May 19, 2009 - Marblehead, MA - FinCo Management announces that its innovative BuyHere-PayTHERE program is now available in 29 states across the US. FinCo’s subprime financing solution allows Dealers to structure and finance their own deals without running their own finance department.
According to Toby Reiley, President of FinCo, “Our BuyHere-PayTHERE solution is totally unique and allows new and used car Dealers to profitably sell cars to buyers with cash but no credit. In this economy, Dealers need to rethink the way they do business, and we’re here to help them do more deals and make more money.”
FinCo’s BuyHere-PayTHERE model allows Dealers to enter the Buy Here, Pay Here (BHPH) market without any capital expense or training. There are no start-up fees, monthly fees, or training fees. “If the Dealer is content with the cash received at closing, FinCo will manage the financing and pay the Dealer the principal collected over time. If it is a Smart Deal at the closing, we help make it a Done Deal” said Courtney Bridges, Manager of Dealer Recruitment.
As an aggregator of services, FinCo allows even low volume Dealers to take advantage of the very best tools and services in the industry. Dealers using BuyHere-PayTHERE maintain all the decision making and control they would running their own BHPH, but with the benefit of state of the art underwriting. FinCo’s sophisticated underwriting engine analyzes the deal structure, cash position, and collateral value of the vehicle and presents the Dealer with a comprehensive view of the deal. The final decision whether to accept, restructure, or refuse the deal is entirely the Dealer's, and FinCo does the rest: originations, underwriting, documentation, servicing and collections, customer service, repossessions, and remarketing.
Prior to FinCo Management Mr. Reiley founded Monetrics, the fifth method of consumer underwriting, which is now considered the best tool in the industry for underwriting consumer auto credit. Monetrics is now owned by World Omni and JM Family, the distributors of Toyota and Lexus vehicles and financing in the South Eastern U.S.
FinCo is approved and/or licensed to originate consumer Retail Installment Contracts in the following 29 states: AK, AL, AR, CA, CO, FL, GA, IA, ID, IL, IN, KS, KY, MA, ME, MN, NC, ND, NV, OH, OK, OR, PA, SC, TN, UT, VA, WA, and WV. Nationwide presence targeted for November 2009.