DALLAS/MONTREAL — Vehicle Acceptance Corporation (VAC), a buy-here, pay-here (BHPH) payment stream lender, is expanding its relationship with iMETRIK Automotive Solutions by joining the company’s “Pay Share” program.
Pay Share allows a dealer to obtain a full-featured GPS payment device, including starter interrupt, payment reminder and integrated back-up battery, for a one-time stocking fee of $39 and then an additional $10 per month fee for 16 months, or until the receivable is sold to one of the program’s lending partners.
“Because dealers typically arrange for a payment stream at the point of sale, the addition of VAC to the Pay Share program means that many dealers will be able to step into our best technology and only pay the $39 stocking fee,” said Guy Chevrette, president of iMETRIK. “Once the dealer sets up the payment stream, he or she simply transfers the device to VAC and the payment by the dealer goes away.”
Pay Share will help VAC better serve dealers who are in need of financing and collections services. Using iMETRIK’s technology, VAC will provide their dealers with the tools required to maximize portfolio performance in a very cost effective manner. Pay Share is ideally suited to the BHPH model where the dealers or the lender pay for the device as they book the retail installment contract.
“iMETRIK’s Pay Share program is a very attractive way for the BHPH dealer to get iMETRIK devices in all of their vehicles at a great price point,” said Jonathan Neubauer, CEO of VAC. “As we look to expand our cash and service solutions to more BHPH dealers, this program helps us place one of the best technology values in the market in many more vehicles, and at the same time hold down the expenses associated with devices for our dealers. It’s a great deal for everyone.”
BHPH dealers and subprime lenders can sign up for the new program at www.imterik.com/payshare or by calling (866) 276-5382.