Car Loans Inc. is prepping a program that incorporates loan servicing and marketing, Chief Executive Max Haynes told Auto Finance News.
The new program launched last week, and is targeted at smaller buy-here, pay-here dealers, Haynes said. “Obviously, big dealers can set up servicing, but smaller ones can’t, because a servicer doesn’t want to engage with you unless you have thousands of loans,” he said.
Reno, Nev.-based Car Loans Inc. also serves as a middleman between a customer and a dealer: through a smartphone app, dealers that sign up for the program are notified of a customer’s timely payments, as well as monitor a car’s mileage and condition.
“If the loan is performing well and payments are made on time, the dealership will be notified,” Haynes said. “This allows them [dealers] to offer those customers additional services or place them in an A-paper loan.”
