BOULDER, Colo. and SALT LAKE CITY, June 06, 2018 (GLOBE NEWSWIRE) -- Confident Financial Solutions (“CFS”), the consumer finance platform redefining the car repair loan industry, and WebBank , a leader in alternative payment products including private-label installment and revolving credit, today announced a new way for consumers to pay for unplanned auto repair expenses.
Instead of using credit cards or other costly sources of financing to cover auto repair expenses, the platform that CFS and WebBank have introduced lets a service advisor at a dealership or repair center offer customers an affordable and trustworthy way to pay for expensive car repairs. A consumer completes a simple, four-step loan application process – from a smartphone – and receives a credit decision within minutes for up to $7,500. The loan is made by WebBank, a nationally-licensed, FDIC-insured, state-chartered bank.
“CFS, over the past four years, has grown to be one of the nation’s largest providers of installment loans to consumers made through auto repair service centers and car dealerships. As such, we understand how hectic things can get in a service department,” said Richard Counihan, CFS’ Chief Executive Officer. “This innovative solution will help improve service advisor productivity and enhance the customer experience at an often tension-filled moment. What’s more, this fueled-by WebBank solution will aid our expansion plans as it supports our drive to offer ‘auto loans you can trust’ to more people in more places.”
“Most important, however, this partnership signals that CFS has fulfilled WebBank’s rigorous evaluation process and joined their select group of partners. Our relationship with WebBank allows us to offer a new, differentiated financial product that will benefit our customers and the hundreds of thousands of consumers they serve,” Counihan said.
From what CFS calls the “point of need,” the service advisor’s desk, WebBank will issue, fund and hold the loans originated through the CFS platform on its own balance sheet. Drawing on CFS’ massive database of repair costs and its own deep insight into loan criteria, WebBank is able to evaluate all factors and then, in mere moments, provide approval status on the consumer’s smartphone, keeping the entire process private and embarrassment-free.
“WebBank is pleased to partner with CFS and bring to the automotive sector a new and better way to help their customers handle unexpected financial burdens that can occur when vehicle repairs are needed,” said Jason Lloyd, WebBank’s Executive Vice President. “As with all our partners, WebBank strives to offer financial products that exceed the most stringent qualification and compliance requirements in the banking industry while providing an exceptional experience between the Bank and its consumers obtaining loans.”
According to a recent survey by AAA, the travel services organization, 1 in 3 motorists, or 64 million U.S. drivers, would not be able to pay for an unexpected vehicle repair without going into debt.
“As a long-time user of CFS services, we are excited by the new WebBank-fueled solution,” said Dan Johnson, Vice President of Fixed Operations, Larry H. Miller Dealerships. “We’re committed to excellence for our customers and always looking for ways to enhance their service experience. This service offers our customers yet another way to finance their auto repair expenses.”
About Confident Financial Solutions Confident Financial Solutions (CFS) is a financial technology company providing point-of-sale automotive repair financing solutions to consumers. CFS enables customer loans for car repairs through an online tool that, in four simple steps, provides affordable simple-interest loans to people who need them. CFS has facilitated over $50 million in loans through its platform to help people get back on the road. CFS also offers ancillary products like roadside assistance and vehicle protection plans. More information on Confident Financial Solutions can be found at mycfsapp.com .
About WebBank WebBank is the bank behind today’s growing, customer-centric brands. It is a national issuer of online consumer and small business loans through brand partners which include retailers, OEMs, and financial technology companies. In addition, WebBank is a leader in digital lending, driving innovation in financial products through strategic partner relationships. The Bank is dedicated to providing customized credit products and solutions to both SMBs and consumers as a best-in-class provider of compliance, capital, and oversight management for strategic partner platforms.
Organized in 1997, WebBank is an FDIC-insured, state-chartered bank headquartered in Salt Lake City, Utah and operates under federal banking law. For more information on WebBank, please visit www.webbank.com .
Media Contacts: For WebBank: Steve Hoechster / Michael Glickman 914-393-9219 / 917-596-1883 shoechster@GWCco.com / mglickman@GWCco.com
For Confident Financial Solutions Liz Bullock 512-423-5175 liz.bullock@confidentfs.com
