Boulder, CO – October 5, 2016—Confident Financial Solutions, (CFS) a consumer finance company that offers auto repair financing to service centers and their customers, today announced that it has funded over $2.7 million in loans for FCA dealerships. The top performing dealerships average 18 applications per store per month and these same top performers average over $10,000 per month in CFS funded/financed repairs (additional business). CFS helps increase service drive activity at these participating service centers, increases revenue and enhances the overall customer retention.
CFS provides a favorable alternative to credit card financing, resulting in increased credit approvals and immediate access to capital. The average Customer Pay RO at the FCA stores using CFS is $1,443.72, as compared to $225.45 at these same locations; the most common loans being for maintenance, tires, engines and transmissions. Customers can be approved for up to $7,500 and 83% of loans approved are for amounts larger than the repair estimated, leaving room for any additional needed work.
Customers apply online via a smart phone, tablet or computer and receive a credit decision in less than five minutes. Service centers get paid in 24-48 hours.
“Our FCA auto dealer service centers perform extremely well with our auto repair financing program and use it to help increase the number of Repair Orders and amounts. It also helps them to recapture declined services and assist customers in paying for needed repairs with a solution which takes just a few minutes to complete and receive a loan decision,” said Tom Cannata, CFS VP of OEM & National Accounts.
CFS is experiencing strong growth and is now in about 1,000 retailers in 36 states, including 410 franchised new-car dealers. While program results vary from store to store, CFS financing produces up to 100 monthly applications submitted per service center. By offering financing for service work, CFS creates an untapped revenue generator for auto service centers and helps capture work that otherwise might go elsewhere. Many CFS strategic partner service centers see an average 20 percent increase in monthly revenues; an increase in ROs and decrease in Service Declines; and bigger ticket ROs as customers can now get ALL the repairs done including transmissions, tires, collision, insurance deductible and more. In addition, the program provides affordable payments based on simple interest rather than compounding interest; almost 50 percent customer approval rate; loan approvals as low as mid-500 credit scores; loan terms available for 12-36 months; and increased customer retention.
Any dealers that are interested in finding out more about CFS’ auto repair financing program can call: 855-808-5861, visit: http://lift.mycfsapp.com/, or visit CFS at the three upcoming Mopar® Service & Parts Conferences: Atlantic City, New Jersey – Resorts Casino, October 6-7, 2016; Orlando, Florida – Walt Disney World – Oct. 11-13, 2016; and Las Vegas, Nevada – Planet Hollywood Resort November 14 – 15, 2016. There will also be “Special FCA Show Pricing” offered for a limited time.
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About Confident Financial Solutions:
Confident Financial Solutions is a consumer finance company that offers auto repair financing to service centers and their customers. Its primary goal is to provide a favorable alternative to credit card financing, resulting in increased credit approvals and immediate access to capital. Customers apply online via a smart phone, tablet or computer and receive an instant credit decision. With CFS, strategic partner service centers increase activity on the service drive, increase revenue at the service center and enhance overall customer retention. Based in Boulder, Colorado, CFS is the consumer’s choice for auto repair loans.
Author: Digital Dealer
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