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 of the profit comes from the term of the loan based on interest and frequent payments. If you can’t manage your loans in the most efficient way possible, you’re going to increase your risk, overhead, and lose money.
Verifacto’s new auto loan management system (LMS) provides relief by eliminating the challenges lenders run into after the loan origination and when they’re focused on trying to manage their loans. Verifacto’s LMS is the only auto loan management system that is more efficient, cost-effective and includes a risk management system. The system automates loan management tasks that can take hours of processing when handled manually or through a less advanced system. It also tracks your loan insurance risk and enables the lender to effectively provide his Collateral Protection Insurance (CPI).
As a lender you want to have a full solution in place to manage loan payments, reduce insurance risks and maximize profit so you receive higher customer satisfaction and the potential for a greater return on investment.
How Does an Auto Loan Management System Work?
Verifacto’s LMS has an automated collection message system that uses Artificial Intelligence (AI) to send and respond to customer’s email and text messages ensuring no customer is overlooked and the messages are addressed on time.
The AI system analyzes millions of collection messages to identify the most efficient message by learning and discovering the most effective outcome and recommending the best message for the collector to send as a reply. Those with the most positive outcomes are used. This increases the overall collection success.
The LMS is a user-friendly platform that handles all loan management needs without the unnecessary confusion that comes from using several separate systems. With the LMS you can handle your loan management from one easy to use platform, manage your CPI program efficiently, check for compliance, and control GPS tracking.
Benefits of an Auto Loan Management System
Verifacto’s auto loan management system was created to enable lenders to manage risk while lowering overhead and increasing profits so they can focus on running their business efficiently.
While some systems can take months to fully onboard, Verifacto’s LMS takes a few hours .
Other benefits of the auto loan management system include:
- QuickBooks Full Integration: The LMS takes any transaction from its system and pushes it onto QuickBooks online so there’s no need for double entry.
- Easy and Effective Collection System: The most effective messages and replies from Verifacto’s AI engine are sent out automatically to maximize results.
- Real-Time Data and Reports: Real-time results are produced by the system’s analytics engine that combines historical and market data, so you have the most important information right when you need it.
- Full Compliance: During the easy onboarding process, each imported loan is analyzed for compliance issues that might have gone unnoticed by the lender.
- Integration with Verifacto’s Risk Management Platform: Every lender knows that an insurance risk can greatly reduce profit. The LMS fully integrates with Verifacto’s risk management platform and CPI management platform that includes insurance tracking and collateral protection insurance (CPI) management.
- GPS management: Verifacto’s LMS enables the lender to manage and control their GPS from the LMS platform including tracking, alerting, and starter interrupt.
An added benefit for lenders is the LMS is completely free when combined with Verifacto’s insurance tracking and payment processing accounts for a full auto tracking system to help lenders save money and reduce overhead.
Contact Verifacto Today
At Verifacto, we put the lender first when it comes to the design of the auto loan management system. We created our LMS to mitigate the most painful processes lenders are dealing with and find a solution that no other system can offer.
Contact us today at (678) 783-8123 to get started with your free trial account. Transfer your insurance tracking and payment processing services to Verifacto and receive the LMS for FREE!