Over the past few months we have seen the housing market reach an all time low and according to experts this trend has been the worst housing slump in nearly two decades. However, while customers may not be making the big purchases in the housing market, they are apparently spending on smaller ticket items in the power sport industry as we can see in the case of Sparta Commercial.
Despite the downturn in many segments of the financial services markets, Sparta Commercial Services, Inc. today announced that it is seeing continuing demand for its offerings in the power sports industry and its business is continuing to grow. Furthermore, the performance of its portfolio of consumer loans and leases continues to perform in line with internal expectations and maintains its historic low rate of defaults and delinquencies.
The company is offering three financing products for new or used motorcycles and select scooters including; the Sparta Flex Lease, the Sparta Purchase Plus Lease and the Sparta Sport Loan. The loans offer 24 to 60 months terms, liberal credit criteria and a unique array of benefits and advantages to both dealers and consumers. These 3 programs represent the most flexible and aggressive choices in power sports financing today.
Anthony Havens, Sparta’s Chairman and CEO, commented on the company’s continued success in the face of the difficulties being seen by other financial services entities and stated, “When we recognized the early signs of the emerging problems in the consumer credit markets more than a year ago, we adjusted our proprietary credit decisioning system to reflect our assumptions of what the future held for our potential customers and the assets underlying their obligations. Unfortunately for the U.S. economy, many of our assumptions became realities; however, our actions have served us extremely well, allowing our portfolio to continue to perform quite satisfactorily, which pleases us and our shareholders.”
Headquartered in New York City, Sparta Commercial Services is currently the only nationwide and Internet-based acceptance and leasing company dedicated exclusively to the power sports industry. Their financing programs cover all motorcycles over 600cc, 4-stroke all-terrain vehicles, and select scooters through our programs for manufacturers, distributors, and dealers. Sparta provides a full line of financing solutions including indirect retail installment sales contracts and direct closed-end leases, as well as related services.
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