SMARTPAY
SMARTPAY describes itself as a bill payment service that breaks monthly bills into lower automated payments matched to paydays. Its about page says it started in 2003.
SMARTPAY: Automate bill payments
Its site lists benefits including convenience, paying off loans sooner, avoiding late fees and building equity, and applies to home mortgages and auto loans among other bills. It is consumer-facing and not automotive-specific.
| Product or service | Function |
|---|---|
| Automate bill payments | Lower automated payments in place of monthly checks. |
| Match Payments to Paydays | Scheduling payments around paydays. |
| Consultation | A scheduled consultation to get started. |
SMARTPAY: product details
SMARTPAY's about page says it started in 2003, is based at 500 W. 2nd Street in Austin, Texas, and offers a bill payment service built on customer service and simple processing. Its home page explains the service as splitting a monthly bill into lower automated payments that match paydays, and claims home mortgages can be paid up to 7 years faster and auto loans up to 8 months faster, and that on-time payments can improve credit scores.
Those are company claims about consumer bills, not dealership products.
The page is aimed at borrowers rather than dealers. A dealer's finance office that sees SMARTPAY on a customer's loan should expect payments to reach the lender on the schedule the service sets, not on the contract date, and might ask the lender whether such a payment pattern affects delinquency reporting.
The service works by drawing smaller amounts from a borrower's pay and sending the loan payment on a schedule it controls, so the first question for any finance office is whether the lender accepts those partial payments and how they are credited to the account. The company lists a support line, a sales line and a fax number on its about page, and a complaints and notices page.