Offer Smaller & Easier Payments
Most people get paid weekly and biweekly and live paycheck to paycheck.
So, why are you only offering monthly payments?
According to the Bureau of Labor Statistics, 69% of Americans get paid biweekly or weekly. Less common pay cycles are semimonthly (20%) and monthly (only 11%).
According to recent surveys, 80% of all Americans are living paycheck to paycheck, which means the majority of Americans are budgeting on a weekly or biweekly schedule.
Offering SMART Payment Plan’s smaller and easier payments makes sense to the majority of your customers, which explains why they see penetration rates from 40-60%.
From a customer’s perspective, matching smaller automated payments to paydays provides convenience, makes budgeting easy, pays off loans faster, helps afford more protection products, and reduces negative equity faster.
From a dealer’s perspective, offering smaller payments that match your buyers’ paydays generates more sales desk gross by closing deals faster, increases F&I gross by making protection products easier to buy, and brings customers back sooner and in better equity positions.
Let SMART Payment Plan show you the RESULTS they produce for leading dealers, dealer groups, agents, and agencies.
About SMART Payment Plan:
SMART Payment Plan is a nationwide bill payment service that has been helping hundreds of thousands of people pay off their loans faster, simplify budgeting, and pay bills more conveniently for over 15 years. Their service automatically debits smaller loan/bill payments to match customer paydays and remits payments to the lender on or before the monthly due date. Their set-it-and-forget-it plan pays down loans faster and makes budgeting easier.
For more information, visit www.smartpaymentplan.com.