SFG Finance Partners With PassTime on Loan Purchasing Program
Under the new partnership, dealers and finance sources who sign up for SFG’s new loan purchasing program will now have access to PassTime USA’s automated collection products.
ARLINGTON, Texas — SFG Finance LLC, a purchaser of auto paper from buy-here, pay-here dealers, new-car franchise dealers, finance companies, banks and credit unions, today announced that it has partnered with PassTime USA for its new loan purchasing program.
The new program will offer qualified lenders unprecedented access to PassTime GPS tracking and Automated Collection Technology products with no upfront device cost to the dealer or initial lender. Participants will also gain access to capital and liquidity provided by SFG Finance. Qualified lenders with SFG Finance can order PassTime products for no upfront cost as long as the loan is sold to SFG Finance within the specified time period.
PassTime USA offers its asset-protection and portfolio management solutions to dealers and lenders operating in the BHPH and subprime finance industry.
“This program is unlike anything we have ever seen in the industry. It is an amazing opportunity for our customers to get PassTime devices for no upfront cost on the qualified loans they sell to SFG Finance,” said PassTime Executive VP of Operations Chris Macheca. “It’s truly a winning scenario for everyone involved.”
SFG Finance’s program purchases existing nearprime, subprime, and BHPH auto loan portfolios from franchised and independent auto dealers, as well as finance companies. Portfolio sizes range from $500,000 to $150 million.
“We have introduced programs in the past that include credits or rebates to initial lenders for the cost of PassTime devices. This is taking it a step further. Now the dealer or initial lender can order, install and utilize PassTime devices with no upfront cost to them,” said SFG Finance COO Henry Gonzalez.
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