AutoPay

Based in Denver, Colorado, AutoPay operates as an online marketplace for automotive financing. The company was founded by Jeff Hutcheson and connects consumers with a network of lenders, including banks and credit unions, to secure financing for new and used vehicles, as well as to refinance existing auto loans. In July 2021, AutoPay merged with RateGenius, with both becoming operating units under a new parent company, The Savings Group. Following the merger, AutoPay's co-founders, Jeff Hutcheson and Seth Meyer, took on the roles of co-CEOs of The Savings Group.

The business model centers on creating a competitive lending environment that benefits the consumer. By submitting a single online application, prospective borrowers can receive multiple loan offers, streamlining the comparison process without an initial negative impact on their credit score. AutoPay generates revenue by facilitating these loan transactions between consumers and its lending partners. The platform is designed to accommodate a wide range of credit profiles, with a stated minimum required credit score of 580 and a minimum income requirement, making it accessible to a broad spectrum of borrowers.

AutoPay's core service is its loan aggregation platform, which provides options for new and used car purchases, traditional loan refinancing, and cash-out refinancing. A key feature is the ability for users to prequalify and compare loan options from various lenders in one place. The platform supports loans for vehicles up to 10 years old with less than 150,000 miles. The company also offers vehicle service contracts that cover maintenance and repairs. This comprehensive approach allows consumers to manage the entire financing and vehicle protection process through a single, streamlined portal.

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