What is a bi-weekly payment plan? 

This method of paying off a debt has been popular in the mortgage industry for many years.  Recently, auto buyers have begun to utilize bi-weekly payment programs as well. 

Why?

·         Provides a disciplined, automated way to accelerate the payment of your loan

o    Pays off a typical auto loan 6 months faster than monthly payments.

o    Improves your equity position providing the opportunity to trade your vehicle sooner.

·         Offers convenience

o    Debits and loan payments are all automated – forget about mailing checks or going on line to pay every month.

o    Splits your car payment in half so that you don’t have the burden of all bills falling on the same pay cycle.

o    Many employees are paid every 2 weeks.  Imagine the convenience of having half of your car payment being deducted on the same day that you’re paid.

·         Want to add some protection to your purchase but the payment is too high or the term too long?

o    Using NPN’s CustomPay you can add protection to your purchase while retaining a comfortable payment and still pay the car off in your desired term.

So, how does it work?

1.       NPN collects a half-payment from your designated account (checking/savings) every 14 days.  Every other Friday.

2.       They hold your funds in a secure bank account (in your name) and make your car payments from this account. 

3.       Because they are collecting every 2 weeks you will be paying 26 half-payments or 13 full payments each year.  These additional payments are applied to the principle of your loan driving down your loan balance.

Click here to see a short video

NPN CustomPay

Make sure to ask your Finance Manager about this valuable service when you purchase your next vehicle from Red McCombs Automotive!

$399 Deferred Service Charge is collected from the advanced equity during the processing of the loan payments.  $1.95 debit fee is collected for each bi-weekly debit.