3 Ways Dealers Can Get Payments in New Western Funding Program

Western Funding, a specialized auto finance company focusing on subprime credit, explained the benefits its Triple Pay reward program for dealerships while also reporting sustainable growth stemming from its first-quarter performance.

With the launch of Triple Pay, the company highlighted that dealers have the opportunity to build a portfolio of accounts that can allow them to share in the profits of each deal made. 

The launch of this program can allow dealers to build a bankable portfolio and receive three different types of payments on the same deal — upfront checks, near portfolio closing, and back-end payment streams. In order for the dealer to get their first check, the dealership must produce 50 deals.

“With the release of our newest program, Triple Pay, we look forward to helping dealerships maximize their profits by giving them up to 50 percent of the interest collected and the entire principal as the customer makes payments,” Western Funding vice president Bret Pangborn said.

“Our focus is developing our current dealer base as well as inviting new dealerships to join our team,” Pangborn continued. “To best serve our growing dealer base, we have officially launched our national recruiting campaign for qualified sales representatives.”

With Triple Play now in place, Western Funding’s first quarter resulted in an increase to $68.9 million in principal loan balances from $28.7 million in the prior year, a 142 percent year-over-year growth rate.

Western Funding originated more than 2,200 loans in Q1, with the majority of loans being sourced on DealerCenter. 

The company added that its static losses have continued to improve as a percentage of the amount advanced.

“We are excited with the opportunities in the automotive finance market,” Western Funding president Guerin Senter said.  “We continue our strategic growth with a heavy focus on increasing dealer portfolios.

“We anticipate consistent performance through the end of the year and to end at a $150 million portfolio,” Senter went on to say.

Dealerships interested in learning more about Western Funding’s Triple Pay program can call (888) 434-3150.