MARBLEHEAD - FinCo Management, a provider of consumer finance solutions to the used automobile industry, announced it has has been added to the Illinois Independent Automobile Dealers Association’s list of Preferred Providers.
Through this new relationship, the IL-IADA has endorsed FinCo’s services that enable dealerships to offer direct financing to deep subprime customers. FinCo Management's HYBRID product offers dealers without in-house financing to gain instant entry to the BHPH market without any investment of cash, software, staff or extensive training.
FinCo Management's contracts are funded in two days for 50 percent of the amount financed up to the auction price of the vehicle. The dealer can recoup the cost of the automobile plus partial profit at time of sale then realizes the remaining profit from future consumer payments over time.
"We recognize there remains a large number of successful dealerships who could achieve a higher level of sales if only they were able to provide direct financing to unbanked subprime and deep subprime customers with the personal cash flow to support payments on a used automobile," said Chief Executive Officer, Toby Reiley. "FinCo Management provides complete BHPH infrastructure with the dealer benefiting from the centralized operations. The only requirement on the dealer is to source and sell the cars to the usual customers."
The Company's centralized operation leverages third party contractors to create efficiencies for dealers while reducing cost and risk when compared to manning their own finance and compliance departments. Dealers are rewarded for originating "smart deals" as pass-though collection costs are avoided.
media brand
0 Comments
See all comments