PassTime Announces Credit-Time
February 4, 2011
PassTime announces Credit-Time™, a new service developed to assist consumers seeking to finance a new or used automobile with less-than-perfect credit.
Littleton, CO (February 4, 2011) – PassTime announced today that it has created a new service, Credit-Time, which allows consumers to apply for automotive loans through its network of lender partners. This new service will provide thousands of customers the access they need to lenders who specialize in the sub-prime sector of the automotive finance industry.
Over the past twenty years, PassTime, through its patented suite of Payment Assurance products and services, has developed significant Business to Business (B2B) relationships with finance companies, credit unions and automotive dealers throughout North America. Credit-Time will leverage PassTime’s existing relationships and serve as a direct link between suitable lenders and sub-prime consumers seeking auto financing.
In addition to providing lenders options to the consumer for automotive financing, Credit-Time will work to assist consumers improve their credit rating with the various reporting agencies. In order to improve credit ratings, a consumer’s positive payment history must be provided to the credit bureaus for compilation, an act which is often not done by lenders in the subprime credit industry. Credit-Time will seek to change that.
PassTime, using its unique, Code-Based technology solutions, is the only company in its industry that has the capability to track customer payment behavior. Credit-Time can facilitate submission of that data to credit bureaus on behalf of the consumer, thereby improving the credit rating of those with a positive payment history.
“This is a very exciting time for all of us here at PassTime,” said Stan Schwarz, founder and CEO. “We have been helping lenders and automotive dealers protect their investments with our technologies for nearly two decades and now we want to expand our distribution channels by helping the consumer secure automotive financing and improve their credit rating through the life of the loan.”
Schwarz added, “In an industry where our competitors are using technology to track and repossess the vehicles of sub-prime customers as a business model, our product suite is designed to modify consumer payment behavior which is a key component to improving their credit score. We believe that our patented technologies provide a valuable service to both the lender and the consumer and in these tough economic times that’s a win-win for everyone.”
About PassTime™ USA
Headquartered in Littleton, Colorado, PassTime™ was founded in 1992; the PassTime Suite of Products is designed to improve customer payment performance and reduce default and repossession risks. In 1997, PassTime created its first “Starter-Interrupt” Device with a revolutionary design. Over the next several years, a Suite of Products evolved that offer code-based, wireless, and GPS Products and Services designed to meet the needs of a highly diverse industry of car dealers and special finance companies.