CFS Press Release published in Bodyshop Business - 04/18/16

Collision Financial Services Launches Zero-Interest Repair Loans to Vehicle Owners


Collision Financial Services (CFS) announced it has launched zero-interest repair loans for vehicle owners.

In today’s collision repair industry environment, there is increasing pressure for customers to bear a greater financial burden for collision repair services. After-insurance deductibles, short-pays, balance billing and uninsured events are creating customer responsibilities that can easily reach into the thousands of dollars.

CFS payment plans are designed to be an integral part of a collision center’s overall collection process. CFS works in concert with each shop’s current payment alternatives and business office operations. Their customized programs relieve financing burdens and the billing and collecting effort of customer payable balances.

CFS programs are offered to any customer identified by a CFS shop client as having the willingness and ability to pay, but needing additional time to do so. The loans are zero percent and go up to $2500. There is no credit check, and credit approval is guaranteed. Payment plans can extend up to two years, and there is no pre-payment penalties – CFS will fully assume the management of body shops’ current and future in-house customer payment plans. This option allows shops to generate an immediate influx of cash while CFS takes over the day-to-day billing, collection and customer interaction for these plans.

There is an increase in customers’ out-of-pocket expenses and an increased burden on collision centers to offer customers creative payment alternatives. CFS states that today’s leading collision businesses focusing on increasing profits need to work with a creative partner to offer multiple payment options to their customers, including longer term payment plans. CFS says its system creates customer-focused payment plans that are implemented while measurably improving a collision center’s collection performance.

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