Automotive News Canada - August 2020 - F16
FIXED OPS JOURNAL
DigniFi offers loans for
repair work, with no
interest for 60 days. That
has been temporarily
extended to 90 days.
LOAN REASSURANCE
Expanded auto repair financing options gain traction amid COVID-19 uncertainty
ALEX KWANTEN
R
foj@autonews .com
ecent research by Cox Automotive's Xtime found that 63 percent of customers are unable to pay for a $500 auto repair out
of pocket, and that 29 percent of primary service recommendations and 71 percent of additional work go unsold because
of customers' lack of funds.
There have long been means for these customers to borrow to cover a
Now more than ever,
keep vehicles
clean and protected.
repair: credit cards, family resources or the last resort - payday or auto
title loans with punishing interest rates.
More recently, products specifically devoted to repair lending have
emerged. In 2015, financial services company Sunbit began working with
dealers to offer quick-approval loans for repairs. In 2018, DigniFi, then
known as Confident Financial Solutions, launched a similar product.
Loans limit interest
DigniFi's loans range from $350 to $7,500, although the typical
amount financed is $1,200 to $1,700. The loans are payable over 12 to 36
months, depending on credit and customer preference, without prepayment penalties. No interest is
charged for the first 60 days, a policy temporarily extended to 90 days
because of COVID-19.
In November, DigniFi expanded
its offerings with DigniFi ExpressWay, a revolving line of credit that
can be used in multiple areas
(sales, parts, collision, etc.) with up
to six months of deferred interest.
And in July, Xtime announced that
it integrated with DigniFi to launch
FlexPay, an easy-to-use payment
option offered directly through the
Xtime platform.
To use DigniFi, shops pay a
monthly subscription fee of $199 to Canales: Better financing terms
$1,850 or 4.5 percent of the funds for customers, higher amounts
loaned.
on repair orders for dealerships.
Sunbit's loans range from $60 to
$6,000, with the typical amount financed at $800 to $1,000. The loans are
interest-free for 30 days and are paid over three, six or 12 months. Sunbit
takes a 3 percent cut of the loans paid to the shop.
Both sides win
MADE IN THE USA
slipngrip.com | 855-999-4764 | info@slipngrip.com
The product serves both sides of the transaction, says John Canales,
vice president of business development at DigniFi. Customers can finance their repairs on friendlier terms than a credit card or other type of
see LOANS, Page 18
PAGE 16
AUGUST 2020
http://www.slipngrip.com
Automotive News Canada - August 2020
Table of Contents for the Digital Edition of Automotive News Canada - August 2020
Automotive News Canada - August 2020 - Intro
Automotive News Canada - August 2020 - 1
Automotive News Canada - August 2020 - 2
Automotive News Canada - August 2020 - 3
Automotive News Canada - August 2020 - 4
Automotive News Canada - August 2020 - 5
Automotive News Canada - August 2020 - 6
Automotive News Canada - August 2020 - 7
Automotive News Canada - August 2020 - 8
Automotive News Canada - August 2020 - 9
Automotive News Canada - August 2020 - 10
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Automotive News Canada - August 2020 - 20
Automotive News Canada - August 2020 - 21
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Automotive News Canada - August 2020 - 28
Automotive News Canada - August 2020 - 29
Automotive News Canada - August 2020 - 30
Automotive News Canada - August 2020 - 31
Automotive News Canada - August 2020 - 32
Automotive News Canada - August 2020 - F1
Automotive News Canada - August 2020 - F2
Automotive News Canada - August 2020 - F3
Automotive News Canada - August 2020 - F4
Automotive News Canada - August 2020 - F5
Automotive News Canada - August 2020 - F6
Automotive News Canada - August 2020 - F7
Automotive News Canada - August 2020 - F8
Automotive News Canada - August 2020 - F9
Automotive News Canada - August 2020 - F10
Automotive News Canada - August 2020 - F11
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Automotive News Canada - August 2020 - F14
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Automotive News Canada - August 2020 - F16
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Automotive News Canada - August 2020 - F18
Automotive News Canada - August 2020 - F19
Automotive News Canada - August 2020 - F20
Automotive News Canada - August 2020 - F21
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Automotive News Canada - August 2020 - F25
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Automotive News Canada - August 2020 - F27
Automotive News Canada - August 2020 - F28
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