LAS VEGAS — Western Funding, a specialized automotive finance company focusing on subprime credit, has announced its Triple Pay program. With the launch of Triple Pay, dealers have the opportunity to build a portfolio of accounts that allows them to share in the profits of each deal made.
The launch of this program allows dealers to build a bankable portfolio and receive three different types of payments on the same deal — upfront checks, near portfolio closing and back-end payment streams. In order for the dealer to get their first check, the dealership must produce 50 deals.
“With the release of our newest program, Triple Pay, we look forward to helping dealerships maximize their profits by giving them up to 50% of the interest collected and the entire principal as the customer makes payments,” said Western Funding Vice President Bret Pangborn. “Our focus is developing our current dealer base as well as inviting new dealerships to join our team. To best serve our growing dealer base, we have officially launched our national recruiting campaign for qualified sales representatives.”
Western Funding’s first quarter resulted in an increase to $68.9 million in principal loan balances from $28.7 million in the prior year, a 142% year-over-year growth rate. Western Funding originated more than 2,200 loans in the first quarter of 2015, with the majority of loans being sourced on DealerCenter, officials said. The company’s static losses have continued to improve as a percentage of the amount advanced.
“We are excited with the opportunities in the automotive finance market,” said Western Funding President Guerin Senter. “We continue our strategic growth with a heavy focus on increasing dealer portfolios. We anticipate consistent performance through the end of the year and to end at a $150 million portfolio.”
Dealerships interested in learning more about Western Funding’s Triple Pay program are encouraged to call Western Funding directly at (888) 434-3150.