Priority One’s Mariscal Garners Business Award

According to a press release, Business Leader Media annually honors the top women business leaders of the South. Mariscal, along with 23 other honorees, was chosen out of 1,700 nominations and selected based on her outstanding professional achievements as well as her passionate efforts to make a difference in the Tampa Bay business community and organizations.

Mariscal has been with Priority One, a recreational industry F&I outsourcing provider and subsidiary of Forest River Inc., for eight years and was promoted from vice president of operations to president in 2009. She led the company through the economic/lending crisis of 2009 not only surviving the downturn but emerging with a stronger company.

Mariscal has also been involved in several community activities, such as Walk Now for Autism, and annually Priority One celebrates “P1 gives thanks” throughout the month of November. Employees are given time off to volunteer at charities to give thanks back to the local community.

“Respecting and encouraging the differences of each individual on your team helps maximize their potential,” Mariscal said. “By empowering those around you to be creative and communicate ideas, you will continually evolve. Transparency, whenever possible, is paramount as it fosters an environment of open discussion creating a team aligned around a clear, common goal.”

 

Priority One Offering Contest to Mark 25th Year

St. Petersburg, Fla.-based Priority One Financial Services Inc., a leading F&I outsourcing provider to the RV industry, will commemorate its 25th anniversary in business by honoring its dealer partners.

According to a press release, Priority One will be holding a contest throughout the year. The dealer that sends the 25th funded deal every month will receive a prize. Prizes range from an Apple iPad II to a Keurig Commercial Coffee Brewer to a 32-inch LCD TV.

“As we strive to excel in our industry, we greatly appreciate the trust and confidence our dealers extend to us, and we wanted to show them how much we value their partnership and encourage them to celebrate with us all year long,” said Heather Mariscal, president of Priority One.

In 1987, entrepreneur Lisa Gladstone founded Priority One by creating a concept that provides finance and insurance (F&I) services for marine dealers to retail finance their customers. In 2007, Priority One was acquired by Forest River Inc., a Berkshire Hathaway company, and added other recreational dealers to their network. Through the years, Priority One has grown from one to 50 employees and provides F&I managed services for hundreds of recreational dealers nationwide.

 

Priority One Offers Dealers NADA Guide Access

Priority One Financial Services Inc., an F&I outsourcing provider for the recreational vehicle industry, is offering its dealer partners free online access to NADA’s used value guide.

According to a press release, the guide offers a “comprehensive spectrum of benchmark pricing data” that consumers and professionals from various industries use to help buy, sell, trade or shop for vehicles including RVs, trailers, boats, motorcycles and more.

“Most of our dealers are currently paying to access NADA’s online vehicle pricing guide or paying for the quarterly books to perform their book-outs, so we wanted to take that cost burden away from our valued dealers,” said Lorraine Mariotti, vice president of lending for St. Petersburg, Fla.-based Priority One, a division of Forest River Inc.

By providing this tool for their dealers, Priority One dealers will be able to determine values on units at any time through a link to nada.com on Priority One’s exclusive dealer resource center.

 

Priority One Financial Services Adds 4 to Staff

Priority One Financial Services has added new employees in several of the St. Petersburg, Fla.-based company’s departments.

According to a press release, Stephen Jolles and Jason Edwards have joined as business managers, Eli Salhaney has been added to the dealer account executive team and Tyler Swinehart is the new junior network administrator. Priority One is the recreational industry’s oldest and largest F&I outsourcing provider.

Profiles include:

• Jolles brings prior experience as a mortgage banker and a recreational loan officer where he developed an understanding of lender guidelines. A Maryland native, he graduated from the University of Tampa, Fla., with a bachelor’s degree in finance.

• Edwards offers years of experience as a senior loan officer responsible for loan applications, loan submissions and bank approvals. He has also worked in sales within the consumer finance industry.

• Salhaney has a strong background in mortgage financing, insurance sales and general management. Eli has lived in the Tampa Bay area since 2004 but was born and raised in Michigan where he graduated from Western Michigan University.

• A native of the Tampa Bay area, Priority One’s junior network administrator, Swinehart, will be responsible for network operations, hardware and software maintenance and user support.

 

Priority One Financial Services Promotes Auer

Priority One Financial Services announced that Rob Auer has moved to a new position within Priority One, assuming the position of specialty finance business manager.

In his new role, Auer will help dealers move additional units by securing recreational loans for credit-challenged consumers. He assumed his new role on April 1, according to a news release.

In 2008 Auer joined the sales department at Priority One bringing with him over 10 years experience in the finance industry. Previously at Priority One he was a dealer account executive, responsible for bringing new dealer partners aboard.

“Rob has tackled every challenge we’ve put in front of him with an amazing attitude and energy,” said Heather Mariscal, Priority One president. “He has been a huge help to Priority One over the last year or so juggling projects outside of his normal day-to-day duties, and I know he will do amazing in this new role.”

Priority One has been serving the marine and RV industry since 1987. Acquired in 2007 by Forest River Inc. a Berkshire Hathaway Inc. company, Priority One serves as the F&I managed services provider for hundreds of dealers nationwide. For more information, visit www.P1FS.com.

How Co-Buyers Help Secure RV Loan Approval

Editor’s Note: The following advice column was written by Lorraine Mariotti, vice president of lending for Priority One Financial Services. Priority One has been serving the marine and RV industry since 1987. Acquired in 2007 by Forest River Inc. a Berkshire Hathaway Inc. company, Priority One serves as the F&I managed services provider for hundreds of dealers nationwide. For more information, visit www.P1FS.com.

Co-buyers aren’t the solution for every credit-challenged customer you see, but savvy F&I managers know when a co-buyer will help secure a recreational loan approval and when they won’t. Of course, a lot of this depends on your lenders’ guidelines as well as the amount financed, but knowing when to seek a co-buyer and when not to can help save you and your customer precious time when working on an approval.

It is a misconception that co-buyer and co-signer mean the same thing. They do not. Most lenders use these terms differently, so be sure to understand your lender’s definition. Typically, lenders define a “co-buyer” as a person who has equal ownership (deposit, monthly payments, tax and insurance) of the unit and equal liability (subject to collection on payment defaults). The definition of a “co-signer” is someone who signs the loan with the primary buyer and is obligated to make the payment if the primary buyer does not. A co-signer usually has no ownership in the unit.

Qualified co-signers are used extensively in the automobile business; however, co-signers are typically non-existent when it comes to recreational lending. Why? Unfortunately, lenders have stricter underwriting guidelines for boats and RVs and lenders believe that in most cases if a person doesn’t qualify for the loan on their own, a co-signer won’t help that person qualify either. For the purposes of this article, the term “co-buyer” will be used, indicating a borrower who will have equal ownership in the unit.

A co-buyer is an important tool in an F&I manager’s toolbox and can help secure a recreational loan approval in the following ways: When the total annual income of one buyer is not enough to meet the requirements of the loan. If there is a high debt-to-income ratio, using an employed spouse as a co-buyer can effectively speed up the approval process. When trying to improve guidelines for revolving debt. When trying to qualify the original applicant for a better credit score. When the original applicant has a good credit history, but could be somewhat light in the area of comparable installment history.

Co-buyers can be a husband and wife, a parent and child, significant other, siblings, or close friends, but typically recreational lenders look for a co-buyer to be living at the same address as the buyer and have a vested interest in the purchase. It is important for the co-buyer to understand that he or she is making a large, long term commitment when agreeing to become a co-buyer and not just to help the original applicant become approved for the loan. A co-buyer is just as responsible for the loan as the original buyer.

They are considered a joint owner of the purchase, so the co-buyer is equally responsible for the repayment of the loan. The loan will appear on the co-buyer’s credit bureau as an obligation, and it will figure into the co-buyer’s individual debts. If the buyer makes a late payment, or if the unit is ultimately repossessed, this will also reflect on the co-buyer’s credit bureau. Both the buyer and co-buyer are named on the loan contract and on the title.

A co-buyer typically cannot help secure recreational loan approvals when:

• The buyer has derogatory credit. Lenders qualify each applicant’s credit individually. If one applicant does not qualify, the entire application is declined. Lenders view co-buyers as adding strength but not solely supporting a loan.
• A spouse who has no additional income sources. Actually, this particular buyer can even hurt the loan approval process.
• Additional debt is brought to the equation, which is not entirely offset by their added income.

A good F&I manager will add the co-buyer’s information (if helpful) when they first submit the application to their lenders to save time and to maintain acceptable funding ratios with their lenders. Additionally, an F&I manager should set proper expectations with their customers as to how a co-buyer can or can’t help secure a recreational loan approval right from the beginning and not wait until the loan has been declined to bring the subject up. When to add a co-buyer and setting the proper customer expectations is critical in today’s sales and lending environment and gives your dealership the best chance at securing an approval and delivering a unit to the customer.

Sierra Joins Priority One’s New Department

Priority One Financial Services, the recreational industry’s oldest and largest F&I outsourcing provider, has added Ruben Sierra Jr. as a business manager in its new specialty finance department.

The new department was formed to help dealers move additional units by securing recreational loans for a higher percentage of credit-challenged consumers, according to a news release. Sierra’s 30 years in the automotive industry as a sales, finance and closing manager makes him a perfect fit at Priority One and for this department, the release stated. In addition to his work experience, he is Association of Finance & Insurance Professional certified and has JM&A training, which is one of the largest providers of F&I products in the automotive industry.

“We really lucked out with Ruben,” commented Rina Aponte, operations manager. “He is experienced, knowledgeable, customer service oriented and can even speak Spanish fluently, which will be helpful for certain dealerships we work with.”

A native of Tampa, Fla., Sierra has been married for 43 years to his high school sweetheart, has two children and five grandchildren. When he is not working, he enjoys the Florida lifestyle of boating and fishing.

Priority One has been serving the marine and RV industry since 1987. Acquired in 2007 by Forest River Inc., a Berkshire Hathaway Inc. company, Priority One serves as the F&I managed services provider for hundreds of dealers nationwide. For more information, visit www.P1FS.com.

Charitable Month for Priority One Personnel

Employees at Priority One Financial Services, the recreational industry’s oldest and largest F&I outsourcing provider and a subsidiary of Forest River Inc., volunteered their time to three local charity organizations throughout the month of November.

“We feel fortunate for all we have so we decided to give our thanks by volunteering in our community,” Heather Mariscal, president of St. Petersburg, Fla.-based Priority One, stated in a news release. “It was such a success last year that we decided to do it again this year.”

Priority One has been serving the marine and RV industry since 1987. Acquired in 2007 by Forest River Inc. a Berkshire Hathaway Inc. company, Priority One serves as the F&I managed services provider for hundreds of dealers nationwide. For more information, visit www.P1FS.com.

• The first group of Priority One volunteers helped Tampa Bay Watch, a nonprofit stewardship program dedicated exclusively to the protection and restoration of the marine and wetland environments of the Tampa Bay estuary, by rebuilding oyster domes. Oyster domes, made with marine-friendly concrete, increase oyster populations which lead to a reduction in erosion, improve water filtration and provide a new habitat for fish and crab. “It was really refreshing getting out of the office to do some physical work that will actually help benefit the ecosystem,” said Rebecca Vogel, Priority One business administrator. “It is something small, but as we have learned, small actions can lead to big changes. “ For additional information on Tampa Bay Watch, please check out their website at www.tampabaywathc.org.
• The second group, comprised of a dozen animal loving Priority One employees, volunteered with Pet Pal Animal Shelter where they cleaned kennels, washed towels and other laundry, and played with the animals. Located in Pinellas County, Pet Pal rescues dogs and cats from animal shelters that may otherwise be euthanized and educates the public about pet overpopulation, the importance of spaying/neutering and responsible pet ownership. Jessica Haengel, Priority One business administrator, commented on her first experience at Pet Pal, “when you see all the animals and realize they can use any help at all, you truly feel you are doing something proactive to help.” Many of the Priority One volunteers said they would volunteer here again and a couple of them are going to adopt. For more information on Pet Pal, visit their website at www.petpalanimalshelter.com.
• The final group of volunteers donned their cleaning clothes and organized pantries, scrubbed rooms and decks and painted areas at the St. Petersburg shelter for Community Action Stops Abuse (CASA). CASA shelters house residents that have suffered from domestic violence. Priority One’s director of sales, Nicole Armstrong, who participated in this activity, pointed out, “CASA plays such an important role in our community, providing a safe haven for victims of abuse and helping them to find the courage to live a better life. I was honored to help support the people who devote their lives to this mission.” To learn more, log onto www.casa-stpete.org.

Coscarelli Joins Priority One’s RV Sales Team

Priority One Financial Services, the recreational industry’s oldest and largest F&I outsourcing provider, has announced the addition of Danielle Coscarelli to their sales department.

Coscarelli joins the dealer account executive team and will be responsible for adding and managing new RV and boat dealerships to Priority One’s portfolio of business partners. She holds a business management degree from St, Leo University, Dade City, Fla,, and a Florida real estate license. For over a decade she has owned her own real estate business.

“We are excited Danielle has joined Priority One,” said Nicole Armstrong, Priority One’s director of sales. “Both her education and experience as a business owner are great assets for us. As an entrepreneur, I can be confident she’ll treat all of her dealerships with the same energy, enthusiasm and dedication as she did with her own business.”

In her spare time, Coscarelli enjoys biking, beaching, shelling and singing.

About Priority One Financial Services

Priority One has been serving the marine and RV industry since 1987. Acquired in 2007 by Forest River Inc. a Berkshire Hathaway company, Priority One serves as the F&I managed services provider for hundreds of dealers nationwide. For more information, visit www.P1FS.com.

Priority One Forms Non-Prime Financing Unit

Priority One Financial Services announced Thursday (Nov. 18) the creation of a new department which focuses on non-prime financing only. Due to the changes in lending and the increase in credit challenged customers, special focus on these types of loans is paramount. The goals of this department are to increase approvals for dealers, expedite the approval process and provide a professional experience for all customers, regardless of their credit status.

The new department, which began operation Sept. 1, was formed to help dealers move additional units by closing a higher percentage of credit challenged consumers along with their recreational loans. The business managers in this department are experts in their field and work strictly on non-prime financing which ensures each customer is given their full attention.

“Non-prime customers make up a significant amount of dealers’ sales,” said Jeff Wyatt, controller for the Saint Petersburg, Fla.-based company. “If a dealer does not have a specialist working for their dealership dedicated to finding financing for these customers, they are without a doubt losing deliveries and F&I income. In the last 60 days we have seen a 25% increase in the delivery of non-prime customers directly related to the creation of this new department. We expect further improvement in this segment of our business and will continue to forge stronger relationships with dealerships who partner with Priority One.”

Additionally, customers that have credit challenges may take advantage of Priority One’s credit repair program that helps them rebuild their credit. “What’s really great about this program,” explained Gary Rademaker, Priority One’s strategic alliance director, “is that upon completion, customers receive a loyalty reward certificate that can only be redeemed at the dealership that submitted the deal. So the originating dealer is ensured to get the sale.”

Priority One has been serving the marine and RV industry since 1987. Acquired in 2007 by Forest River, Inc. a Berkshire Hathaway company, Priority One serves as the F&I managed services provider for hundreds of dealers nationwide. For more information, call (800) 747-6223 or visit www.P1FS.com.

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