Selected by CIO Review as one of the Top 20 Most Promising Automotive Tech Solution Providers in 2014.
According to Moody’s vice president-senior analyst, Peter McNally, “Declining competition from non-traditional subprime lenders puts less pressure on independent finance companies to lend to weaker borrowers to maintain their lending volumes. If lenders maintain this caution, loan losses among newer loans could stabilize.” While extending less credit to high-risk customers may lower liability for lenders, it also cuts into profits.
A better option may be to invest in a GPS collateral management system. Solutions such as Spireon’s GoldStar GPS and LoanPlus CMS have proven time and time again that they are an effective weapon against late payments and vehicle repossessions. Unlike other systems, GoldStar GPS and LoanPlus CSM are highly accessible, and can easily adapt to your needs. The system itself is completely customizable, and can mirror your processes and workflow to maximize effectiveness. It’s also incredibly affordable and simple to use. Because many of the most powerful tools are available online, the software is simple, intuitive and accessible to even the most novice users.
With its online integration, automotive dealers and lenders are able to conveniently manage assets, and communicate with customers. Borrowers can easily access their accounts, find loan information, and make their payments on time -- all from their home computer, tablet, or cell phone.
With the right collateral management system, dealers and lenders can protect their interests while still pursuing new avenues for growth.