My understanding is the HGH and UDCs of the world are still approving the same levels of finance.. the big issue is when the car loan application is sent for drawdown and the new verification piece comes in. You see these cheeky customers/car dealers/brokers were entering not so accurate expenses or income into their systems. The funders had to literally create entire new teams to verify the inputs which is when it was rejected, then re-worked, then re-approved, then loan settled. Most of it still gets financed. But very annoying for the car dealer and customer. Should be sorted up front! Not conditionally approved.
Todd's post earlier in the year gives comfort that Oxford technology sorts it upfront. Much better and more reliable for the car dealers. And I reckon Oxford has won heaps of new business (dealership) relationships
Todd said this earlier:
Oxford have been very early adopters of comprehensive credit scoring (this information gives us an immense amount of data on a customers payment history with credit cards, loans, utility bills etc.), we have been early adopters of tools that help automate income verification and affordability assessments, and affordability assessments and income verification have been a core part of the Oxford credit process for over 3 years now