Consumers’ financial state has been “stagnant” post-recession, according to Bryant Henrie, president of Prestige Financial Services Inc.
“What we are seeing is that people’s financial situation at home isn’t improving generally,” he told Auto Finance News. “There is as much interruption in their employment experience, and the ability to have increased pay is not there.”
Despite the stagnant economy, Henrie said, Prestige will “stick to its knitting” and continue to service the deep subprime market, with no minimum credit score requirements.
The company announced Tuesday that it will now offer direct-to-consumer loans to borrowers looking to refinance their vehicles.
“Our goal with direct lending is to help consumers reestablish themselves, so that they won’t have to come to us anymore,” he said. “Through direct lending we can teach the consumers how to manage their personal economies, so they know why the payments need to be made on time or how we will report it. It will truly be an education.”
Prestige will maintain its “strong” relationship with its dealer network, the company said in a press release.
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