A new retail installment loan program from Brown & Brown Dealer Services and indirect lender Line 5 offers up to two years of 0% APR on the company’s F&I services.
The RV division of Brown & Brown Dealer Services recently announced the new partnership with Line 5 and the debut of their new “true credit building installment loan program” for dealerships.
This program offers the opportunity to finance F&I Products by themselves, such as service contracts, tire and road hazard and roadside assistance on a single installment loan that reports to the credit bureaus (credit builder) with 0% APR for 12 or 24 months. Line 5 will continue to offer its competitive rates and terms up to 84 months as previously offered.
Line 5 is an indirect lender for F&I products at dealerships in nearly all 50 states. Jennifer Richter, business development specialist at Line 5, said the company is happy to officially partner with Brown & Brown.
“We’re really excited, we’ve been working with them for a couple of years, and are always part of their training or online meetings,” Richter said. “Now that they’ve officially signed on, it’s exciting for their dealers.”
Richter said Line 5’s ability to fund the financing program within 48 hours sets them apart as a lender in the industry.
“This new program is built for dealers, to help them sell more products,” Richter said. “When they’re newly signing up with us now, they’re getting exactly what they’re used to with other companies, but now they’re getting funded within 48 hours.”
Line 5 also operates its own “collections department,” which Richter said is another advantage to dealers choosing to enroll in this new lending program. She said the lending company hopes to not have to cancel customers’ subscriptions if they forget or miss a payment.
She said Line 5 will attempt to collect from customers for 90 days, working to find a new financing agreement or other plan, before cancelling their service.
“This how we work, this has nothing to do with a pandemic or any special things. We understand that life happens, the good the bad the ugly, and we’re here to work with you,” Richter said.
Richter said she is excited Line 5 will now be helping Brown & Brown connect with more dealers, who will hopefully be able to move more RV units as a result.
“Our traditional option is still available, but dealers can now give customers a choice,” Richter said. “They can either get an extended loan for lower monthly payments with interest, or they can get a zero-interest loan with up to 24 months of payments.”
Click here to view a new lending program brochure from Line 5.
