Modern Tire Dealer

MAR 2019

Magazine for the professional tire industry

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41 w w w . M o d e r n T i r e D e a l e r . c o m provides tire dealers with a non-lease credit solution at their point-of-sale, with a unique approach that offers customized approvals for customers with good credit to no credit. EasyPay Finance doesn't give every customer the same rate; they get the rate that is right for them. Our program includes approvals up to $5,000, a two-minute prequalification process, six credit tiers to assure customers get the rate they deserve, funds sent same day for completed transaction by 4 p.m. EST; and availability in 49 states. ere is no money down for consumers, which means higher closing rate. ere is no cost to dealer other than low 2.99% transaction fee. We generate and send dealers pre- approved customers through our national affiliate network. Synchrony: 6 and 12 months promo- tional financing (subject to credit approval), consumer-only, revolving line of credit. MTD: How do your offerings benefit a tire dealer? EasyPay: EasyPay will help approve up to 80% of a tire dealer's prime lender declines and increase their revenue up to $30,000 per month when used as their alternative customer financing solution. Unlike leases, EasyPay has no restric- tions on financing repair services; customers can finance any ratio of parts and labor. Synchrony: Synchrony Car Care gen- erates increased sales and loyalty with a revolving line of credit. Consumers can also purchase gas, parking, car washes and more. MTD: What sets you apart from other finance companies? EasyPay: EasyPay has a number of differentiating factors, including an 18-year history of providing superior financing services. EasyPay is not a lease, but a traditional installment finance contract. Unlike leases, EasyPay has no restrictions on financing repair services — customers can finance any ratio of parts and labor, assuring the tire dealer stays compliant with local and national regulations. EasyPay gives customers the rate that's best for them based on their credit history and other determining factors. EasyPay transactions are completely transparent, with fully disclosed APRs. EasyPay reports consumer transac- tions to credit bureaus, giving customers a chance to build positive credit. ere are no upfront costs to the consumer. EasyPay generates pre-approved cus- tomers for dealers through its national affiliate network. Synchrony: Revolving product with no interest promos, repeat usage, multiple promotions, brand extension, marketing/ advertising support, customer satisfaction, free in-store signage, engaging account management, insight sharing and much more. MTD: How long does it take a dealer to qualify for your program? EasyPay: When a dealer submits their enrollment form we can usually get them up and running within 24 hours. Synchrony: A dealer can submit for enrollment within minutes online or over the phone. MTD: What are the dealer transac- tion fees? EasyPay: 2.99%. Synchrony: Comparable to and oen less than bank cards or major credit cards. MTD: What technology is required by the dealer? EasyPay: All you need is internet access and a computer or tablet. Synchrony: Internet access. MTD: What is your approval rate? EasyPay: Up to 80%. Synchrony: Proprietary. MTD: What are your approva l amounts? EasyPay: Up to $5,000. Synchrony: A consumer can qualify for financing on purchases of $199 or more (subject to credit approval). If the desired financed amount is not met, the account holder can call and request a credit line increase. MTD: What is your close rate? EasyPay: 80% to 90%. Synchrony: Proprietary. MTD: How long does it take for a tire dealer to be paid for the sale? EasyPay: Funds are sent the same day if the transaction is received by 4 p.m. EST. Synchrony: 24-48 hours. MTD: How long does it take for con- sumers to qualify for financing? EasyPay: Customers can be pre-qualified without affecting their credit score in as little as 2 minutes. Synchrony: Instant decisions. Applica- tion process is very short. MTD: How do you evaluate customers beyond FICO scores? EasyPay: EasyPay understands that there are a number of reasons a customer may not have a favorable credit score, and goes well beyond this when evaluating a consumer's creditworthiness. EasyPay's proprietary algorithm evaluates how a customer handles their bank accounts, as well as several behavioral patterns that are not credit related. Many customers are also approved with a zero credit score. Synchrony: Proprietary. MTD: How can dealers contact you? EasyPay: www.easypayfinance.com, sales@easypayfinance.com, (866) 791-0915. Synchrony: www.synchronybusiness. com/auto. ■ ©GETTYIMAGES.COM/JOYIMAGE

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