LEAP Auto Loans Provides Financing Alternatives for Consumers Facing Repossession or Bankruptcy

SAN DIEGO--(BUSINESS WIRE)--After a year of testing and development, LEAP Auto Loans, an auto leasing company serving consumers that have difficulty obtaining credit, has introduced a new leasing program that helps consumers facing repossession or bankruptcy keep their cars. LEAP works with lenders to mitigate their losses on defaulted auto loans, while allowing consumers to keep their vehicles in this difficult economy.

“While there has been a lot written about mortgage modification solutions, we realized there was a void in the auto lending space for this type of product”

The LEAP program offers distinct advantages for both borrowers and lenders. Borrowers benefit as the vehicle is leased back to them by LEAP at a reduced monthly payment to better fit their circumstances. Lenders can sell repossessed vehicles to LEAP for more money than they can realize through the auction process. The program is transparent and affordable; there are no costs to inquire or apply.

“While there has been a lot written about mortgage modification solutions, we realized there was a void in the auto lending space for this type of product,” says Tim Condon, president and founder, LEAP Auto Loans. “LEAP’s value proposition works for both the lender and the consumer in repossession or bankruptcy situations. Sometimes the lender faces restrictions in their ability to modify auto loans. We save both the lender and the consumer money in difficult circumstances.”

For more information about LEAP and how it can benefit your business or clients, please contact Lindy Hood at [e-mail].

About LEAP Auto Loans

LEAP, headquartered in San Diego, CA, is an auto leasing company serving consumers that have difficulty obtaining credit. The company’s unique product enables customers who are unable to qualify for traditional financing to lease a vehicle. Customers are sourced through referrals from business partners and direct-to-consumer marketing. Backed by Austin Ventures and staffed with experienced auto finance professionals, LEAP is currently operating in most states. Visit www.leapautoloans.com for more information.

About Austin Ventures

Austin Ventures (“AV”) has worked with talented entrepreneurs to build valuable companies for over twenty-five years. With $3.9 billion under management, AV is the most active venture capital and growth equity firm in Texas and one of the most established in the nation. Visit www.austinventures.com for more information.