Doug Maxwell
Scottsdale, AZ (USA)
Role(s):
Founder/Owner/Principal
The Lending Mechanic
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Startup
Location:
Scottsdale
Industry:
Other
Year Founded:
2014
Number Employees:
1-10 people
Business Stage:
Creation/Idea
Entity Type:
Limited Liability Company
Description:
The company will be the first chain of auto repair facilities that provide short term financing for auto repairs. The target market is the sub-prime/underbanked car owner that has no remaining service warranty on the vehicle. The program will offer 12 month bi-weekly financing with as little as 20% down. One important stipulation for approval will be for the customer to acknowledge and accept a GPS device to be installed on the car to insure that payments are being made. If payments are not being made the ignition can be turned off until the payments are brought current. The business will provide high qualtiy auto repairs and will come with a satisfaciton guarantee or no payments will be due until the car is in working order. The business will be located in Arizona where the state has over 600 title loan business in operation. These stores are lending money at an average of $1,000 and charging over 200% APR. The Lending Mechanic will be offering interest rates at 6 times less than these preditory lenders.