In the past, dealers would have to pull a full credit report before they could work an accurate deal with appropriate interest rate and to calculate equity so monthly payments could be determined and presented to the customer. And that wouldn’t happen until the END of the sales process, leaving plenty of time for the customer to look elsewhere for the best deal. But not anymore! Introducing: Soft Pull Data. Dealers can run a soft-pull on customers throughout the sales and service process with only name and address – no SSN or DOB required. With a soft pull, dealers receive: FICO® Score # Months remaining in Current Auto Loan Amount remaining in Current Auto Loan Current Monthly Payment & Interest Rate And more! Soft pulls allow you to prequalify your customers at the TOP of the sales funnel instead of waiting until they get to the finance office. This allows dealers to work the RIGHT deal, RIGHT away, and minimize the risk of losing your customer’s interest – and business. Key Takeaways: In this session dealers will learn how to: Combine customer data with soft pull data to accelerate more deals to close. Use soft pull data to identify conquest customers in the service lane to sell more cars Combine CRM data with soft pull data to provide proactive offers to customers coming off lease or whose vehicles are in good equity positions Effectively use soft pull data throughout the showroom and in store sales processes to qualify customers at the top of the sales funnel to sell more cars, quicker Credit first / Credit last IS20G14 - Philadelphia, PA LIVE! Casino & Hotel January 11-13, 2022

1. Accelerate your Sales Process with Soft Pull Data –
And Deliver the Best Customer Experience!
Bob Lettis
SVP Strategic Partnerships
blettis@700credit.com

2. ▪ Introduction to Prequalification
• Best Practices
• Prequalification Benefits
▪ Introduction to Prescreen
• Best Practices
• Benefits
▪ Selling Scenarios
• Customer drives in for service
• Internet inbound leads
• Inbound calls / showroom ups
• Mining CRM for off-lease and high equity vehicles
▪ Summary

3. ▪ Live credit data from the actual credit
report
▪ Only consumer can see soft inquiries
on their file
▪ Soft inquiries do not impact FICO score
▪ Hard inquiries can impact score
▪ Consumers are becoming familiar with
Soft Pull and the benefits to them and
the dealer
▪ https://www.youtube.com/watch?v=PG
vJd_iIvSc
Soft Pull/Inquiries

4. HARD PULL: CREDIT LAST
Consumers on Web Site
Credit Application
Sales Cycle for the Vehicle
Financing

5. Consumers on Web Site
Credit Application
Prequalification
Throughout Sales Cycle
All of this can be done before consumer comes into the store
making it a better purchase experience for the consumer
WITH SOFT PULLS: CREDIT FIRST!
Sales Cycle for the Vehicle
Financing

6. Consumer-
Driven Prequalification Soft Pull

7. ▪ Consumer – driven process
▪ Simple form asking only name and address:
They do not require a SSN or DOB, and they
provide dealers with a live FICO® Score and full
credit file so accurate quotes can be made
earlier in the sales cycle.
▪ Soft pulls provide a quick and inexpensive way
to prequalify a consumer for a vehicle without
placing a hard inquiry on their credit file.
▪ Dealers receive:
✔ Live FICO Score
✔ Full Soft Pull Credit Report
✔ Includes Auto Summary
✔ Bureau Summary
▪ Enables powerful first call conversations
with the consumer
Consumer Prequalification

8. Consumer Prequalification
Best Practices

9. PRESCREEN –
Dealer Driven Soft Pull

10. ▪ Pre -Approved Credit Card model
▪ Dealer captures consumer name and
address
▪ No date or birth or social security number
required – just consumer name and
address!
▪ No adverse affect on consumer credit
score
▪ No hard inquiry
Dealer-Driven Soft Pull / Prescreen

11. Prescreen Results
▪ A typical prescreen returns the following
data to the user:
▪ Live FICO Score
▪ Indicates current credit situation
▪ What kind of payment they might
qualify for
▪ Summary of Auto Trade Lines
Including:
▪ Current Monthly Payment
▪ Current Auto Loan Interest Rate
▪ Remaining Balance / Payoff
▪ Months remaining on loan
▪ Full file not available

12. ▪ Because a dealer-initiated prescreen is a
soft-pull solution that does NOT require
consumer consent, dealers are required by
law to provide to the consumer a firm offer
of credit:
▪ Email
▪ Direct Mail
▪ Deliver in person
▪ Dealers must have an automated, formal
way to track compliance or risk steep fines
Compliance Requirements

13. ▪ Main benefit of a soft pull is awareness
▪ Moving payment and affordability
conversations to the beginning of the
sales process
▪ You need an accurate picture of where the
consumer stands
▪ Needs to be aligned with finance office
▪ Biggest point of failure in prequalification
and digital retailing platforms, or
prescreening in the store is inaccurate
payment quotes
Importance of Aligning Bureau and Scorecard

14. Dealer-Driven
Prescreen Best Practices

15. QuickScreen Batch
▪ Enables dealers to manually
upload a customer file into their
700Dealer.com account
▪ The prescreen batch is
processed overnight which
allows for LOWER PRICE POINTS
▪ Results are available the next day
and can be viewed in the
applicant list in 700Dealer.com
or downloaded via the reporting
tool
▪ All prescreen certificates can
either be emailed or printed
locally by the dealer.
▪ Those not delivered by those
channels will be mailed from
the 700Credit mail house
automatically.

16. ▪ Shop Dealership to Dealership
without impacting their score
▪ More Accurate Payment Quotes
▪ Better shopping experience
▪ Handle most of the process
themselves BEFORE talking to the
dealer (they want this)
Consumer Benefits to Soft Pulls

17. ✔Allows you to work the right deal, get the
consumer in a car with a payment they can afford
and with the proper interest rate
✔Customers know they are qualified before they get
to the finance office, preventing a potentially
uncomfortable situation or loss of interest
✔Saves time by shortening the sales cycle aligning
the consumer with a car they can afford - and be
approved for
✔Mirror your online process with your in-store
process or you will confuse the customer
Benefits for Dealer - Soft-Pull

18. Soft Pull Sales Scenarios

19. Soft Pull Sales Scenarios
Customers in the Showroom
Data mining in your CRM
Service Lane – Conquest Customers
Inbound internet leads / Phone inquiries
Website CTA / Digital Retailing
Leads

20. Summary

21. Soft Pull Summary
▪ With the right tools, data becomes a very
powerful thing. Credit Knowledge is power.
▪ Armed with soft-pull data, your sales team
can sell more cars, faster and easier.
▪ Soft credit pulls are key to having the right
or difficult conversation at the right time
with the right customer.
▪ A good data platform will combine all the
best data and make sense of it.

22. ▪ More Accurate Payment Quotes at start of
sales process to Consumer
▪ Complete Picture for Dealer, Credit, Lender
Destination, Trade in + or – Equity and
Consumer budget
▪ Helps to hold gross by eliminating late
monthly payment issues
▪ Improves closing ratios
▪ Streamline and expedite the entire sales
process
Soft Pull Benefits

23. Bob Lettis
SVP Strategic Partnerships
Blettis@700credit.com
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