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:
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.
From day one, defi SOLUTIONS has been all about community and collaboration. Mutually beneficial collaboration is at the core of who we are as a company and forms the foundation of the defi Preferred Integration Partner (PIP) program.
“It’s all about working together,” said Patty Jefferson, defi vendor relationship manager. “Evolving based on what has worked well, and not so well. And facilitating great relationships that empower our clients and partners and giving both access to one another through powerful integrations.”
Feeling the pain of compliance letters?
defi SOLUTIONS has a cure!
Joining with new defi Integration Partner CEDAR Document Technologies, we’re making it easier for lenders to remain compliant while reducing the time and money they spend on mailing adverse action letters.
We’re bringing automation to an outdated process that has plagued auto lenders for far too long.
defi clients are now benefiting from the additional set of 129 attributes added earlier this year by Digital Matrix Systems (DMS). The latest set of attributes are designed specifically to help meet the specialized needs of auto finance lenders.
These DMS attributes cover new credit concepts and improved attribute calculation methods and support TransUnion 4.0, 5, Equifax 6, and Experian 7, enabling defi lenders to leverage them in credit policy and models.
One-quarter of the latest SubPrime Auto Finance News list of the best CEOs use or partner with defi SOLUTIONS. The individuals—nominated by peers, mentors, friends, and supporters—were selected based on their cultivation of a productive environment and positioning of their companies and the industry to succeed.
Four defi partners, as well as Director of Marketing Kristin Herring, comprised one-half of the list of 10 TrailBlazers, Innovators, and Disruptors recognized by SubPrime Auto Finance News.
Kristin, a "one-woman marketing machine" according to her nomination, is in the good company of John Gordon from FactorTrust, Lou Loquasto from Equifax, Todd Mason from RouteOne, and Wendy Pratt from GWC Warranty.
The recently-launched defi SOLUTIONS Partner Program is off to an amazing start and well on its way to forming positive, powerful alliances in the lending industry. The Partner Program strengthens mutually beneficial business relationships. The program positions defi SOLUTIONS and partners to better understand the short-term and long-term needs of lenders and to design and deliver the products that fulfill those needs.