New subprime lending programs have been a rarity of late, but a North Carolina firm is bucking that trend.
Ace Motor Acceptance Corp. is rolling out its new Dealer Stimulus Program, touting it as an initiative that gives auto dealers more sales and profit opportunities by expanding their customer base to include consumers with a 520 or higher Beacon score.
The company's standard program has no minimum Beacon score. The new program offers access to 24/7 online approvals and is available to independent auto dealers and franchise auto dealers in Delaware, Maryland, Virginia, North Carolina and South Carolina.
“Due to the stress of the economy on lenders, independent auto dealers and franchise auto dealers are experiencing increased difficulty getting approval for non-prime customers,” says Wayne Garland, AMAC's director of dealer development. “The Dealer Stimulus Program is designed to help dealers move more inventory with increased profit margins.”
First-time buyers, self-employed buyers, and buyers who previously had good credit but have experienced a recent credit setback are eligible for financing.
No credit, weak credit and bad credit applications are accepted. No minimum job time is required, and tax identification numbers are also accepted.
“If for some reason a customer's application is declined by the system or the deal needs to be restructured, we encourage auto dealers to call us and let us work with them to find a way to get customers into an automobile,” says Stephanie Troxell, the firm's director of underwriting and funding.