NAE and NWAN Strike Partnership With Service Payment Plan Inc.
National Automotive Experts (NAE) and National Warranty Administration Network (NWAN) have struck a partnership with Service Payment Plan Inc. (SPP), a Chicago-based financing company that offers an interest-free payment plan option for service contract purchasers.
CLEVELAND — National Automotive Experts (NAE) and National Warranty Administration Network (NWAN) have struck a partnership with Service Payment Plan Inc. (SPP), a Chicago-based financing company that offers an interest-free payment plan option for service contract purchasers.
Service Payment Plan offers 12- and 18-month payment options for consumers. With today’s tough credit markets, offering consumers a unique solution to financing a service contract, without a credit check, allows dealers the opportunity to increase their profitability and penetrations in their finance operations.
“We are very excited about this new relationship. During our process of interviewing potential companies, SPP’s level of experience and service was very impressive” says Kelly Price, president of NAE and NWAN.
SPP is one of the the largest service contract finance companies in the industry, and offers programs like payment option to manufacturers, such as American Honda Motor Co., throughout the United States and Canada.
“We are very excited to be working with another major service contract provider," says Bob Hymen, president of SPP. “We believe we will be able to add additional value to NAE, NWAN and their dealers.”
More Auto Finance
Interest Rates Further Squeeze Auto Consumers
Last month’s hike and a potential second increase this month add to a growing list of inflation woes that could continue to dent overall car sales.
Read More →
Mind Your Process
Consistent steps taken in various aspects of the F&I office can make valuable differences over time, similar to an outline for a best-selling book.
Read More →
Top Five Credit Application Fraud Flags
Compliance audits regularly reveal bad habits that can lead to fraud charges and should have been stamped out decades ago.
Read More →
More Auto Loans for the Taking in August
Riskier categories were on the uptick for the month as lenders loosened access in several areas while balancing out the exposure in another, Cox Automotive reported.
Read More →
July Was Hot for Auto Borrowers
Credit proved readily available for many, but most loans left buyers in negative territory, Cox Automotive said.
Read More →
Dealer Lender Preferences Revealed
When lenders provide consistent, fast service, their overall satisfaction scores with dealers greatly improve, according to JD Power research.
Read More →
Auto Refi Savings Surge
Consumers with 84-month auto loan terms who refinanced saved the most on monthly payments, according to a new report by auto refinancing provider Caribou.
Read More →
Subaru Enters Lending Business
The automaker follows other brands in adding captive financing in the U.S., and says the move will strengthen its position here.
Read More →
Positive Equity Reaches Record High
Mainstream vehicle owners who bought a car seven years ago are likely to have positive equity when trading in for a new vehicle, according to second-quarter Edmunds data.
Read More →
Dealerships Are Paying the Price for Extended Car Loans
Growing negative-equity scenarios mean such lengthy terms should be addressed in a forward-looking way to make them work for the dealer and the consumer down the road.
Read More →