consistent with the virus.The San Francisco Giants’ facility in Scottsdale, Arizona, was shut after one person who had been to the site and one family member exhibited symptoms Thursday. Texas closed its camp about 30 miles away in Surprise, saying no one had tested positive but that it wanted to expand testing protocols.The closures come while MLB owners and players try to negotiate a deal to begin the season, and raise the possibility the virus outbreak could scuttle all attempts at starting up this year. — French soccer authorities will allow fans back into stadiums starting July 10, with an initial limit of 5,000. The president of the French Football Federation says it is possible more spectators will be allowed into the French Cup final at the end of July and for the resumption of top-tier Ligue 1 play at the end of August. The French government called off the country’s 2019-20 soccer season on April 28 as part of efforts to contain the coronavirus pandemic.— A team of teenagers took the field for a club hit by the coronavirus pandemic and lost 10-1 as soccer in Russia restarted Friday. FC Rostov was forced to send a squad with an average age of barely 17 to play against Sochi, two days after its entire first team was put into isolation over a suspected virus outbreak among six players. Sochi refused to postpone the game, leaving Rostov a choice between fielding academy graduates or accepting defeat by default. Rostov’s 17-year-old goalkeeper Denis Popov won widespread praise and was named man of the match. Despite conceding a record number of goals, he stopped a penalty and also set a new league record for most saves in a game with 15. June 20, 2020 — The NASCAR Cup race at Texas will have thousands of spectators in the stands. Texas Governor Greg Abbott has approved a comprehensive action plan submitted by the track to allow fans for the July 19 race. While the state allows 50% capacity for outdoor sporting events, track president Eddie Gossage says it’s too early to know how many fans will be able to attend. With social distancing protocols in place, the speedway first must reassign seating for people who had already purchased tickets for the race that was originally scheduled for March 29. The track capacity is about 135,000.— The Tampa Bay Lightning closed their facilities Thursday after five team employees tested positive for the coronavirus, according to a person with knowledge of the situation. The person tells The Associated Press the team and the NHL haven’t announced the closure. The NHL is also no longer announcing which teams’ individual players tested positive. The developments come some two weeks after players could return to their respective facilities to take part in voluntary on- and off-ice workouts.— Canada has approved a National Hockey League plan to play in Canada amid the coronavirus pandemic. The plan required an exemption as the U.S.-Canada border is currently closed to all non-essential travel until at least July 21 and those who enter Canada must self-isolate for 14 days. The league plans to have training camps open in July and to play games without spectators in a couple of cities in late July or August. Canadian health officials’ approval of the NHL’s return-to-play proposal has led the league to consider designating one or more cities north of the border to serve as hubs for its 24-team playoff format.— A person with knowledge of the decision tells The Associated Press that Albert Pujols (POO’-hohlz) will pay the salaries of the Los Angeles Angels’ furloughed employees in his native Dominican Republic for five months. The person spoke on condition of anonymity because Pujols didn’t publicly announce his commitment to pay roughly $180,000 to cover the salaries. The strict budget cuts made by Angels’ owner Arte Moreno during the coronavirus pandemic have included extensive furloughs for scouts, player development staff and minor league employees.— The Chinese basketball league has restarted after an almost five-month shutdown for the coronavirus pandemic but is going ahead in empty stadiums and with fewer foreign players. The CBA was suspended on Jan. 24 after the virus outbreak in Wuhan. The semifinals stage has started with 20 teams divided into two divisions and limited venues to reduce travel. All stadiums are closed to fans. League chairman and former NBA star Yao Ming praised the work of the clubs and health authorities for helping get the season restarted. He says as the first national large-scale sports event to be restarted in China the CBA is of “strategic significance.” Share This StoryFacebookTwitteremailPrintLinkedinRedditHORSE RACING-BELMONTBelmont kicking off Triple Crown seriesELMONT, N.Y. (AP) — Tiz the Law is the star of a 10-horse field for the Belmont Stakes, perhaps the biggest event in U.S. sports since the coronavirus pandemic shut down competition in mid-March. The 3-year-old colt is the early 6-5 favorite for Saturday’s race. Update on the latest sports No fans or owners will be at the New York track for the $1 million race that is being run at a shorter distance this year. This Belmont — rescheduled from June 6 — will be run at 1 1/8 miles, the first time since 1925 it won’t be its usual grueling 1 1/2 miles. The top four finishers earn Kentucky Derby qualifying points, including 150 to the winner.Tiz the Law is the only horse in the race with Grade 1 stakes victories. He’ll try to buck history as the first New York-bred in 138 years to win the $1 million race. His 82-year-old trainer, Barclay Tagg, is chasing a win that eluded him in 2003 after Funny Cide won the Kentucky Derby and Preakness only to lose his Triple Crown bid in the Belmont.The Belmont is kicking off the Triple Crown series for the first time, instead of completing the series of three races run over five weeks. The Kentucky Derby follows on Sept. 5, with the Preakness finishing up on Oct. 3.VIRUS OUTBREAK-SPORTSAP source: MLB spring training sites close amid virus worry Associated Press last_img read more

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Chinese soccer fan pedals to Moscow for World Cup final

first_imgLiu’s social media posts on his journey have earned him the criticism of some netizens, because his journey has led to the closure of his restaurant, with his wife and son alone at home. He said he plans to start his business all over again and spend more time with his family after he flies home.“I’m not trying to prove anything to anyone,” he said. “I just want to do it, and I believe I can.”Sports Related Videospowered by AdSparcRead Next Cavs to make qualifying offer to Rodney Hood BEIJING — Restaurant owner embarks on journey of more than 11,000 km to ‘follow his heart’.On the night Liu Jinsong approached Yueyang in Hunan province, he admits he was a bit scared.ADVERTISEMENT The streetlights were dim and the road hilly and pebbly, with barely visible sections under repair looming here and there as he rode toward his first destination on a marathon mountain bike trip, his figure dwarfed by the trucks and tractors that roared past.Liu, 46, had set out that morning, on April 26, from his hometown in Changsha, the capital of Hunan, bound for Moscow, more than 11,000 kilometres away.FEATURED STORIESSPORTSGinebra beats Meralco again to capture PBA Governors’ Cup titleSPORTSAfter winning title, time for LA Tenorio to give back to Batangas folkSPORTSTim Cone, Ginebra set their sights on elusive All-Filipino crownWhy Moscow? The 2018 FIFA World Cup is being held in Russia, with the final in the capital on July 15, and Liu is a soccer fan.“I’ve always wanted to relate to the World Cup in my own way,” Liu said. “I can always show up in the stadium easily as long as I have money, but that’s not my way.” Cloudy skies over Luzon due to amihan Don’t miss out on the latest news and information. Taal victims get help from Kalayaan town Bicol riders extend help to Taal evacuees Jury of 7 men, 5 women selected for Harvey Weinstein rape trial Carpio hits red carpet treatment for China Coast Guard PLAY LIST 02:14Carpio hits red carpet treatment for China Coast Guard02:56NCRPO pledges to donate P3.5 million to victims of Taal eruption00:56Heavy rain brings some relief in Australia02:37Calm moments allow Taal folks some respite03:23Negosyo sa Tagaytay City, bagsak sa pag-aalboroto ng Bulkang Taal01:13Christian Standhardinger wins PBA Best Player award Liu fixed his eyes on his bike, bought a year ago but left in a corner because he was busy running his little barbecue restaurant. Cycling to Russia would be difficult, but also fun and unique, he thought.“I’m also a fan of rock music, and my understanding of rock is to follow you heart,” he said. “If I think about doing it, then I will do it. That way my heart remains the same, even if I fail to complete the task.”After three days repairing and preparing his bike, Liu left his business, wife and son behind and hit the road on a drizzly morning, with no prior physical training or route planning. Smiling and motivated, he took pictures in front of his barbecue restaurant and announced his departure on social media.Liu cycled past the Yangtze River and across vast canola plains, but the journey was far tougher than he expected. Five days after setting out he had serious bruises on his thighs and a strained tendon in his left leg, and he had to push his bike some of the time.He reached Beijing on May 8, planning to collect his passport, Russian visa and credit card while taking a brief rest. The two-day break in Beijing, sharing a few drinks with friends, rejuvenated him. He said his body had grown accustomed to long-distance cycling and it would be no problem to stay in the saddle for more than 10 hours at a time.ADVERTISEMENTcenter_img Lights inside SMX hall flicker as Duterte rants vs Ayala, Pangilinan anew In fight vs corruption, Duterte now points to Ayala, MVP companies as ‘big fish’ MOST READ But the adventure beyond Beijing was a journey into the unknown.“I have no idea how and where I’ll stay next or if I will be able to find accommodation or food along the way, but it is these unknown things that make traveling most interesting,” he said.On May 12, Liu ran into heavy rain that later turned into hailstones, forcing him to stop and seek shelter. As the night wore on, his GPS guided him onto a narrow country road, with the nearest hotel 100 km away.A few dogs barked aggressively when he attempted to pitch his tent in a village, so he set it up in a clearing in front of an old temple, falling asleep with the chanting of monks as a lullaby.On day 28, with 3,300 km conquered, Liu reached the China-Russia border at Manzhouli, in the Inner Mongolia autonomous region, and crossed into a foreign country for the first time in his life.Siberia was vast, but not flat, and the rough roads posed a constant risk of punctures to his tires. Wild animals could have been lurking in the primeval forest and valleys, but Liu was too tired to think about the danger.“I’ve lost track of time,” he said. “I never want to stop, I’m just a bit tired and sleepy.”Luckily, the people Liu met on the way greeted him warmly, offsetting Siberia’s chilly winds. He was offered cosy bedrooms more than once by Russian villagers when he was about to pitch his tent in the cold. He was also offered a ride by a truck driver when the road was too bad for cycling in the dark. The time Liu spent with his new Russian friends forged memories as strong as the vodka they offered him.Liu is still heading to Moscow at full speed, averaging 160 km a day. He will make it to Moscow on July 15 if all goes as planned and will see if anyone is kind enough to give him a free ticket to the final.“At this stage watching the World Cup is no longer necessary,” he said. “I will be satisfied just to feel the World Cup vibes.” Volcano watch: Island fissures steaming, lake water receding Tim Cone, Ginebra set their sights on elusive All-Filipino crown LATEST STORIES Christopher Tolkien, son of Lord of the Rings author, dies aged 95 View commentslast_img read more