Dealers Decide Who Drives with AMAC’s Newly Launched “5 & Drive” Program.

Sub-Prime Lender Creates Self-Approval Financing Program with High Approval Rate to Help Dealers Meet the Needs of Customers Impacted by the Recession

MATTHEWS, N.C. -- Ace Motor Acceptance Corporation (AMAC), a North Carolina-based sub-prime auto lender, has listened to its dealers and recognized that in this economic environment many customers can only come up with $500 down. In response, the company announced today the launch of its new “5 & Drive” Program, which requires only $500 down for most customers to start driving. The new program is a self-approval financing program available through AMACexpress.com, and features less restrictive criteria, a high approval rate and enables dealers to approve customers with only $500 down and receive a check well over book. The “5 & Drive” program is available to dealers located in North Carolina, South Carolina,Virginia, Maryland and Delaware.

“We are committed to developing new programs and enhancing our existing programs based on feedback from the dealers that we serve, many of whom are reporting that customers don’t have much to put down at the time of their purchase,” said Wayne Garland, Director of Business Development. “The '5 & Drive' Program caters to both our valued dealers, and customers who aren’t able to meet the criteria of most of the financing programs currently available.”

The “5 & Drive” Program is uniquely designed to make loan approvals hassle-free and give dealers more flexibility when working with customers who may not be eligible for most financing programs. The new program simply requires that customers prove that they make a minimum of $275 per week and have $500 or $300 and a trade for the downpayment. The program requires no minimum Beacon score, no minimum time at the customer’s place of residence and no minimum job time.

To determine eligibility, dealers use the self-approval checklist on the AMACexpress.com website. The dealer then enters the customer's information, and prints and completes the contract and funding packet.

The “5 & Drive” Program features three tiers based on the mileage and book value of the car. The three tiers make it easy for dealers to purchase inventory to maximize profits under the program.

“The ‘5 & Drive’ Program offers a simple, seamless solution for dealers who are looking for a way to approve customers who only are able or willing to put $500 down,” said Stephanie Troxell, Director of Underwriting & Funding. “We’re working hard for dealers who are committed to finding solutions for their customers, regardless of their current financial situations.”

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