Auto Dealers Drive Profits in Tough Economic Times with U.S. Equity Advantage's Bi-Weekly Payment Service

Share Article

U.S. Equity Advantage, LLC, (USEA) (http://www.866halfpay.com), the industry leader in the automated bi-weekly processing of vehicle loans, today announced the release of a new, enhanced dealership website, http://www.866halfpay.com. Dealerships can now accurately calculate and offer a bi-weekly payment option to all their customers with the integrated online tools and enrollment options. USEA's automated bi-weekly payment service has been producing much needed increases in F&I Department profits for auto, powersports and RV dealers, during these tough economic times. One example comes from a Toyota Scion store that recently added over $45,000 in additional profit to their F&I department by helping customers afford more than twice as many F&I products.

Statistics have shown that dealerships utilizing USEA's Equity Advantage Program enable their customers to afford and purchase over 57 percent MORE F&I product on a bi-weekly payment option as opposed to a standard once a month payment option

U.S. Equity Advantage, LLC, (USEA) (http://www.866halfpay.com), the industry leader in the automated bi-weekly processing of vehicle loans, today announced the release of a new, enhanced dealership website, http://www.866halfpay.com. Dealerships can now accurately calculate and offer a bi-weekly payment option to all their customers with the integrated online tools and enrollment options.

USEA's automated bi-weekly payment service has been producing much needed increases in F&I Department profits for auto, powersports and RV dealers, during these tough economic times. One example comes from a Toyota Scion store that recently added over $45,000 in additional profit to their F&I department by helping customers afford more than twice as many F&I products.

"Statistics have shown that dealerships utilizing USEA's Equity Advantage Program enable their customers to afford and purchase over 57 percent MORE F&I product on a bi-weekly payment option as opposed to a standard once a month payment option," commented William Lathrop, Chief Marketing Officer with U.S. Equity Advantage, LLC. "Our business has exploded in this current economy with at least a 40 percent increase in transactions in just this first quarter of 2009," Lathrop added.

The Equity Advantage Program, also known as "Half-Pay" or "Bi-Weekly", is a valuable payment service used as a standalone tool accessible free via the web, or incorporated into any menu powered by MenuVantage. This bi-weekly payment service is made available via an integrated banking relationship between U.S. Equity Advantage, LLC (USEA) and Wachovia Bank, N.A. The Equity Advantage Program allows a customer to make car payments by having their checking or savings account debited a half payment amount every two weeks. Instead of making twelve monthly payments, the customer will make 26 half payments, which means that one extra car payment per year is applied to principal, reducing the term of the loan and interest paid.

By utilizing the Equity Advantage Program, a dealer can offer additional products to their customer while maintaining virtually the same monthly payment and keeping the loan payoff term essentially the same. Extending a customer's finance term will reduce the monthly payment but it's not a benefit to the consumer. With the equity Advantage Program not only will they reduce the payoff term of the loan, but also reduce the amount of interest paid, and build equity in their vehicle faster - meaning that they will be in a better position to trade sooner. The Equity Advantage Program also allows the dealer to offer a customer the benefits of an extended term without increasing the monthly payment - picking up $600-$900 worth of product in the process.

"We find bi-weekly to be a great way to maximize back end profits and overcome term objections with customers. When we use the US Equity Advantage plan effectively, we double our product sales on those deals and it's also beneficial when we're limited on what the banks will finance (because of the commissions paid by US Equity). I am constantly reinforcing with the F&I Managers in our eight stores the power of using this effective tool. We also get tremendous support from US Equity as a partner in our operations," said Thomas Wright, Director of Sales and Finance with Executive Auto

The Equity Advantage Program is considered an "after line 5" product, which means that regardless of how many products the dealership currently offers, it can add this one to the list without having to sacrifice another product. Unlike other programs, U.S. Equity Advantage does not outsource the customer payment process to finance companies. Once the customer's account is debited by its exclusive partner Wachovia Bank, N.A., U.S. Equity Advantage personally oversees the account through settlement.

Customers can feel confident in the fact that when they call (866) HALFPAY, they are speaking with an actual U.S. Equity Advantage Customer Service Professional. The company also has bi-lingual representatives standing by to help the large Hispanic population.

Dealers using the program can Log onto the website (http://www.866halfpay.com) and view a personalized "Dashboard" where a large dealership group can track all of its dealerships or an individual dealership can track its own commissions, for example.

Dealers can also use the website as a standalone tool to enroll new customers or take advantage of its full integration with the MenuVantage web-based menu system. The calculator on the site is an extremely effective sales tool. Users can simply fill in the tables with deal information and plot out all debits and payments that take place throughout the loan on the calendar, while viewing the savings and term reduction on the loan balance comparison graph.

About U.S. Equity Advantage LLC: (http://www.866halfpay.com)

U.S. Equity Advantage, LLC has become the industry leader in the automated bi-weekly processing of vehicle loans and today has 15,000 users in all 50 states. The Equity Advantage Program boasts the lowest servicing fees of any of its competitors and has no cancellation fee. U.S. Equity Advantage, LLC has partnered with Wachovia Bank, N.A. as the exclusive processor of their customer's electronic payments. They have implemented state-of-the art security for consumer protection. Everything from the processing of payments to Customer Service, are all located at their home office in Orlando, Florida. For more information Phone: (866)HALFPAY/(866)425-3729, Email: orders@866halfpay.com or visit 866halpay.com

About USEA's Partners:

Wachovia Bank, N.A. is USEA's exclusive processor of electronic payments. Wachovia Bank, N.A. is fully compliant with the Federal Reserve's™ requirements for Automated Clearing House (ACH) payments as defined under Regulation E and is a member of the FDIC. A household name with 13 million household and business customers, Wachovia Bank, N.A. is the fourth largest bank holding company in the United States based on assets. Wachovia Bank, N.A. currently has more than $700 billion in assets and more than $400 billion on deposit. For more information, go to http://www.Wachovia.com.

# # #

Share article on social media or email:

View article via:

Pdf Print

Contact Author

SARA CALLAHAN
Visit website