AmeriTrust Financial, an independent automotive finance company, announced the launch of a fintech-driven lending platform designed to expand used-car leasing for franchised and large independent dealers nationwide.
Backed by institutional investors and a group of billionaires, the company is scaling rapidly across the continental United States. AmeriTrust is currently the only independent lender that offers used-car leasing at a national level.
Dealers can submit a single retail loan application to AmeriTrust and receive side-by-side decisions for both a loan and a lease. AmeriTrust’s technology automatically converts the application for lease structuring, helping dealers offer leasing without added paperwork or specialized calculations. Through used-car leasing, dealers can advertise lower monthly payments without extending loan terms.
“With grocery bills up and used-car prices still high, consumers need a better path to affordability than simply stretching loan terms,” said Jeff Morgan, CEO of AmeriTrust Financial and former national lease partner to Tesla. “While extending terms can reduce payments, it also increases negative equity and default risk. Used-car leasing is a smarter alternative – and today, only a handful of OEMs provide used-vehicle lease options at scale, leaving a significant gap in the market.”
In addition to side-by-side loan and lease decisions, AmeriTrust also offers pre-filled contract and title documentation; leases for every type of driver and credit tier: payment calculators tied to real-time inventory; exceptionally fast decisioning and funding; and free dealer lease training. AmeriTrust will host Q&A sessions and training resources to help dealers understand the nuances of used-car leasing, so they can present lease options to customers with confidence.
“Leasing makes up 25 percent of the auto finance market for new vehicles,” Morgan said. “But while the used-vehicle market is roughly three times larger, leasing accounts for only about 3 percent of used vehicle financing – and much of that is still tied to OEM certified pre-owned programs. As an independent lender, we have the flexibility to lease any make or model, certified pre-owned or not. The growth opportunity is enormous, and the market is underserved. AmeriTrust is scaling quickly to close that gap.”
In response to this market demand, AmeriTrust Financial attracted investment over the past year from institutional investors and multiple billionaires through its parent company, AmeriTrust Financial Technologies Inc. AmeriTrust Financial currently operates in 28 states, with plans to expand across the entire continental United States over the next several months.
To sign up with AmeriTrust, franchised and large independent dealers should call 1-800-600-6872. Approved dealers can submit loan applications through DealerTrack, RouteOne or AmeriTrust’s proprietary portal.
