SFG Finance Announces New PassTime USA Program with No Upfront Device Costs
ARLINGTON - SFG Finance LLC, a purchaser of auto paper from BHPH dealers, new car franchise dealers, finance companies, banks and credit unions, announced that it has partnered with PassTime USA, the industry leader in high-tech GPS tracking and Automated Collection Technology solutions, for SFG Finance’s new loan purchasing program.
The new program will offer qualified lenders unprecedented access to PassTime products with no upfront device cost to the dealer or initial lender while providing them access to needed capital and liquidity through their relationship with SFG Finance. Qualified lenders with SFG Finance can order PassTime products for no upfront cost as long as the loan is sold to SFG Finance within the specified time period.
PassTime USA offers GPS tracking and its own Automated Collection Technology (ACT) solutions to its customers in the BHPH and subprime finance industry. Its wide range of products and services, superior 24/7 live customer support, and industry expertise provide customers with a complete package for protecting their assets and managing their portfolios.
“This program is unlike anything we have ever seen in the industry. It is an amazing opportunity for our customers to get PassTime devices for no upfront cost on the qualified loans they sell to SFG Finance,” said PassTime Executive VP of Operations, Chris Macheca. “It is truly a winning scenario for everyone involved.”
SFG Finance’s program purchases existing near prime, subprime, and BHPH auto loan portfolios from franchised and independent auto dealers, as well as finance companies.
Portfolio sizes range from $500,000 to $150 million, are held on the balance sheet and serviced internally.
“We have introduced programs in the past that include credits or rebates to initial lenders for the cost of PassTime devices. This is taking it a step further. Now the dealer or initial lender can order, install, and utilize PassTime devices with no upfront cost to them on qualified loans,” said SFG Finance COO, Henry Gonzalez.
Funding for the program is made possible by SFG’s parent bank, with the additional advantage of a more stable cost of funds and without the need to securitize. SFG Finance offers complete transparency and up-front pricing based upon its superior analytics. A due diligence team will evaluate all loans in order to maximize the selling dealers’ return without interrupting the dealership’s existing business, ensuring a seamless transition.
The program is currently available. Please contact SFG Finance or PassTime for more information about signing up.
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