PRESTIGE FINANCIAL INTRODUCES NEW “ELITE” LENDING PROGRAM
Prestige Financial Services, Inc. of Salt Lake City has recently
introduced its new “Elite” automotive lending program,
tailored to consumers with recently discharged bankruptcies. Elite
will provide participating dealerships with a powerful lending tool
to complement Prestige’s existing flagship Sub-Prime programs,
Premier and Select, which cater in part to pre-discharge Chapter
Seven and Chapter Thirteen bankruptcies.
Elite has no minimum credit score requirement and offers advances
up to 125% and terms up to 72 months, while providing generous dealer
flats. The program has no fixed Loan to Value percentage cap, accommodates
vehicles with up to 100,000 miles, and allows for zero down payment.
“With bankruptcies still on the rise, many of our competitors
are targeting the discharged bankruptcy customer,” observes
Prestige COO Robert Avery. “In Elite, we've created a thoroughly
competitive lending solution based on the successes we’ve
had with pre-discharge bankruptcies on our existing programs.”
The new lending program comes as one in a package
of underwriting enhancements Prestige has made to facilitate growth
and profitability under current market conditions. Another
of these enhancements is the Preferred Dealer Program, in which
the lender’s top-performing dealerships are rewarded with
automatic bonus points on its internal scorecard.
“Elite is a bold response to our dealers’ specific needs,”
says Steven Ennis, Prestige’s Senior Vice President of Dealership
Relations. “They were involved in every step of the program’s
creation, and they’re excited to put the finished product
in place and go after the discharged bankruptcy customer more aggressively
than ever.”
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