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.
Verifacto: Not Your Average Auto Insurance Tracking Company
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 […]
Benefits of Using Automated Payment Reminders for Auto Lenders
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 […]
5 Important Questions to Ask About Insurance Tracking
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 […]
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 […]
