Sparta Commercial Services, Inc. (OTCBB: SRCO) announced that it recently signed an agreement for routing of motorcycle, ATV, and scooter loan applications with a Fortune 500 global diversified financial provider. Sparta will process, decide upon, and purchase the resulting retail installment sales contracts and leases generated by these dealers.

This new partner, offering a broad array of credit savings and loan products to customers in the U.S., Canada & the United Kingdom, will electronically submit loan applications to Sparta that meet specific criteria. Sparta will immediately approve or decline the application using our industry acclaimed, proprietary, web-based, point of sale credit application processing system, iPLUS™, and, if approved, notify the consumer through the internet within minutes.

The agreement is for an initial trial period of three months and provides for annual renewals thereafter. Sparta has begun receiving and deciding upon applications on a test basis while final technical details needed to ensure a seamless automated process are implemented.

Anthony Havens, CEO of Sparta Commercial Services, commented, "This agreement will allow consumers to be pre-approved before they even start shopping. The consumer can now take their approval voucher to any franchised dealer and buy or lease the motorcycle, ATV, or scooter of their choice."

About Sparta Commercial Services:

Sparta Commercial Services, Inc. (www.spartacommercial.com) is an Internet-based acceptance (sales finance) and leasing company dedicated exclusively to the powersports industry, concentrating on motorcycles over 600cc, 4-stroke all-terrain vehicles, and select scooters through private label programs for manufacturers' distributors. Sparta provides a full line of financing solutions including indirect retail installment sales contracts and direct closed-end leases, as well as related services including GAP coverage and vehicle service contracts.

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements are valid only as of today, and we disclaim any obligation to update this information. Actual results may differ significantly from management's expectations. These forward-looking statements involve risks and uncertainties that include, among others, risks related to potential future losses, amount of, obtaining and satisfying terms of credit lines, competition, financing and commercial agreements and strategic alliances, seasonality, potential fluctuations in operating results and rate of growth, management of potential growth, system interruption, consumer and industry trends, limited operating history, and government regulation. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by the Company or any other person that the objectives and plans of the Company will be achieved.

Contact: A.L. Havens CEO Sparta Commercial Services, Inc. (212) 239-2666 alhavens@spartacommercial.com

SOURCE: Sparta Commercial Services, Inc.

Source: marketwire