Auto Refinance Campaign 5 Tips for Running a Successful Auto Refinance Program

5 Tips for Running a Successful Auto Refinance Program

How to run a successful Auto Refinance Program

  • Know the APR. Calculate the annual percentage rate of your members’ most recently opened auto loans and look for opportunity to beat their current APR. 
  • Target the right consumers. Select the best criteria to ensure only the right members are targeted and avoid making an offer to individuals who aren’t as likely to respond.
  • Offer an incentive. Offering a meaningful incentive for refinancing, such as deferring the first payment for 60–90 days or offering a variable gift card reward based on the loan amount, will help improve response rates.
  • Use multiple marketing channels. Communicate the pre-approved offer to your qualified members through multiple channels including direct mail, email and telephone.
  • Make analytics work for you. Implement a response and loan approval tracking system to accurately measure the program’s ROI. This can include overall response rates, number of loans approved and funded, and performance of the loans.

If you have questions about an Auto Refinancing Program, schedule a time with your dedicated Confluent Strategies representative to get you the information you need. We’re here to put Equifax solutions to work for you and ensure your auto refinance program is effective.