NAF Association Non Prime Times MayJune 2012 : Page 3
Non-Prime Times Official Publication of the National Automotive Finance Association TABLE OF CONTENTS ASSOCIATION 4 President’s Message: NAF Association: Putting the Pieces Together Asbel Perez Viciedo 6 Director’s Note Jack Tracey 8 Education? We Don’t Need No Stinkin’ Education! Eric L. Johnson 10 Member News COMPANY SPOTLIGHT 14 PayNearMe – A Better Way to Pay PROS FROM THE SHOW 20 Really… Start a Finance Company? Jim Bass 20 e-Contracting in the Non-Prime Space Begins with Contract Validation Steve Luyckx 22 Tug of War: What to do When a Repair Shop has your Car William J. Denius 22 Social Media Risk and Crisis Management Jim Satterfield 24 How to Take the BHPH Bulls-eye off your Chest Allen Dobbins 25 Alternative Data – Trust but Verify Steve Ely 26 Are Certification Training and Compliance Important? Stamatis Ferarolis COLLECTIONS 28 Step-by-Step Instructions to Reducing Full Balance Skip Charge-offs John Lewis TODAY’S CONSUMER 30 Connecting with Customers: Building Relationships in the Age of Social Media James Mayfield LEGAL 32 Consumer Financial Protection Bureau Regulatory Process: A New Focus on Small Business Richard P. Eckman and Jane C. Luxton TRENDS 34 Auto Lending Industry Continues Steady Growth Path May/June 2012 Publisher / Editor Rick Sly Associate Editor Cindy Sly Editorial Committee Ian Anderson Westlake Financial Jim Bass Auto One Acceptance Corp. Lana Johnson Santander Consumer USA Jack Tracey NAF Association Executive Director Asbel Perez Viciedo National Auto Lenders Marguerite Watanabe Connections Insights Elizabeth Webb Exeter Finance Corp. Advertising & Editorial editor@nafassociation.com 810-309-8345 Non-Prime Times is published by Dealersbiz LLC. Dealersbiz LLC makes every attempt to report and print accurately all published works. However, Dealersbiz LLC cannot be held responsible for facts supplied or opinions expressed in this publication. Nothing may be reproduced without written permission from Dealersbiz LLC. All materials submitted become the property of Dealersbiz LLC. Copyright 2011 Reprints with permission only. nafassociation.com May/June 2012 Non-Prime Times 3
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