Biweekly Payment Plan Program

 

moneyEasily make extra commissions PER DEAL by just giving your customer a great option to increase his/her credit in their vehicle even faster and effectively shorten their loan term. You will have several VERY powerful tools built right into your menu system to quickly and easily show your customer the smaller payments using this plan and how it can save them money and shorten their loan term.

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The program offers the consumer a biweekly payment option allowing them to have half of their car payment electronically deducted from their bank account every two weeks. The customer makes 26 half payments per year, two of which are applied directly to the principal allowing them to accelerate the equity in their vehicle and shorten the term of the loan. By utilizing the program the consumer can purchase additional products from the dealer while maintaining virtually the same monthly payment and keeping the loan term essentially the same as the original conventional loan term. This service provides dealers an opportunity to increase their F&I product penetration numbers.

 

How It Works

The biweekly payment program is a service that manages the consumer's loan payments. This service is NOT a lending institution, but works with any lender that finances the consumer's loan. The program restructures how the payment is applied to the lender without changing the current terms and conditions of the loan. It also offers a security-based customer verification process that validates the consumer enrollment information. All of your loan documents and other paperwork are still based on the normal MONTHLY payment plan. 

 

Program Features

Features Overview
          • Historical commission reports
          • Powerful incentive programs
          • 24 / 7 online partner center
          • Full customer support services
          • Real-time activity reports
          • Detailed error and enrollment tracking
          • Customer presentation tools
          • Customizable payment calculators
          • Fully integrated within Dealership Tracker Menu Selling system
          • Complete commission management
          • Flexible pricing programs
Dealership Benefits
          • High margin revenue
          • Shorter trade-in cycles
          • Eliminate negative equity
          • No customer support obligations
          • Build customer loyalty
          • Market & product differentiation
          • Advertise alternative payments
 Customer Benefits
          • Increased equity
          • Reduced loan term
          • Convenient automatic payments
          • On-time payments
          • Easy budgeting

With our biweekly payment program, many of the industry's most recognized companies have dramatically improved penetration rates across all F&I products, while still generating substantial commissions per enrollment. Additionally, consumers that enroll with us to achieve positive equity positions faster with significantly shorter trade-in cycles.

Our biweekly program administrator, Economic Advantage Corporation (EAC) has created a powerful suite of tools and services that enable industry professionals: high quality customer support, online reporting tools, multi-level commission payouts, customer account verification, enrollment processing, data integration, manuals, web-based calculators, and comprehensive training tools.

Join the thousands of franchise and non-franchise dealers from all over the nation using biweekly payment plans to increase their revenue stream. Our partnership with EAC Bi-Auto is the nations leading loan acceleration program with over $50 Billion in managed payments. The average dealer payout per month is $10,000 including enrollment revenue and additional aftermarket sales. Don't miss out on this exciting opportunity!

These powerful tools and services are outlined below:

 

Online Reporting
        • Historical commission reports
        • Track overrides and revenues on referral business
        • Project pending commission payments
        • Track all customer enrollment activity in real-time
        • View performance by individual dealerships, agents, brokers, etc.
        • Access levels restrict information for sub-agents and individual reps
        • Detailed error tracking and enrollment updates
        • Filter reports based on agency, dealership, reps, brokers, etc.
Commission Management
        • With a commission per enrollment, dealerships can significantly increase the Finance Department's income with this program. There is no up-front cost to the dealership for participation or use of this new feature.
        • EAC can easily administer multi-level commission payouts
        • Track payouts across dealerships, sub-agencies, and F&I reps
        • Create unlimited commission programs and payout amounts
        • Supports fixed-fee and payment-based product pricing
Resource Center
        • Training demos available 24/7
        • Downloadable reference manuals
        • Customizable consumer presentations
        • Sales & marketing materials
        • Access levels restrict information for sub-agents and individual reps
Program Endorsements

Biweekly programs are becoming increasingly popular because they provide a high level of automation, convenience, and savings. Countless independent organizations, including the Oprah Winfrey show and CBS evening news, have endorsed this payment option as a useful and effective financial planning tool. Below is a collection of comments from various publications:

        • The New York Times
          "A biweekly mortgage is best... for anyone who wants faster equity buildup. The idea of biweekly mortgages is 'simplicity itself'... The result: a reduced term, substantial savings in interest and an acceleration of equity."
        • The Wall Street Journal
          "A $70,000 mortgage at 10.5% annual interest produces savings of $60,000 when repaid on a bi-weekly schedule."
        • USA Today
          "What started as a mortgage lenders' marketing gimmick is on its way to becoming the hottest home loan of the decade. It's the bi-weekly mortgage, and it's as simple as paying half a monthly payment every two weeks. The attraction: Biweeklies reduce interest expense and build home equity faster"
        • Bankrate.com
          "Paying half of your mortgage every two weeks coincides evenly with many paycheck schedules. Plus, buyers can pay off the mortgage six to eight years early."
        • Business Week
          "You can save considerable amounts of money" with a biweekly program.
        • The Wall Street Journal
          "The Federal National Mortgage Association (Fannie Mae) believes this type of mortgage could appeal to many homebuyers who want to reduce interest payments over the life of the loan, and build up equity faster... a bi-weekly program establishes a structure for speedier payments." 

 

Sign Me Up!!

Simply complete the Information Request Form and we will fax or e-mail you the signup form. We will then activate all the powerful tools in your system for biweekly information and then you can start giving your customers another great option all for NO COST TO YOU!

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Sales: (877) 404-1102 ext. 2
Fax: (877) 741-4949
   
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