A new Toronto-based company has chosen Dartmouth to launch its first dealership in Nova Scotia. Auto Loan & Own Inc., Canada’s first community-based auto finance dealership, leases cars to people with troubled credit histories. It offers assistance to the many Canadians who need a car, but who do not meet the criteria for standard loans, according to Carol Sistilli, CEO of Auto Loan & Own.

“We’re talking about good people who may have run across some bad luck,” Sistilli said. “For example, a business person who’s been laid off after 20 years and had to look around for a while before finding a new job. Or, a divorced parent who just started working and had no previous credit history. These people rarely go into a dealership to ask about financing, because they know they’ll be turned down and prefer to avoid the embarrassing situation.”

The Dartmouth Auto Loan & Own dealership opens this week. It will lease used cars to people in the community who can show proof of employment. The easily repayable lease is for an on-average 18-month period, with rates of interest as low as 6 percent.

“While it may not be their dream-car, it will be guaranteed safe and reliable,” said Adam Haverstock, manager of the Dartmouth dealership. Each payday, the customer visits the dealer and the requisite repayment amount is then deducted directly from their paycheck.

“We’re doing everything we can to make our service easy and accessible to the customer,” said Haverstock. “This means everything from being located close to our customers, to working with them on their payment schedules, to offering refreshments to kids who come in with their parents.”

About Auto Loan & Own

Auto Loan & Own Inc. was founded in September 2000. It will be establishing other dealerships across Canada, and later plans to sell franchise licenses. Its first strategic partner is Carbiz.com, Canada’s leading auto-finance portal. Carbiz.com is an equity-investor, as well as providing all the software and training for Auto Loan & Own.