ORLANDO — US Equity Advantage (USEA) is now licensed in Mississippi, New York, Tennessee and Washington, D.C., bringing to 37 the number of states in which the company offers its AutoPayPlus biweekly loan acceleration service. Additionally, it is the only F&I biweekly loan service provider operating with a money transmission license in New York, according to the company.
AutoPayPlus was designed to add value to the vehicle purchase by helping customers afford more F&I products, such as extended service contracts and GAP insurance, by breaking down the loan amount into smaller payments that coincide with the customer’s pay cycle. A 10-year analysis by USEA found that partnered dealerships sell approximately one-half to two-thirds more F&I products on biweekly deals as opposed to standard retail deals.
“Gaining money transmission licenses in these four additional states allows us to expand our ability to provide auto dealers with a tremendous F&I asset in the very competitive dealership environment,” said Robert Steenbergh, CEO of US Equity Advantage. “New York, in particular, has an extremely stringent and lengthy licensing process, as well as new provisions regarding cybersecurity. Currently, US Equity Advantage is the only automated loan payment service for dealers licensed to transmit money in the state, which allows us to give a dealer a much greater level of protection.”
In addition to Mississippi, New York, Tennessee and Washington, D.C., USEA is also licensed in Arizona, Connecticut, Delaware, Florida, Georgia, Hawaii, Illinois, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Michigan, Minnesota, Missouri, New Hampshire, New Jersey, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Pennsylvania, Rhode Island, Vermont, Virginia, Washington and West Virginia. The company also does business in Indiana, Massachusetts, Montana and South Carolina; those states do not require a license at this time.