A new financial-services offering allows auto dealers a buy-back product that lets customers to return their purchased vehicle after a waiting period.

The customer can return the vehicle for any reason: change of employment, change of personal situation or change of heart.

The program is the result of Finance Express, provider of web-based financial services and technology for independent auto dealerships, teaming up with Omega Service Corp.

“Unlike other manufacturer payment assistance programs, this FEX Buy-Back program is exclusively designed for Finance Express dealers and is not vehicle restricted,” says Finance Express President David Huber.

“This program applies to all dealers and their inventory. Should the consumer want to return the car for any reason, they can do so, whether it's before the obligation affects the consumer's credit in a life-change situation or if it's to trade out of a car that is no longer appealing to the consumer, he says.

The lenders benefit by lowering their costs of repossession and resale back into the market by as much as $1,100 per vehicle, Huber says.

“Everyone wins with a program like this: the dealer, who sells more cars; the consumer, who has confidence and peace of mind in his purchase; and the lender, whose ultimate losses are reduced,” he says.

OSC is headed by Gerald Zipper, a former New York State Deputy Insurance Superintendent and staff consultant to the New York Senate.

OSC has provided unique insurance-backed products to dealers, lenders and manufacturers for over a decade.

One of them is “spot-sale” insurance program that has helped dealers move purchased vehicles off the lot when the customer cannot provide evidence of insurance at the time of sale.