MARBLEHEAD, Mass. — FinCo Management's BuyHere-PayTHERE program has now rolled out to 30 states, including Florida, Texas and California.

Officials said BHPT is a complete system which allows auto and powersports dealers and dealer groups to approve and finance their own deals.

In today's volatile market it is increasingly difficult for dealers to find financing for customers who have good credit, let alone for the rising number of deep subprime customers, according to the company.

The BHPT system can allow those subprime buyers with enough cash to cover the dealer's cost to gain a retail installment contract with no lender involved, the company explained. 

The decision to grant credit terms to a customer is entirely at a dealer's discretion, and FinCo does the rest, officials noted. This includes originations, underwriting, documentation, servicing, collections, customer service, repossessions and remarketing. 

Deals made through FinCo are not credit-based loans, but sales contracts backed by the vehicle as collateral. Even if the customer does not make all of their principal payments, on average a dealer's cost should be covered by the cash down at closing. Plus a dealer is converting what may have been a wholesale loss into a retail profit, executives highlighted.

FinCo's BHPT solution is currently available in Arkansas, Alabama, Arizona, California, Colorado, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Massachusetts, Maine, Minnesota, Nevada, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, Washington and West Virginia.

For additional information on FinCo Management, visit www.FinCoManagement.com.