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Successful auto retailing for lending institutions is the balance of streamlining operations for efficiency and delivering high levels of service, all while ensuring compliance with state and federal laws. Cox Automotive provides efficient and compliant solutions for auto lenders throughout the lifecycle of the loan: from digital retailing to application processing and digital contracting for loan originations, through to loan servicing, contract recoveries and overall title management.
Pulling from 2.9 trillion data points, Kelley Blue Book Valuations delivers a comprehensive set of data to help lenders reliably determine their entire portfolio’s value, monitor risk, and ensure loan originations align with current vehicle values, asset by asset. Manheim Market Report (MMR) provides the most accurate wholesale valuations based on vehicle year, make, model and style, among other criteria. Historical MMR and forecast MRR valuations allow lenders’ risk and remarketing departments a deeper view of the historical and future wholesale values of their portfolio.
Maximize auto loan opportunities by creating your customized inner circle of dealers from our network of 22,000+ franchise and independent dealerships. Dealertrack enables banks, credit unions, captive financers and independent finance companies the real-time ability to securely receive and decision credit applications online from their dealer partners. Through Bookout for Lenders, a simple click provides accurate retail, loan and trade vehicle valuations from your preferred authoritative source (Kelley Blue Book, NADA or Blackbook).
Digital shopping is here. Consumers expect it, dealers are delivering it – and lenders can, too. Turn today’s car shoppers from casual browsers to contract-ready buyers for your dealer partners – and drive your loan origination business at the same time. Lenders choose between turnkey or API-driven solutions to allow consumers to browse inventory, select a car, calculate payments, and apply for the loan.
Roughly 25% of aftermarket contracts are cancelled before loan terms end1, and 46 states mandate lenders to provide timely and accurate refunds to consumers2. Express Recoveries by F&I Express offers a verification solution to ensure that the aftermarket contracts you fund are in effect – and can help streamline the recovery process when those contracts terminate early.
1Wise F&I data
22019 Cox Automotive Internal Gov’t Affairs Data
Supporting dealers and consumers with touchless sale and delivery, Dealertrack Digital Contracting with Remote Signing helps keep car sales moving. Flagging errors and missed signatures before dealer submission ensures contract integrity, reducing a critical cause of re-contracting and speeding funding to as fast as the same day. Lenders can confidently securitize loans and pool assets with authoritative versions of contracts stored in a secured, certified eVault that is legally recognized across all 50 states.
Managing more than half of all titles in the U.S., Dealertrack provides comprehensive title management services for both paper and electronic titles. Industry-exclusive Accelerated Title bridges both F&I and title management workflows, so lenders can streamline payoff and title release for trade-ins and vehicles destined for the salvage auction.