Freedom EuroCycle Las Vegas is set to partner with nonprime lender Marine One Acceptance Corp. by mid-July, John Hollywood, the dealership’s finance and business development manager, told Powersports Finance.
The dealership is aiming to accommodate nonprime consumers, an underserved and high-demand market, he said, and Marine One even serves after-bankruptcy deals. Marine One offers set criteria — like a checklist — of stipulations they need and what they expect from the consumer to approve the loan, which is something Freedom EuroCycle wishes its other lender partners would offer, he said.
“I think it would be great if [more lenders] offered some kind of training — if not on-site, some kind of webinar training, or at the least some kind of sheet or checklist that they go through and say, ‘When [consumers] fall into these categories, then we want these things,” he said.
The dealership works with BMW Financial Services, CU Direct, FreedomRoad Financial, MotoLease, ThunderRoad Financial, and two credit unions.
Marine One offers loans to high-500 Fico consumers with a maximum term of 72 months for American brand motorcycles, RVs, and side-by-sides that are five years old or newer, President Martin Angel told Powersports Finance back in December. The lender operates in 30 states and has 50 employees.
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