Auto.

Wards Auto: More Car Dealer Customers Opting for Repair-Work Payment Plans

Wards Auto Logo

An average American household with two vehicles can expect to spend about $817 a year on car repairs, Sunbit says.

Steven Finlay | Jan 24, 2020

Most automotive consumers buy vehicles on credit. Now, many of them are using payment plans to cover their car-repair bills.

Technology company Sunbit says its financial services are available at 10% of auto dealerships nationwide. It expects that to double by the end of this year.

Auto repairs often are unexpected expenses that can disrupt personal budgets. Consequently, more dealership auto parts and service departments offer monthly-installment plans, the company says, adding that an average American household with two vehicles can expect to spend about $817 on annual car repairs.

The company says 1,500 dealerships joined the program last year. Clients include auto groups such as Lithia Motors, Ken Garff,  Group 1, Norm Reeves, Browning Auto and Greenway Automotive.

The availability of a payment plan can motivate some consumers to stop putting off vehicle service work, says Matt Browning, Browning’s executive vice president.

Service department payment plans enhance the customer experience, says Todd Heitz, Greenway’s national corporate fixed-operations director. “We can offer every single approved customer an opportunity to pay over time, with personalized rates and payment options that best fit their needs. That was previously unheard of.”

Sunbit uses machine-learning technology to personalize plans and rates across the credit spectrum. Customers can choose to pay over three, six and 12 months.

View the original article on Wards Auto here.

Related Posts

Eyewear, Press
Sunbit Has A New Vision For The Eyewear Market: Sunbit offers flexible payment options for eyewear customers
Sunbit strives to provide an accessible user experience for visitors to our website.
Eyewear, Press
Vision Monday: Financing Start-Up Firm Sunbit Expands into Optical Retail Market with Credit Options for Patients
Vision Monday LOS ANGELES—Sunbit, a tech company that provides financing options to patients and consumers, has expanded into the area (...)
array(3) { [0]=> int(456) [1]=> int(454) [2]=> int(1407) }
Auto, Dental, Eyewear, Press, Technology
Majority of US Consumers Want Access to Buy Now, Pay Later (BNPL) for Necessary Purchases
PRWeb A Harris Poll survey commissioned by Sunbit found that consumers overwhelmingly report positive sentiments following BNPL use, with those (...)

Tags:

We use cookies on this site to enhance your user experience. By using our site, you acknowledge that you have read and understand our policies.