AutoPayPlus by US Equity Advantage has launched RePayPlus, a reinsured biweekly payment program designed to support dealer retention and provide a reinsurance structure tied to a biweekly servicing model.
Program Details
RePayPlus combines AutoPayPlus’ biweekly payment service with a reinsurance model intended to improve customer payment alignment while creating a new revenue stream for dealers.
“It’s not often that I get to be involved with something that is truly innovative in this business, so I was happy to assist in the creation of RePayPlus,” said Mark Genova of Reinsurance Associates.
RePayPlus founder and CEO Robert Steenbergh said the company partnered with Fortegra as the program’s CLIP provider.
Program Highlights
RePayPlus is positioned as a retention and reinsurance solution aimed at addressing affordability pressures and longer loan terms.
Key program features include:
Biweekly payment structure tied to reinsurance
Loyalty credit aimed at supporting repeat business
Limited dealer risk with loss ratios described as comparable to vehicle service contract programs
Dealer premium positioned as the second-highest behind VSC
Payment servicing designed to align customer pay cycles with payments
“RePayPlus represents a breakthrough in innovation for an F&I market that rarely sees anything new that’s not a gimmick,” Steenbergh said. “By combining three already successful and proven components, we’ve created a force multiplier.”
Brown and Brown Dealer Services Auto F&I President Robert Hunter said the reinsured biweekly model strengthens the existing AutoPayPlus offering and could become a core dealer product.
