Critical Shifts:
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Centralized Ownership Hub: OnePay launched "My Garage," consolidating real-time vehicle valuations, loan equity tracking, payoff timelines, insurance quotes, and fuel rewards into a single dashboard.
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Empowered Consumer Decision-Making: The tool gives car owners complete financial visibility into their vehicle, making it easier to navigate trade-in, selling, or future refinancing options.
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Shift in Dealer Interactions: Buyers will arrive at dealerships with precise estimates of their equity and loan payoff balances, creating a more transparent trade-in and purchase process.
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OnePay is bringing vehicle values, loan information, insurance offers and fuel rewards together in a new consumer financial tool that gives vehicle owners a clearer picture of the financial side of vehicle ownership.
The fintech company announced Sept. 2 the launch of My Garage, a feature within its app that allows users to view their vehicle’s current value, loan equity and payoff timeline in one place. The platform also provides access to auto insurance offers and gas rewards, with vehicle-loan refinancing comparisons planned for a future update.
“Consumers don't think in terms of financial products. They think about what those products make possible in their lives,” said Pat McLoughlin, GM of Marketplace at OnePay. “My Garage is about giving people financial visibility into one of the most expensive assets they own but rarely fully understand.”
For consumers, the tool is designed to make it easier to track how much they owe compared with what their vehicle is worth. That information can become particularly relevant when owners are considering a trade-in, refinancing or selling a vehicle.
For dealers, the development is another example of how consumers are gaining greater access to information about their vehicles' financial position before entering the retail or trade-in process. A customer who already knows their estimated equity and loan payoff amount may arrive at a dealership with a clearer expectation of what their vehicle is worth and what it will take to replace it.
My Garage began rolling out to OnePay customers Sept. 2. OnePay said additional vehicle-finance capabilities are planned for the platform.
