CHARLOTTE, N.C. (July 17, 2023) — Glenview Finance has achieved and surpassed its early objectives in the rollout of its innovative subprime automotive finance program, "Credit Builder," across nine Midwest and Southern states.
This program, designed specifically for the modern automotive retailer in the digital age, has seen remarkable growth since its launch in January 2023. Accessible to automotive retailers via DealerTrack, Glenview now boasts a network of more than 200 active retailers providing indirect lending for its Credit Builder program.
Glenview Finance took a meticulous approach to developing and introducing Credit Builder by conducting a soft rollout of the program to ensure the utmost satisfaction for its dealer clients and their customers. Today, with all personnel, procedural, and policy goals successfully met, the company has intensified its sales and marketing efforts to cater to increasing demand at a time when fewer auto finance companies offer contracts in the subprime and deep subprime marketplace.
"After 24 months of development, we meticulously launched Credit Builder to ensure dealers would readily embrace this new source of subprime funding and have a positive, above-expectations experience," said John Donaldson, President of Glenview Finance. "Our underwriters benefit from sophisticated technology that facilitates swift decision-making, maximizing advantages for our dealer clients and their customers."
Credit Builder provides a simple and intuitive point-of-sale financing experience. All the pertinent information, including terms, conditions, dealer incentives, and pricing tiers, is concisely presented in just two pages. Dealers can conveniently apply for the program using the widely available DealerTrack financing platform.
Kyle Heintschel, Glenview's National Sales Director, highlighted the program's fast turnaround times for funding decisions, emphasizing that it aligns with all industry standards.
"When a deal meets our parameters with all the boxes checked, we can decide within minutes and provide funding within hours or the next day," Heintschel said.
Maintaining its commitment to excellence, Glenview Finance ensures adherence to its guidelines while delivering industry-leading turnaround times. Glenview's Underwriting Manager, Jeremy Wood, emphasized that his team communicates swiftly. Decisioning and funding often come within hours, with funding shortly afterward, he said.
"If a deal falls within our clearly defined parameters and all the necessary information is provided, we fund the deal," Wood said.
Donaldson further emphasized the program's aggressive stance in the marketplace, empowering underwriters to match or exceed any direct competitor.
"Whether it's dealer net proceeds, the rate, the term, or all three, we are assertively competitive," Donaldson assured.
Credit Builder's competitive rates and flexible terms enable many car buyers to afford the vehicle they need. For instance, contract terms by vehicle age range from two years old and newer to 60 months and 8-10 years (maximum) to 39 months. Similarly, loan terms are 60 months for vehicles with 50,000 to 99,999 miles and 39 months for vehicles with 100,000 to 130,000 miles (maximum).
The Credit Builder program extends financing to customers with a minimum FICO score of 500, a six-month job history, a down payment of $1,000 to $1,500, and a maximum financed amount of $25,000. The application process is fast and straightforward.
Dealers can directly connect with Glenview's underwriters via phone or email, ensuring efficient communication without time-consuming phone messages, prompts, or web links to frequently asked questions.
"We're on the phone fast when a dealers' agents call with inquiries," Wood said. "We know slow decisions can send customers elsewhere."
Donaldson emphasized that the Credit Builder Program caters to smaller retailers and larger dealer groups.
"Dealers have seen a decline in subprime finance providers in recent years, and when they are available, they have more stringent credit requirements," Donaldson explained. "Our program is ramping up and expanding rapidly."
Glenview Finance has over a decade of experience serving automotive finance professionals by providing them with unique programs designed to assist them with growing their businesses by offering dealers subprime auto financing for consumers. In addition, the leadership at Glenview has nearly 100 years of experience and expertise in accounting, finance, and subprime finance. The company operates in nine states: Florida, Georgia, Indiana, Kentucky, North Carolina, Ohio, South Carolina, Tennessee, and Virginia. Call (877) 413-5929 and select Option #1.
National Sales Director, Glenview Finance