There will be new enhancements to LGM’s No Interest Deferred Payment Plan (NIDPP) starting April 8th, 2020.
These new enhancements are designed to make it easier for your customers when signing up, while also ensuring continued success of this program at your dealership.
The enhancements include:
- Optional down payment. Your customers can now either choose a down payment or finance the full amount of the contract, all at zero percent. FSM’s will be able to enter in the down payment amount in the LGM HUB.
- Simplification of payment frequencies (by eliminating weekly and semi-monthly) to bi-weekly and monthly payment frequencies.
- Maximum payment term will be capped to the earlier of either: (1) a max of 60 months or (2) the contract expiration date minus 12 months.
- NIDPP admin fees are being adjusted for all products to ensure the longevity and success of this program:
| Product | Old Fee | New Fee |
| OMM | $200 | $250 |
| VLPP | $100 | $200 |
| PPM | $20 | $50 |
| AP | $100 | $200 |
Amid COVID-19, we know people are taking a second look at their purchases right now. In response to this, LGM is pleased to offer the available options for a limited time to help make financing easier for customers.
Delayed 1st payment within 60 days. The first NIDPP payment can commence up to 60 days after initial purchase. Please refer to the overview and instructions document, here, on how to set this up for your client in LGM HUB.
Waived Insufficient Funds (NSF) fee. For a limited duration, LGM will not charge any NSF fees for missed payments.
Deferral of Payments. On a case-by-case basis, LGM will work with your NIDPP customer to adjust payment dates to accommodate for the customer’s circumstance.
If you have any questions, please reach out to your local Dealer Development Manager.