FinCo Selects Auto Portfolio Services as BHPH Portfolio Servicer
FinCo Management has engaged Auto Portfolio Services LLC (APS) to provide loan servicing for the company’s growing portfolio.
GREENWOOD VILLAGE, Colo. — FinCo Management, a new provider of financing solutions for buy here, pay here dealers, has engaged Auto Portfolio Services LLC (APS) to provide loan servicing for the company’s growing portfolio.
“We need a high-touch, weekly servicer with national coverage,” said Toby Reiley, president of FinCo. “Our customers primarily pay with debit cards or cash, and respond very well to timely, consistent text messages and the audible-warning/starter-interrupt devices installed in every vehicle. APS understands this customer, the process and FinCo’s approach to the market.”
Dealers using FinCo’s Hybrid product earn up to 90 cents on every dollar financed vs. 78 to 80 cents on the dollar in a traditional BHPH model. FinCo finances the Warranty, GPS, VSI and a 50 cent advance at point of purchase.
“APS is excited to partner with FinCo as they continue to expand their products and programs throughout the BHPH community,” said Kevin Barry, president of Auto Portfolio Services LLC. “Our platform has been customized to serve this fast-growing market and we have extensive experience working with the special finance consumers.
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