Average loan terms for new vehicles now exceed 71 months, up from just over 69 months a year ago. As terms grow longer, the chances for repeat business can decline, particularly while customers are upside-down on their vehicle.
AutoPayPlus is designed to shorten the wait for both consumers and dealerships – while delivering a new stream of F&I revenue.
AutoPayPlus automatically accelerates loan payments for consumers, speeding the payoff and helping them better manage all their debt. Most often, AutoPayPlus customers choose to make their monthly payments into biweekly payments, netting one extra payment per year. AutoPayPlus also offers weekly, bimonthly and even monthly options.
The benefits of AutoPayPlus extend beyond vehicles for customers, as virtually any recurring payment can be automated through the product. This is especially useful for busy people and those striving to improve their credit.
To see how you can help your customers while boosting your F&I margins, contact FLADCO.