New Program Saves Auto Dealers Time, Frees Up Cash Assets
Flex Fund Financial Services, a provider of used-car inventory financing for new- and used-car dealers, and salvage buyers, has announced FLEXible Trade-Ins, a new program specifically designed to save dealers time and money on trade-in vehicles.
Yorba Linda, Calif.— Flex Fund Financial Services, a provider of used-car inventory financing for new- and used-car dealers, and salvage buyers, has announced FLEXible Trade-Ins, a new program specifically designed to save dealers time and money on trade-in vehicles.
Through FLEXible Trade-Ins, Flex Fund will directly finance trade-in vehicle transactions that involve outstanding loan balances. Dealers can now use FLEXible Trade-Ins to immediately pay off loan balances for vehicles.
Typically, a dealer does not receive the title to a purchased trade-in vehicle until he/she has paid the outstanding funds to the vehicle's lien holder. Dealers can't obtain inventory financing until they have the vehicle's title. According to Cliff James, Flex Fund CEO, policies like these consume two of the dealer's most precious commodities — time and cash.
Cash is consumed when the dealer pays off the trade-in vehicle loan balance to the lien holder. Time is consumed because it often takes two to five weeks for the dealer to receive a title that he can then present for floor planning.
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