ORLANDO, Fla. – US Equity Advantage (USEA) has entered into a sponsor bank relationship with Community Federal Savings Bank (CFSB), a federally chartered and FDIC insured financial institution, whose ACH services will allow dealerships nationwide to offer the company’s award-winning AutoPayPlus accelerated loan payment F&I service. The umbrella coverage that CFSB provides will supplement the states where USEA maintains its own money transmission licenses to allow the company to achieve a national footprint.

It is important that we have the ability to serve the needs of car-buyers, regardless of where the live, while remaining fully compliant with all of the regulatory issues relevant to the marketplace, including stringent money transmitter requirements.

“The auto industry is at a crossroads, with financing amounts and terms continuing to reach all-time highs and digital natives gravitating toward online car buying experiences,” explained USEA CEO Robert Steenbergh. “It is important that we have the ability to serve the needs of car-buyers, regardless of where the live, while remaining fully compliant with all of the regulatory issues relevant to the marketplace, including stringent money transmitter requirements. Our relationship with CFSB gives USEA the ability to do just that.”

AutoPayPlus empowers dealers to add value to a vehicle purchase by helping customers better afford their loan payment and purchase additional F&I products without changing the monthly payment amount or extending the loan term. It also enables customers to trade out earlier and return to the dealer in a positive equity position.

An analysis by USEA has found that dealerships sell approximately 57% more F&I products with AutoPayPlus compared to standard retail deals. Moreover, top dealers have achieved a 63% increase in per-vehicle financed income on AutoPayPlus customers. Since 2003, over 200,000 consumers have enrolled in USEA’s F&I service.

Originally posted on F&I and Showroom

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