Finance
Finance is usually the largest external dependency in a car sale and the one nobody can see. Vorniqe records applications per enquiry with the lender, the amount and the status — and shows how long each has been waiting for an answer.
How it works
- 01
Record an application per lender
Two live applications to two banks are deliberately allowed, because that is what people actually do when the first answer is slow.
- 02
Enter the shape of the deal
Amount, deposit, term, rate and monthly payment. The monthly figure is the one the customer is actually deciding on.
- 03
Watch the days pending
Worked out on read, so it is right every time you look rather than right on the day somebody typed it. It is the number that tells you which bank to chase.
- 04
Record the answer
An approval removes the biggest unknown in the sale. A decline is recorded as caution with a reason — never as a lost sale.
Worth knowing
A decline is not a customer leaving the market. Most of those sales are still made: at another bank, over a longer term, or with a bigger deposit.
An approval is recorded as something the bank did, not as a promise the customer made. Crediting them with a third party's decision distorts everything downstream.