How CPI Can Positively Impact Auto Lending Margins and Reduce Risk
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 […]
Move Beyond Spreadsheets with Verifacto Insurance Tracking Services
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 […]
Payment Reminders: Mail or Email?
Let’s face it: snail mail is an ineffective means of communication – especially when it comes to payment reminders. No wonder so many businesses are turning to payment reminders and bill alerts to encourage customers to settle on time. While some businesses might be skeptical of switching to an automated payment system it is easily […]
How Insurance Tracking Benefits Auto Finance Companies
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 […]
How Insurance Tracking Benefits Car Dealerships
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 […]
How to Use Lender Placed Insurance
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 […]
How Insurance Tracking Services Help Reduce Risk
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. […]
What is Vehicle Insurance Tracking?
When you are in the auto finance, banking, credit union and BHPH industries, you need a vehicle insurance tracking solution to help optimize your business operations because when you run efficiently, you will yield greater returns. Review your current system to see if it stacks up when it comes to insurance tracking and risk assessment. […]
What is Collateral Protection Insurance?
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 […]
