Marblehead, MA - FinCo Management’s BuyHere-PayTHERE subprime financing solution is helping Dealers approve and finance their own deals which make business sense but no lender will buy.  If the Dealer is happy with the customer’s cash at closing, FinCo helps them finance the balance over time.

FinCo focuses on collateral based financing as opposed to credit based lending.  The target market is the growing number of subprime consumers who cannot get financed elsewhere because of bad credit or lack of credit, but who have enough cash to cover the Dealer’s ACV in a vehicle and can afford the relatively low payments on a used car.  FinCo can also help with customers who have some cash, but not enough to cover the Dealer’s cost in the vehicle.

Toby Reiley, President and Founder of FinCo, sees the service as a tool for Dealers looking for new ways to gain new cash flow sources during the recession.  “There are two types of Dealers:  those who seek out new business tools and methods, and those who don’t.  As the recession deepens, most Dealers are avoiding any change at all and falling further and further behind, when they should be adapting to their environment and growing.

Initially we had used car Dealers in mind when we developed BuyHere-PayTHERE, but we’re finding that in this volatile market, no one can afford to turn away a customer with cash.  The new car Dealers need a way to retain their customer base – those customers they could get financed in the past but now can’t get bought.  BuyHere-PayTHERE is a way for new car Dealers to stop losing money wholesaling and turn their trade-ins into retail profit.”

One or two deals a month is fine.  As an aggregator of services, FinCo allows even low volume Dealers to take advantage of the very best tools and services in the industry.  The decision to grant credit terms to a customer is entirely the Dealer's, and FinCo does the rest: origination, underwriting, documentation, servicing, collections, customer service, repossessions, and remarketing. 

Deals made through FinCo are not credit based loans, they are sales contracts backed by the vehicle as collateral.  Even if the customer does not make all of their principal payments, usually the Dealer’s cost is covered by the cash down at closing.  Plus the Dealer is making retail profit on a vehicle that would cost them money to wholesale. 

Unlike other subprime finance companies, FinCo does not charge a monthly rate or sign up fee for its services.  When the customer makes their monthly payments to FinCo, the principal payment is deposited into the Dealer’s account, less an eighty-five dollar origination fee deducted from the first principal payment.  FinCo keeps the interest portion of the payments on the first four deals written each month, and then shares the interest with the Dealer. 

FinCo’s BuyHere-PayTHERE solution is currently available in AK, AL, AR, CA, CO, FL, GA, ID, IL, IN, IA, KS, KY, MA, ME, MN, NV, NC, ND, OH, OK, OR, PA, SC, TN, TX, UT, VA, WA, WV.  For additional information on FinCo Management, contact Toby Reiley [email protected] or visit