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About Me
After less than two years in operation, LEAP Auto Loans has made a big splash in the vehicle lending finance industry. Founded in late 2009 by a core of auto finance professionals, LEAP Auto Loans bridged the gap between lenders and borrowers by purchasing vehicles in default and leasing them back to their drivers so they would not lose them to repossession. Awarded a high rating by the Better Business Bureau after only a year in operation, the company’s national profile has risen with appearances in respected public forums. President and founder Tim Condon spoke about non-traditional scoring techniques at the 2011 Auto Finance Risk Summit sponsored by Royal Media Group in Dallas. Condon told attendees that formerly-prime customers whose credit histories suffered in the current recession have responded enthusiastically to LEAP Auto Loans’ program. In June of 2011, representatives of LEAP Auto Loans will attend the National Automotive Finance (NAF) Association’s 15th Annual Below-Prime Auto Financing Conference in Fort Worth, Texas, and the Recovery Specialist Insurance Group (RSIG) Annual Conference on Repossession Risk Management and Business Meeting in Uncasville, Connecticut. NAF specializes in serving the below-prime auto financing industry and RSIG advocates for the repossession industry. The emerging recession inspired a collection of auto finance industry veterans to establish LEAP Auto Loans. They knew lenders would struggle with inflexible internal policies and government regulations when car buyers began to default on payments. Backed by venture capital private equity group Austin Ventures, LEAP Auto Loans placed its headquarters in San Diego, California, with a nationwide scope. Austin Ventures’ ten funds, managing just under $4 billion, provide a strong and stable foundation for LEAP Auto Loans’ activities. An alumnus of the undergraduate Accounting program at the University of Illinois, Condon studied Finance at DePaul University’s Charles H. Kellstadt Graduate School of Business. LEAP Auto Loans maintains its membership in good standing with the American Financial Services Association (AFSA). The company also has a representative seated on the AFSA’s Vehicle Finance Division Advisory Board. |
