Twice this week I've made calls that ended with a happy conclusion for me. I had one bill reduced and the interest taken off another. I could have just paid both in full. How often do your customers call you when they have a problem? Probably not often. And how often could you solve their problem if they did call? At least some of the time, right? These people are either intimidated or lazy. And maybe not every dealer is that receptive. But you should be. You should encourage them to call when there is an issue. If not, you'll be calling them.
I often joke "What happens if the CFPB solves all of the nation's consumer financial problems? What will they do then?" I don't think I really want to know the answer. As we're learning from the attempts to repeal the ACA, it's awfully hard to put the government genie back in the bottle.
In his book "Flavor of the Month," sociologist Joel Best describes institutionalized fads, using the example of DARE. My dad used to use the March of Dimes as an example of an institution that would not go away. It was started in 1938 to eradicate polio. That was pretty much accomplished in the next 20 years. Yet, the group is still around.
I didn't sleep well last night. And this morning I played a brain game on my phone and scored lower than I did the last time I played it. Sleep is a hot topic these days. Sometimes that just means something is a fad. But sleep is a hot topic because it really does matter. I could use a nap.
Reading the latest quarterly report from Chase, I see that provision for credit losses for non-mortgage financing grew from April to June. Must be that evil auto finance bubble we keep reading about. Oh wait, no, it was "loan growth and higher loss rates, predominantly in Card." Card means credit cards. The reserves for auto finance at $25 million are actually the lowest of the three categories Chase reports. Yet if you do a search on "credit card bubble" you find few stories. Why? Are the amounts too small? Average household credit card debt ranges from $7,529 to $16,140. That's about the same as a used-car. Again, where's the outrage?