Triple Pay Program
Triple Pay is Western Funding Inc’s unique program that gives dealers the opportunity to build a portfolio of accounts
and share in the profits of each deal. The program gives the dealers three (3) opportunities to receive payments on the same
Dealerships maximize their profits by earning 81% of every customer payment
3 Opportunities for Payment
- An initial Advance equal to 60% - 93% of the amount financed.
- Shortly after closing a pool of 50 deals, a dealer can anticipate receiving a second pool closing advance of up to 25% of their projected collections.
- Once WFI has recouped its initial investment, the dealer receives 81% of remaining customer payments.
Western Funding Inc.’s program for used vehicles is geared towards the non-prime borrower unable to access traditional lending credit
because of the age of the vehicle being financed or the customer’s employment and credit history. In making credit decisions
regarding the purchase of a contract from a dealer, the Company considers the following factors related to the potential borrower:
place and length of residence; job status; history in making auto installment payments; current income; and credit history.
In addition, the Company looks at prior experience with the dealer from which the contract is being purchased and the value
of the automobile in relation to the loan and the term of the contract.
Western Funding Inc. finances used vehicles up to 15 years in age with sales prices ranging from $5,000 to $30,000.
Customers will typically make down payments, in the form of cash or trade-in, equal to at least 10% (or $1,000) of the purchase price.
The balance of the purchase price plus taxes, title fees and, if applicable, GAP or extended service contracts are financed.
Installment contract terms typically range from 12 to 72 months
at origination, averaging 48 months. The Company’s loan receivables carry an average contract annual percentage rate (APR) of 23%.
Western Funding typically purchases contracts from dealers with an up-front check in the amount of 60% - 93% of the amount financed.
For more information on the Triple Pay program review the dealer agreement. Dealer reserve, offets and performance payments
are located in paragraphs 14 through 19 in the dealer agreement.