New Auto Loan Customer Onboarding Schedule

As with all our onboarding schedules, we recommend early interactions be focused more on assistance and customer acclimation, rather than pushing additional products. This is especially true when onboarding a new auto loan customer, as they are usually a bit overwhelmed with the car buying process. Offers such as a new credit card are not likely to be foremost on their mind at this time. Instead, use this early onboard period to be of assistance to your new customer. Answer any questions they may have, setup online/auto-bill-pay, and offer any auto related discounts (e.g. free oil change) your institution may offer. Efforts such as these help solidify the relationship early, so that when the customer requires additional products and services, you will be in a much better position to earn that business.

With an auto loan customer, cross-sell potential will be highest within the first 90 days and as the loan nears maturity. In a typical 60 month loan term, many auto dealers attempt to secure repeat business by reaching out to sold customers with one year left on their loan. This would be a great time for you to do so as well, offering a new auto-loan, or to discuss alternative uses of their newly available funds.

New Auto Loan Onboarding Schedule