What you need to know about fraud risk and ‘Driving a New Model’

Fraudsters never rest.

And they may be headed to your dealership.

But Santander Consumer USA (SC) is committed to providing the information you need to fight back.

Our series, Driving a New Model, should help dealers spot the red flags for identity fraud, application misrepresentation, straw buyers and elder abuse, and includes actionable checklists.

“Awareness of fraud and elder-abuse red flags will allow you to take steps to reduce these risks and will result in a number of benefits,” says the SC pamphlet, Driving a New Model | A dealer guide to recognizing the warning signs of fraud, identifying suspicious buyers and taking action to reduce costs.

Driving a New Model suggests those benefits could comprise:

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  • Improvement in the overall customer experience
  • Reduction in consumer harm and risk to the dealer’s reputation
  • Reduction in credit stipulations on an application
  • Reduction in funding delays to dealership
  • Reduction in post-funding disputes and potential unwinds

“Establishing a partnership with lenders is the best way to fight fraud,” wrote Frank McKenna of PointPredictive consulting firm in a separate Digital Dealer Magazine report 5 Reasons Car Dealers Should Be Concerned with Fraud. “Since lenders have more tools to diagnose and detect fraud, they can help you understand the impact to you before it ever happens.”

“Good collaboration on fraud is the key to winning the war on fraud,” according to McKenna.

And, as far as SC is concerned, “We actively seek your feedback and your insights into trends and concerns related to the risk of fraud or elder abuse,” says Driving a New Model.

Here are the five parts of our series:

Part 1: What you need to know about fraud risk – and why you should care

Part 2: Identity fraud can take ‘enormous toll’ on your dealership profits

Part 3: How to change the odds in your favor against application fraud

Part 4: What straw buyer fraud could mean to your dealership and how to avoid it

Part 5: How to recognize elder abuse if your dealership is targeted

But the fight against all types of vehicle-purchase fraud doesn’t end at the dealership door.

If you notice unusual behavior or information by applicants, please contact your SC Dealer Relationship Manager who can direct these concerns to the appropriate team to review.

Fraudsters never rest, and neither should you.

Together we can stop fraud.

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