Grow Credit Partners with Dealers

By Staff Writer January 12, 2022

Grow Credit’s new “Grow & Drive” initiative provides consumers who are denied a car loan the opportunity to develop their credit score in conjunction with the automotive dealership.

Grow Credit, a financial inclusion platform committed to building credit and improving credit scores, has developed a new and first-of-its-kind approach to help Americans fulfill their dreams of car ownership while building credit.

According to Bankrate data, 21 percent of consumers were turned down for a car loan in 2020. To address this issue, Grow Credit has created an initiative for car dealerships to help those rejected for automotive financing loans to build a path to car ownership.

Murphy Auto Group, a Florida-based automotive dealership which owns and operates five franchised automotive dealerships in Florida, Georgia, and South Carolina, is the first dealership in the U.S. to work with Grow Credit on this initiative.

“With car financing APRs approaching pre-2018 levels, car ownership is more attainable than ever, but having to turn away a consumer because of a low credit score is something we never want to do,” said Murphy Auto Group Owner Michael Dennis Murphy. “With Grow Credit’s ‘Grow & Drive’ initiative, we’re able to provide a viable path to car financing that sustainably builds a customer’s credit. We believe in this product and are super excited by this partnership.”

When an applicant is denied financing on a car loan, they are referred to Grow Credit where they can choose one of five memberships, designed to raise their credit scores. Grow Credit offers five memberships, including a free plan, a $1/month credit builder plan for college-age students, and a $1.99/month secured membership.

After obtaining their target credit score, Grow Credit re-engages with consumers to inform them of their financing eligibility status. As an added incentive for enrolling in Grow Credit, participating dealerships may extend a rebate of up to $200 for financing to consumers. The customer can then return to the dealership to secure their financing and drive home in a new car.

Grow Credit helps consumers boost their credit score by leveraging their monthly subscription payment habits with over one hundred supported subscriptions.

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Last modified on Wednesday, 12 January 2022 14:31