FinCo Management Offers Subprime Financing for Powersports
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.
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.
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