CAR Financial Services Partners with Payment Protection Systems
ATLANTA, Ga. (Aug. 11, 2006) — CAR Financial Services, which is an affiliate of CompuCredit Corp., announced it has teamed up with Payment Protection Systems to assist buy-here, pay-here dealers. Through the partnership, CAR Financial Services will now be able to support the use of PPS' ON TIME starter interrupt payment protection system.
"To the best of our knowledge, this integration is the first of its kind, in which a code-based starter interrupt device supplier has provided an integrated solution with a subprime lending institution," explained Rick Potter, president of CAR Financial Services.
Through the agreement, CAR Financial Services can purchase and service accounts from buy-here, pay-here dealers that already have an ON TIME code-based starter interrupt device installed. PPS and CAR Financial Services have built an integrated voice response system that will distribute codes to ON TIME customers as payments are received. Customers can acquire their unique codes by calling CAR Financial Services' toll-free number during business hours, or customers can directly access the ON TIME IVR 24 hours a day.
"ON TIME, as a leader in payment control technology is proud to join CAR Financial Services in serving this segment of the finance and automobile industries," explained Ashley Herndon, of ON TIME. "We have worked hard to earn this relationship and look forward to serving these industries and their customers.
"Lien holders, whether they be dealers, finance companies, credit unions or otherwise, can now benefit from the dramatic improvements provided in using these systems and the easy voice retrieval of codes provided by the ON TIME and CAR Financial Services relationship," he continued.
Potter added, "We are excited about this opportunity, and look to create similar working relationships with vendors who qualify under our stringent approval process. It is our intent to monitor customers' performance and to make this data available to the various industry support organizations like the National Alliance of Buy-Here, Pay-Here Dealers and the National Independent Automobile Dealers Association."
CAR Financial Services said it must review and approve of the dealer's disclosures and perform an analysis and approval of the dealer's established customer grace period before purchasing accounts with ON TIME devices.