May 13, 2009
FinCo Management Offers Subprime Financing for Powersports
MARBLEHEAD, Mass. — FinCo Management unveiled its “BuyHere-PayTHERE” subprime
financing solution, which is designed for
credit-challenged customers who are able to provide down payments large enough
to cover most or all of the actual cash value (ACV) of the unit.
According to the company, a qualifying customers is one with a down payment that
covers the ACV, tax, title and
registration, and the dealer finances their profit over time. FinCo services
the loan and sends the principal to the dealer as it is collected. A major
benefit of the FinCo program for powersports dealers is that there are no age
limitations on used vehicles and no advance restrictions. Dealers decide the
level of risk they are comfortable with and approve their own deals.
Upon submission of a credit application, FinCo utilizes the
sophisticated Monetrics automated credit decision engine, a state of the art
risk evaluator used by major lenders and banks. In seconds, the dealer is given
a credit risk analysis and performance predictor.
The dealer
can use this powerful tool to determine the creditworthiness of each deal. The
contract and forms required to book the loan are provided via the FinCo Website.
The dealer just needs to print the forms, have the customer sign, and send the
funding package to FinCo. From there, FinCo handles everything involved with
servicing the loan, including collections, customer service, title management,
credit bureau reporting, and repossession and remarketing if necessary.
“We are
pleased to offer the FinCo subprime solution to the powersports industry,” said
Toby Reiley, president of FinCo Management. “We understand the need for subprime
finance sources in powersports. FinCo offers a finance option for customers
unable to obtain traditional financing and also for units that do not meet
lender requirements. A dealer’s FinCo contract portfolio can also be a great
source of year-round cash flow.”
For more information, call John Marlin, FinCo powersports specialist, at
224-625-0177. For more information about FinCo Management please call
781-639-6000 or visit www.fincomanagement.com.