Our Best in Industry Auto Insurance Tracking Technology
If you are an auto dealer, auto lender or insurance company, one of the best decisions you can make for your business is to invest in auto insurance tracking. It not only helps to increase your profits and mitigate risk, but it allows you to effectively track insurance coverage, automate your customer communications, easily store […]
How to Properly Maximize Your Auto Loan Collection System
With modern technology constantly evolving and adapting it’s led to a massive uptick in automation. Seemingly every industry now utilizes automation within the day-to-day functions of their business. Yet, the industry that has really seen a significant boost from automation has been the auto industry thanks to the powers of an auto loan collection system […]
Key Differences Between a Loan Management System and Dealer Management System
Today, the overwhelming majority of new car buyers set up their financing through a dealership, which in turn forces lenders to search for the right dealer management system (DMS) to handle all of their business needs. However, as your business grows so does your list of needs and expenses. A dealer management system still might […]
What is an Auto Loan Management System (LMS)?
Today, many auto lenders use an auto loan management system that is inadequate when it comes to properly managing their loans. If a loan management system is lacking important features, lenders run the risk of making mistakes through inefficiencies and late payments—not to mention an increased insurance risk. As a lender, you know that most […]
Loan Management System (LMS) for Auto Finance Companies
After an auto loan is originated, most of the profit for a lender is received throughout the term of the loan. This is based on interest and steady payments. However, making sure to collect all the payments with interest and know the car is always insured is not an easy task which leads to a […]
Bankruptcy Search and Bankruptcy Monitoring for Auto Lenders
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?
Game-Changing Software Makes Auto Insurance Tracking Easy
As an auto lender or dealer, you must take the correct steps involving auto insurance tracking. If one of your borrowers doesn’t have proper car insurance and they are involved in an accident, your company is now at risk. Auto insurance tracking is tedious. From keeping up with your portfolio to contacting every borrower, there […]
What is Lender Placed Insurance?
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 […]
Payment Processing for the Auto Industry
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 […]
What is Collateral Protection Insurance?
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.
