– Hector Muniz, F&I Director
Upstart as a true first look for higher approvals
Muniz shared that Upstart is a no-brainer first look for the team because of its quick response times with automated approvals.
“He emphasized that ‘time kills deals’ in the world of car buying, and Upstart Auto Finance’s speed and flexibility are gamechangers when it comes to putting customers in cars, especially when other lenders are slow to respond.
“The way Upstart’s portal is set up allows the team to change cars right away and get an approval within minutes. It’s very easy to maneuver. The team can also adjust the down payment and change the term to secure an approval,” he said.
Muniz estimates that Upstart, with its speed and flexibility, has easily taken around 30 percent of business from other lenders.
Profitability driven by high advances
Profitability driven by high advances Muniz also said that the profitability impact from Upstart is clear. Through higher advances and higher approval rates, the RightDrive team puts deals together with less cash up front from the customer, making it easier for the customer to say yes.
He also noted that even when a deal is more “aggressive,” Upstart deals still win because in some cases, it is the only approval.
