Confident Financial Solutions Adds New Auto Repair Financing Option Fueled by WebBank - AutoSuccessOnline

Confident Financial Solutions Adds New Auto Repair Financing Option Fueled by WebBank

According to a recent survey by AAA one in three motorists, or 64 million U.S. drivers, would not be able to pay for an unexpected vehicle repair without going into debt.

Confident Financial Solutions (“CFS”), the consumer finance platform redefining the car repair loan industry, and WebBank,  a leader in alternative payment products including private-label installment and revolving credit, recently announced a new way for consumers to pay for unplanned auto repair expenses.

Instead of using credit cards or other costly sources of financing to cover auto repair expenses, the platform that CFS and WebBank have introduced lets a service advisor at a dealership or repair center offer customers an affordable and trustworthy way to pay for expensive car repairs. A consumer completes a simple, four-step loan application process — from a smartphone — and receives a credit decision within minutes for up to $7,500. The loan is made by WebBank, a nationally licensed, FDIC-insured, state-chartered bank.

“CFS, over the past four years, has grown to be one of the nation’s largest providers of installment loans to consumers made through auto repair service centers and car dealerships,” said Richard Counihan, CFS’ CEO. “As such, we understand how hectic things can get in a service department. This innovative solution will help improve service advisor productivity and enhance the customer experience at an often tension-filled moment. What’s more, this fueled-by WebBank solution will aid our expansion plans as it supports our drive to offer ‘auto loans you can trust’ to more people in more places.”

“Most important, however, this partnership signals that CFS has fulfilled WebBank’s rigorous evaluation process and joined their select group of partners. Our relationship with WebBank allows us to offer a new, differentiated financial product that will benefit our customers and the hundreds of thousands of consumers they serve,” Counihan said.

From what CFS calls the “point of need,” the service advisor’s desk, WebBank will issue, fund and hold the loans originated through the CFS platform on its own balance sheet. Drawing on CFS’s massive database of repair costs and its own deep insight into loan criteria, WebBank is able to evaluate all factors and then, in mere moments, provide approval status on the consumer’s smartphone, keeping the entire process private and embarrassment-free.

“WebBank is pleased to partner with CFS and bring to the automotive sector a new and better way to help their customers handle unexpected financial burdens that can occur when vehicle repairs are needed,” said Jason Lloyd, WebBank’s executive vice president. “As with all our partners, WebBank strives to offer financial products that exceed the most stringent qualification and compliance requirements in the banking industry while providing an exceptional experience between the Bank and its consumers obtaining loans.”

According to a recent survey by AAA, the travel services organization, one in three motorists, or 64 million U.S. drivers, would not be able to pay for an unexpected vehicle repair without going into debt.

“As a long-time user of CFS services, we are excited by the new WebBank-fueled solution,” said Dan Johnson, vice president of fixed operations, Larry H. Miller Dealerships. “We’re committed to excellence for our customers and always looking for ways to enhance their service experience. This service offers our customers yet another way to finance their auto repair expenses.”

Links:
Confident Financial Solutions
WebBank

You May Also Like

Vistadash & Dealerbuilt Partner with Autometrics

With Autometrics predictive data added to the mix, a dealership can better align their advertising based on predictions of what future buyers are looking to purchase.

Vistadash and DealerBuilt announce their partnership with Autometrics, a provider of automotive predictive purchase intent data that enables dealerships to optimize advertising spend. Together, this powerhouse trio aims to provide dealerships with the ultimate package in automotive advertising.

"With Vistadash and DealerBuilt, a dealership already has a more efficient and profitable means of taking their advertising to the next level," says Dan Moore, president of Vistadash. "With Autometrics predictive data added to the mix, a dealership can better align their advertising based on predictions of what future buyers are looking to purchase over the next two months.”

Gubagoo Unveils New In-store Experience at NADA 2023

The new in-person tool bridges common gaps that develop when online customers come into the store to finish the deal.

Commercial Vehicle Playbook Available Now

Work Truck Solutions® has released its Commercial Playbook series to help dealerships recognize a way to expand their revenue.

CarNow, VINCUE Announce Strategic Partnership To Revolutionize Vehicle Buying Experience

CarNow and VINCUE announced a new, long-term partnership that will significantly impact the automotive industry.

Taylor Nelson Joins FlickFusion Video Marketing as VP of Corporate Strategy

FlickFusion Video Marketing, the leader in automotive video and digital marketing software, has hired Taylor Nelson as Vice President of Corporate Strategy.

Other Posts

STELLA Automotive AI Appoints Stephen Brown as CTO

STELLA Automotive AI has named Stephen Brown as Chief Technology Officer, a newly created role for the company.

Snap-on Packs Power and Performance intoNew Compact Battery Charger 

The new Snap-on® Bench Top Battery Charger Plus EEBC30A12V equips technicians to conveniently charge 6, 8 or 12 V AGM, standard lead acid and LiFeP04 vehicle batteries, saving time in and out of the shop

Rotary’s New XA12 Alignment Scissor Lift Offers Wide Service Capacity Range in a Small Footprint

Rotary, part of Vehicle Service Group (VSG) and Dover (NYSE: DOV), announced the addition of the new XA12 Alignment Scissor Lift.

CARFAX Names Top-Rated Used-Car Dealers Nationwide

CARFAX is recognizing dealerships around the country with its fourth annual Top-Rated Dealers Award.