For lenders, accepting electronic payments for auto loans isn’t just expected. It’s a huge component in a great business model. Start-up subprime auto lender Arivo Acceptance recognized this from the get go. With a focus on providing innovative services and simple, transparent, and fair auto loan solutions, Arivo was eager to offer advanced technology solutions to automate its servicing department and enable it to receive and process electronic payments. Arivo needed the solution they chose to integrate with both the defi SOLUTIONS loan origination system (defi LOS) and loan management software and servicing system (defi SERVICING) to solve some of their toughest challenges:
Whether it’s more hours in a day, more profitability, or both, and regardless of where you are in your business’s lifecycle, your finance company can achieve more with less by embracing new lending technology.
How do you do it? defi CEO and Chief Constant Improver, Stephanie Alsbrooks, recently gave some great advice in an article for Non-Prime Times.
GREAT NEWS! defi SOLUTIONS has earned a spot on the list of Dallas Morning News Top 100 Places to Work. This was defi’s first time to be nominated, and we’re thrilled to be named #21 in the Small Company category!
Editor’s note: The “defive boyz,” comprised of Ed Kisinger, VP of product management, as well as defi IT guru Sam Blount and product managers Kevin Perkins, Theo Vaughn, and Christian Wilcoxson, was one of the great acts that debuted at this year’s defi FEST 2017. The following is a recap of the band’s experience as told by Vaughn.
According to the Harvard Business Review, companies are the clear winners when their team members “job craft” and “play to their strengths, motives, and passions” by redesigning their work tasks, the people with whom they work, and their mindset about their jobs. This is exactly what happened when two of our directors, Natalie Pedigo and Amanda Hein, recently swapped roles and improved the defi EXPERIENCE for clients as well as the lending technology and financial services industry.
AUL vehicle service contracts—also known as extended warranties—offer a unique opportunity for auto finance providers to positively impact portfolio performance and overall profitability in many ways. Rarely can a single product or program have such a dramatic impact on multiple core finance operations, but AUL can and does, and that’s exactly what makes AUL the trusted partner of more than 70 auto finance providers across the nation.
Here’s just a few ways a successful AUL service contract program can work for you:
Many flagship credit scoring models are created by sampling a population that represents the spectrum of credit risk within the entire US population. This strategy can work well for lenders with a nationwide footprint. However, lenders that do business in select regions can have significant aberrations in the performance of their model if the model does not consider attributes that account for regional variations.
Change is afoot. Maybe it’s the shifting finance patterns of the Millennial generation that’s causing the fuss, or simple adjustments to consumer buying habits. Regardless, the fact is this: Changes in the way people buy cars and get them financed are impacting both dealers and lenders. These consumer-driven demands for faster, more efficient and personal transactions are causing deep waves of change throughout the entire industry.
“An approximate answer to the right problem is worth a good deal more than an exact answer to an approximate problem.” – John Tukey
Do you wonder if your credit model could be better if it was refit? Knowing when and if to commit to the time and expense of a full model rebuild challenges many lenders. But according to defi SOLUTIONS partner Digital Matrix Systems (DMS), there is an easy solution.
Technology is supposed to be a table at which everyone has a good chair, regardless of budget and expertise. But with so many technology options available, choosing the right ones while maintaining a thriving business can sometimes leave you feeling like you’re about to end up in the wrong house in a Grimm’s fairy tale.