Sell More Deals with Biweekly Car Payment Service
The Equity Advantage Program, also known as "Half-Pay" or "Biweekly", is a valuable service integrated with the MenuVantage system. This biweekly payment service is made available via a strategic alliance with US Equity Advantage (USEA) (not an ADP affiliate) in partnership with PNC Financial Services Group.
A biweekly payment plan electronically debits half of a customer's monthly car payment every two weeks. The customer effectively makes a total of 26 half payments per year, two of which are applied directly to the principal - shortening the term of the loan, accelerating equity, and saving interest.
PNC is the exclusive processor of electronic payments for USEA. PNC is required by law to be fully compliant with the Federal Reserve's™ requirements for Automated Clearing House (ACH) payments as defined under Regulation E and is a member of the FDIC.PNC is one of the nation's largest diversified financial services organizations with assets of $305 billion. They are one of the top Treasury Management providers in the country. PNC operates primarily in 19 states and the District of Columbia, providing retail and business banking, residential mortgage banking and specialized services for corporations and government entities.
USEA is become the industry leader in the automated biweekly processing of vehicle loans. With a Better Business Bureau A+ rating, USEA boasts outstanding member services and has processed more than $650,000 million in transactions on behalf of its members.
By leveraging their relationships with MenuVantage and PNC, USEA is now active in more than 1,000 dealerships nationwide, including two of the major public auto groups.
USEA analysis has shown that dealerships that utilize the Equity Advantage Program sell approximately 80% more F&I products on biweekly deals as opposed to standard retail deals.
- No Up Front Costs
- Equity Acceleration
- Shortens Loan Term
- Increased Vehicle Value at Trade
- Decreased Overall Interest Costs
- Convenient Automatic Debits
- Dealer Benefits
- Customizable Payment Options
- Shortens Customer Trade Cycles
- No Charge Backs
- More Room for Other Products
- 20-60% Finance Penetration
The Equity Advantage Program is seamlessly integrated into MenuVantage and submission to PNC is completed electronically. Since the "Half-Payment" is printed on the menu next to the monthly payment, customers are presented this payment option on each finance deal regardless of the lender. Our Business Managers have enjoyed up to 60% finance penetration with this product.
It's simple! Everyone knows that extending a customer's finance term will reduce the monthly payment—but it's not a benefit to the consumer. Biweekly payments allow you to offer the customer the financial benefits of an extended term without increasing the monthly payment—picking up $600-$900 worth of product in the process.
Call today for a live demonstration! 877.636.8826