Modern Tire Dealer

MAR 2019

Magazine for the professional tire industry

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29 w w w . M o d e r n T i r e D e a l e r . c o m Leasing, Snap Finance and West Creek Financial explain how their offerings benefit a tire store, as well as their process for approving a customer for an LTO agree- ment. e responses from American First Finance, EasyPay Finance and Synchrony are presented separately. In addition, areas to consider when evaluating candidates who want to provide lease-purchase payment options to your business are presented in charts throughout this overview. e charts show answers from the five LTO providers featured in the article: Acima, Kornerstone, Progressive, Snap and West Creek. MTD: What services and products do you offer tire dealers? Acima: Acima offers a no-credit-needed financing solution that tire dealers can offer to their potential customers at the point of sale. Acima's product is 100% web- based and paperless, which equals quick turnaround from application to funding. Acima employs the largest nationwide outside sales force in the industry, which provides in-person enrollment, training, and ongoing support to its dealer partners. Kornerstone Credit: We provide flex- ible, no-credit-needed financing for tires and parts. Progressive: Progressive Leasing offers virtual lease-to-own services to tire and wheel dealers. Virtual lease-to-own is a flexible alternative to traditional credit that allows customers with less-than-perfect credit to obtain the tires and wheels they need to travel the roads safely. With a Progressive lease, we purchase the merchandise the customer selects from the retailer. en, the customer signs an agreement to lease that merchandise from Progressive. Progressive owns the merchandise, but the customer can take ownership aer making all required lease payments or through an early buyout option. While there is a cost associated with Progressive's leasing services, we don't charge interest. Our customers may cancel the lease at any time without penalty and, if current on all payments, without any further payment obligation. Snap: Snap offers financial products for credit-challenged consumers, allowing tire dealers to take credit declines from their primary lenders and turn those into approvals. West Creek: We offer high-approval financing for consumers who don't qualify for traditional financing. Our product

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