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Game-Changing Software Makes Auto Insurance Tracking Easy

auto insurance tracking

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?

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?

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

Verifacto: Not Your Average 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

Benefits of Using Automated Payment Reminders

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

Important questions to ask when considering auto 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 […]

Move Beyond Spreadsheets with Verifacto Insurance Tracking Services

Spreadsheets vs Insurance Tracking

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 […]

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