Everybody Wins!
This customer is at a base payment of $608.83 maxed at 60 months. This happens every day and there is no room in the deal. How are we going to make any money on the back-end?
Wouldn't it be great if you could keep the customer at the same payment, pick up $1,200 in product and still get approved by the lender?
With the Equity Advantage Program – You can! Most lenders will allow a 3 month bump in term. By choosing bi-weekly payments a customer will pay off the 60 month loan in 57 months, thus reducing their term from 60 to 57.
You turned a deal that came in with no room into a $1,200 PVR! The customer was able to obtain the protection they desired without increase in price and will actually pay off the loan 3 months earlier.