When a borrower files for bankruptcy, lenders suddenly find themselves competing with other creditors trying to recover any portion of the borrower’s limited funds. In most cases, the lender is left wondering if, and when, they’ll ever recover their debt, and if so, how much can they possibly get back? For the last 40 years, […]
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Entries by Sam Saidman
Despite its importance, many drivers in the United States do not have auto insurance. When a borrower leaves a dealership, they might have car insurance at that moment, but due to difficulties in payment, they could end up allowing it to lapse leaving the lender’s collateral unprotected. Auto insurance prices have skyrocketed making it more […]
Dealers, financers, and insurance companies are taking a high and unnecessary risk if they don’t have a strong auto insurance tracking software system in place. Accidents from uninsured vehicles happen all the time and if a customer is involved in an accident and the lender is unaware of their insurance status, the company will take […]
One of the biggest concerns in the auto industry is ensuring borrowers can make their car loan payments on time. At Verifacto, our goal is to provide software that makes the loan payment process easy to use for both lenders and borrowers. The easier it is for a borrower to make a payment, the better […]
Collateral Protection Insurance (CPI) is insurance used by lienholders to protect themselves from financial loss. CPI is also known as force-placed insurance because this type of insurance is not sold to a customer, however, it can be placed on a vehicle when the borrower does not have physical damage (comprehensive and collision) coverage.
In the automotive industry, it’s crucial lenders, dealers and finance companies effectively track their customers’ auto insurance status. This allows lenders to stay on top of every update and keep their company safe from potential liability or monetary loss. Nearly every auto insurance tracking company claims to help you save money, but Verifacto stands apart […]
Manually sending out payment reminders to customers is a tedious and tiresome ordeal. Not only does it take up precious time, but if a payment reminder gets lost in the mail or misplaced by a customer, this puts a delay in your cash flow. To reduce payment risks and save your company a lot of […]
If an auto lender is not using insurance tracking with their customers, the company is taking a high and unnecessary risk which results in monetary loss from their customers that are not properly insured. When it comes to insurance tracking, lenders want to make sure they’re asking the right questions so they can get a […]
In today’s market, auto lenders are battling to maintain profitability and growth. Finance companies, banks and other lending groups are all competing for consumer auto loans. In this economic climate, it is imperative that lenders protect their bottom line by minimizing losses. One initiative that lenders can take to help minimize losses and protect their […]
Lienholders in the automotive space, including car dealerships and financial institutions, have a wealth of data to keep track of in the course of their day-to-day business. As business has moved to a more data-centric focus, with more and more companies recognizing the value and importance of data in all areas of their business, the […]