MotoLease LLC launched a new leasing program last month to replace all of its existing programs, in an effort to simplify the finance structure for dealers, Powersports Finance has learned.
Program 2.0, as its called, includes low cash due at signing, a reduced acquisition fee, no GPS fee, and no security deposit, according to a MotoLease dealer newsletter.
MotoLease previously offered several programs, including its leasing program catered to franchise dealers and an Express Program for financing low-dollar powersports vehicles.
Now, however, the leasing provider has consolidated these programs under one umbrella to simplify the process for dealers and offer “one program, good for every price point,” MotoLease’s Managing Partner Emre Ucer told Powersports Finance.
The program was designed to cater to every vehicle. “The reason we [launched this program] is because dealers are bombarded with so many programs and options,” Ucer said. “It’s hard for dealers to keep track of how everything works. Our goal here was to simplify the process as much as possible for the dealers, and one way of simplifying things is reducing the number of options or programs to make it easier to understand.”
Program 2.0 features MotoLease’s new MotoCoin Rewards Program, which launched March 1, and the company’s proprietary scoring model M-Score 2.0. MotoLease improved the accuracy of its internal credit forecasting model — called M-Score 2.0 — last month by using machine learning techniques and alternative data.
The motivation behind the program change — in addition to simplifying the finance process for dealers — is to reduce the cash due at signing and make monthly payments more affordable for consumers.
“Our goal was to reduce the cash due at signing because that is the number one complaint from consumers,” Ucer said. “We are very systematic about it; we analyze our conversion rates — meaning how many approvals we provided and how many fundings happened — and the number one reason for somebody not converting from approval to funding is the amount of cash needed at the time of origination.”
