ARLINGTON, Texas ? SFG Finance LLC, a purchaser of auto paper from BHPH dealers, new car franchise dealers, finance companies, banks and credit unions, today announced that it has partnered with PassTime USA, the industry leader in high-tech GPS tracking and Automated Collection Technology solutions, for SFG Finance?s new loan purchasing program.
The new program will offer qualified lenders unprecedented access to PassTime products with no upfront device cost to the dealer or initial lender while providing them access to needed capital and liquidity through their relationship with SFG Finance.? Qualified lenders with SFG Finance can order PassTime products for no upfront cost as long as the loan is sold to SFG Finance within the specified time period.
PassTime USA offers GPS tracking and its own Automated Collection Technology (ACT) solutions to its customers in the BHPH and subprime finance industry. Its wide range of products and services, superior 24/7 live customer support, and industry expertise provide customers with a complete package for protecting their assets and managing their portfolios.
?This program is unlike anything we have ever seen in the industry.? It is an amazing opportunity for our customers to get PassTime devices for no upfront cost on the qualified loans they sell to SFG Finance,? said PassTime Executive VP of Operations, Chris Macheca.? ?It?s truly a winning scenario for everyone involved.?
SFG Finance?s program purchases existing near prime, subprime, and BHPH auto loan portfolios from franchised and independent auto dealers, as well as finance companies. Portfolio sizes range from $500,000 to $150 million, are held on the balance sheet and serviced internally.
?We have introduced programs in the past that include credits or rebates to initial lenders for the cost of PassTime devices.? This is taking it a step further.? Now the dealer or initial lender can order, install, and utilize PassTime devices with no upfront cost to them,? said SFG Finance COO, Henry Gonzalez.
Funding for the program is made possible by SFG?s parent bank, with the additional advantage of a more stable cost of funds and without the need to securitize. SFG Finance offers complete transparency and up-front pricing based upon its superior analytics. A due diligence team will evaluate all loans in order to maximize the selling dealers? return without interrupting the dealership?s existing business, ensuring a seamless transition.
The program is currently available.? Please contact SFG Finance or PassTime for more information about signing up.
About SFG Finance:
SFG Finance?s tagline is: Turning Paper into Profit ? One Relationship at a Time. The company is an active purchaser of auto finance receivables and its executive management team has over 75 years of combined industry experience. It is a wholly owned affiliate of Southside Bank, one of the nation?s largest independent banks with $3.2 Billion in assets. SFG Finance buys sub-prime through near prime auto paper, servicing released, from banks, credit unions, auto dealers, and other financial institutions nationwide. The company?s aggressive pricing and experience across all credit spectrums make it an industry leader. For more information visit: www.sfgfinance.com or call: 866-590-7734.
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About PassTime
Headquartered in Littleton, Colorado, PassTime was founded in 1992; the PassTime Suite of Products is designed to improve customer payment performance and reduce default and repossession risks. In 1997, PassTime created its first Automated Collections Technology product. Over the next several years, a Suite of Products evolved that offer GPS tracking, wireless, and Automated Collection Technology products and services designed to meet the needs of a highly diverse industry of car dealers and special finance companies. PassTime solutions facilitate higher rates of return on financing based upon improved customer payment performance. PassTime prides itself on a 24/7 Customer Care Support Center for partners, lenders, dealerships, and end-user customers. Over the past decade, PassTime has sustained industry leadership with its innovative products and services.? ?For more information about PassTime, please visit www.passtimeusa.com or call 877-PASSTIME. Contact Jeff Karg, director of corporate communications at jkarg@passtimeusa.com.
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