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NDA's Bi-Weekly Payment Program.
Overview
The Biweekly Payment Plan is a financial service to consumers that allows them to increase equity in their loan and payoff their loan faster. The concept is that the consumer will pay half of their monthly loan payment every 2 weeks. These half payments are automatically debited from their bank accounts and can be easily customized to match the way they budget or the way they receive their pay checks. Because the debits occur biweekly (every 14 days), the consumer has 26 half debits each year (52 weeks per year = 26 half debits), or 13 monthly payment amounts in a 12 month period. These drafts are transferred to the lender on a monthly basis, and the extra payments are applied directly to the loan's principal balance. These extra payments accelerate the amortization of the loan, reduce interest charges, and eliminate between 4-8 months on a typical auto loan.
Dealer and Consumer Benefits
The Biweekly Payment Plan is a innovative financial service that is easy to sell and provides tangible benefits to the consumer.
Dealer Benefits
» Increase F&I income with strong commissions
» No charge-backs and no cost to the dealer
» Advertise lower biweekly payments
» Reduce the customer's trade-in cycle
» Ability to up-sell other F&I products
» Increased customer satisfaction and retention
» No increase in customer's payment amount
» Eliminate negative-equity position
(upside-down buyers)
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Consumer Benefits
» No up-front cost to enroll
» Increases equity buildup
» Pays off the loan up to 8 months faster
» Payment convenience with automated drafts
» Improved credit rating with on-time payments
» Easily match timing of loan payments and paychecks |
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Our Online Reporing System
With online reporting, you can easily track customer enrollment activity, view historical commission, and project future commission payouts.
Online Biweekly Calculators
Our online calculators allow dealers to quickly and easily calculate customer equity and interest benefits. These calculators are provided as an optional tool that can be used by dealers to help sell the program. Dealers can select biweekly drafting dates and print a customized savings summary that can be reviewed directly with the borrower.
Online Calculator
This is our standard biweekly calculator. It provides a highly customized, detailed savings analysis and can be easily printed and reviewed with each customer.
Online Calculator - with waiver
This version of the online calculator prints with a waiver that can be signed by each customer. By using the waiver, dealers can ensure that the program is offered to each customer, every time.
Contact us now to set up an appointment to get more information and see how much more money you can drive to your bottom line with every sale!
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