MotoLease is expanding its offerings to include traditional finance loans under a new subsidiary called MotoLoan, Powersports Finance has learned.
The company has offered powersports lease programs since 2009. With the addition of MotoLoan, the lender will provide dealers with both leasing and loan options for consumers. MotoLease decided to expand its offerings to include loans to reach consumers who prefer traditional financing over leasing.
“We love leasing, and there are a lot of advantages to it, but for certain customers, we understand that leasing may not be the best fit for what they want to accomplish,” Managing Partner Emre Ucer told PSF. “They may want to end up owning the vehicle, or leasing may not be the best fit in some states because of how the tax is applied to the vehicle on their lease. We want to have both options available to the customer.”
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The MotoLoan program covers every powersports vehicle type, including motorcycles, ATVs, and jet skis. MotoLoan will cover subprime to prime credit scores. The program will not include deep subprime during the initial launch.
The company has been piloting MotoLoan with 20 to 25 dealers for two weeks and plans to expand the program nationwide in “a few weeks,” Ucer said. MotoLease works with 1,200 dealers and is expecting to onboard 150 at launch and “go from there,” Ucer added.