How Insurance Tracking Benefits Auto Finance Companies Lenders have thousands of dollars tied up in their auto portfolios. These banks and auto finance companies need insurance tracking that will protect their assets and mitigate any risk of loss. Insurance tracking is essential to providing lenders with security, compliance, and ultimately peace of mind. Verifacto’s insurance […]
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Your subprime borrower just totaled their vehicle. They still owe over $4,000. Unknown to you, they didn’t have any valid insurance or their insurance has lapsed. You do your best to keep up with insurance tracking. However, the process is time-consuming and labor-intensive. You don’t have the time to verify between third parties. If you […]
In the United States, many drivers on the road do not have auto insurance. They may come into your dealership or financial lending institution with insurance, but then let it lapse due to difficulties paying or because they never intended to carry insurance on the vehicle in the first place. In the last 5 years […]
As an auto lender, you need the power to manage insurance risks and reduce your insurance-based losses every day. Current risk management systems (RMSs) allow at least $3.5 billion in losses for companies like yours due to uninsured and improperly insured vehicle accidents every year. Don’t put your business’ assets in jeopardy. Verifacto can help. […]
If you’re in the auto finance or banking industries, or if you’re a credit union or BHPH dealer, you need an insurance tracking solution to run your business better, more efficiently, and with greater returns and risk management. Take a look at your current risk management system and decide whether it tracks insurance and solves […]
As an auto finance company or BHPH car dealer, one of your main concerns is risk management in the auto insurance industry. The responsibility of the borrower is not always guaranteed, but with Collateral Protection Insurance, or CPI, we can help mitigate that risk and help borrowers feel more responsible for the amount they are […]