Fair partners with LendingTree, sees increase in short-term leases

Fair ’s new partnership with LendingTree is capitalizing on a growing need for short-term leases. Since launching the partnership a few weeks ago, online lending marketplace LendingTree has brought more than 1,000 pre-qualified customers to the used-car leasing app, Fair Chief Executive Brad Stewart told Auto Finance News . Fair gains about one-third of its business by being presented alongside traditional financing options, he added. Fair has been working to secure its place with LendingTree since late 2019, Stewart said. “I expect the impact of this partnership to be meaningful given the size of LendingTree’s auto finance marketplace and our ability to bring a new consumer option — used car leases — to users of the platform,” he added. Fair’s no-term option for customers looking for a car for a shorter time frame, typically nine to 24 months, accounts for half of its business, Stewart said. Fair announced in late 2020 it would expand on its no-commitment product offering to include two- and three-year leases , a product that now accounts for the other half of Fair’s transactions, up from 35% in September 2020. “While many drivers continue to come to Fair for the flexibility of our no-term product, we’ve found a strong cohort of customers who would rather pay less per month, while still enjoying the variety of being able to get a different car every few years,” Stewart noted. Cue LendingTree, which allows platform visitors to instantly pre-qualify for a month-to-month or year-to-year lease payment with Fair, and shop from hundreds of vehicle options on the app, according to a statement from Fair. The process is completely digital, and users select their cars and sign documents online. Even as the auto industry continues to grapple with inventory shortages due to the ongoing COVID-19 pandemic, Stewart said Fair is prepared to offer a wide range of car options to its customers. “Our marketplace strategy of sourcing from a wide range of top dealers has allowed us to maintain thousands of cars in our digital store,” he noted. “We feel very good about our ability to compete for a customer’s auto dollar, whether they want a basic economy car or a luxury import.” LendingTree works with hundreds of lenders to offer auto, home, personal and other types of loans, according to the company’s website, which does not list specific lenders. Since it was launched in 1998, LendingTree has facilitated more than 65 million financing requests, according to the company. Auto Finance Innovation Summit, the premier event for technology in auto finance, returns March 16-17, 2021, as a virtual experience. The virtual experience will offer the quality networking and education of past events, all through an online platform. To learn more about the 2021 event and register, visit www.AutoFinanceInnovation.com .

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