Subprime automotive lender Universal Special Auto Finance is diversifying into the prime market.
The firm's “Universal Prime” program is new and for consumers with strong credit ratings.
“With many other financial institutions restricting lending at this time, Universal is moving forward aggressively,” says CEO John Scordo.
He adds: “Our new prime lending model is innovative, efficient, and generates consistent and impressive profitability for financial institutions and auto dealers on the short and long term.”
Universal has thrived in the subprime market with carefully selected dealers as well as “consistent, quality underwriting decisions,” says Steve Norbut, Universal's executive vice president-dealer sales.
Those strategies will guide the Universal Prime program, too, he says. “We make solid lending decisions that benefit consumers, dealers, our financial institution clients and the marketplace.”
The firm this year also introduced Universal Solutions. Among other things, that program allows auto dealers to finance their own deals.