Priority One Forms Non-Prime Financing Unit
Priority One Financial Services announced Thursday (Nov. 18) the creation of a new department which focuses on non-prime financing only. Due to the changes in lending and the increase in credit challenged customers, special focus on these types of loans is paramount. The goals of this department are to increase approvals for dealers, expedite the approval process and provide a professional experience for all customers, regardless of their credit status.
The new department, which began operation Sept. 1, was formed to help dealers move additional units by closing a higher percentage of credit challenged consumers along with their recreational loans. The business managers in this department are experts in their field and work strictly on non-prime financing which ensures each customer is given their full attention.
“Non-prime customers make up a significant amount of dealers’ sales,” said Jeff Wyatt, controller for the Saint Petersburg, Fla.-based company. “If a dealer does not have a specialist working for their dealership dedicated to finding financing for these customers, they are without a doubt losing deliveries and F&I income. In the last 60 days we have seen a 25% increase in the delivery of non-prime customers directly related to the creation of this new department. We expect further improvement in this segment of our business and will continue to forge stronger relationships with dealerships who partner with Priority One.”
Additionally, customers that have credit challenges may take advantage of Priority One’s credit repair program that helps them rebuild their credit. “What’s really great about this program,” explained Gary Rademaker, Priority One’s strategic alliance director, “is that upon completion, customers receive a loyalty reward certificate that can only be redeemed at the dealership that submitted the deal. So the originating dealer is ensured to get the sale.”
Priority One has been serving the marine and RV industry since 1987. Acquired in 2007 by Forest River, Inc. a Berkshire Hathaway company, Priority One serves as the F&I managed services provider for hundreds of dealers nationwide. For more information, call (800) 747-6223 or visit www.P1FS.com.