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| Beamed directly to you from the home office in Sarasota, FL |
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| Youre the Bank. Why Not Have Your Own Card |
| The Leedom Convenient World Prepaid Visa Card |
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| WEDNESDAY APRIL 01, 2009 |
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(SARASOTA, Fla., April 1, 2009) A revolutionary new product available to buy here-pay here dealers April 1 will have the ability to save a customer hundreds of dollars over the life of their finance contract, while at the same time improving the dealerships cash flow and reducing delinquencies, according to Chris Leedom, CEO of the Leedom Group.
The Leedom Convenient World Prepaid Visa Card will allow consumers without bank accounts to avoid the high costs of check cashing and money order fees by using the re-loadable debit card. The fees associated with check cashing are estimated at over $1,350 per year for the average buy here-pay here customer. This program greatly reduces that number.
This product is available exclusively through the Leedom Group and gives the dealer the ability to brand his store on the card. The card is branded with the dealerships logo and will be provided to the consumer at the dealership.
Typically, about 30-40 percent of buy here-pay here customers do not have bank accounts, Leedom said.
These consumers can spend $25 to $30 to convert their pay checks into cash each week, Leedom said. They must also purchase money orders to pay bills and must carry cash to make purchases. We are looking to eliminate as many of these fees as we can for them.
Use of this card can save some dealers customers at least $100 a month and in many cases more, said Jon Leedom, ACH Coordinator for the Leedom Group. It also gives them the security of an FDIC-insured card instead of carrying cash, so it essentially becomes their bank account.
There are numerous advantages to the consumer, making the issuance of the card in conjunction with the purchase of a vehicle effortless, Jon Leedom said. The benefits to the dealer are just as numerous. It all helps build the dealerships brand image with the customer. We find most of the customers are proud to carry the card.
The dealership will have the ability to begin processing a consumers vehicle payment as soon as the customers employer loads the salary on the card.
Just as with our ACH Collector product for consumers with bank accounts moves the dealership to the front of the line on payday, the Leedom Convenient World Prepaid Card does the same, Jon Leedom said. This card can be seamlessly integrated into our ACH Collector product, meaning your customers do not have to come to the dealership to make their weekly, bi-weekly or monthly payments.
The store-branded card also builds brand awareness in the community as the consumer uses the card around town.
Never before in the history of our industry can a dealer get so much marketing exposure at so little cost, said Chris Leedom. There are additional benefits like reducing delinquencies and you are notified almost immediately in the event the card is not loaded, meaning a payday is missed.
Jon Leedom said point-of-service marketing materials have been created and are ready to be shipped to dealerships across the country that sign-up for the program.
We have worked on this program for over a year and much time and effort has been placed in creating the ideal card to suit a dealers needs, said Chris Leedom, a licensed dealer serving more than 5,000 customers from five dealerships in Florida and Georgia. The ability for the dealership to be at the head of the line was key to this program, and we have been able to secure this and many other benefits our fellow dealers will now enjoy.
For more detailed information on this unique program contact Jon Leedom at 800.966.8733.
This card is issued by MetaBank pursuant to a license from Visa U.S.A. Inc.
ABOUT Leedom Group
Leedom Group is an automotive retail dealer consultancy based in Sarasota, Fla. Its primary mission is to promote the success and prosperity of is clients. It does this by providing Twenty Group services, products, expert advice, training, financing, news and information all designed to improve the profitability of retail automotive dealers with an emphasis on the used-vehicle specialty finance and buy-here, pay-here sectors of the used-vehicle industry.
For more information see its Web sites www.leedomgroup.com, www.twentygroups.com and www.dealerbusinessjournal.com.
ABOUT MetaBank
MetaBank is a federally chartered savings bank headquartered in Storm Lake, Iowa. Meta Financial Group, Inc. is the holding company for MetaBank, Meta Payment Systems, and Meta Trust Company. The Meta Payment Systems (MPS) division of MetaBank based in Sioux Falls, South Dakota, is a recognized leader in the prepaid card industry and provides innovative payment solutions delivered nationally in collaboration with market-leading partners. MPS focuses on offering specific product solutions in the following areas: (i) prepaid cards, (ii) credit cards and lending solutions, and (iii) ATM sponsorship. Meta Financial Group is traded on the NASDAQ Global Market: CASH.
For more information visit www.metacash.com. |
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