Carfax and MeridianLink recently teamed up to make it easier for auto finance companies to get Carfax Vehicle History Reports.
Using MeridianLink’s LoansPQ loan origination system (LOS), officials highlighted this week that thousands of auto finance companies now can order Carfax reports with one simple mouse click. With direct access to valuable Carfax information such as title brands, mileage readings and service history, plus the new VIN-specific Carfax History-Based Value, finance companies can more accurately assess vehicles as collateral.
“Simplifying and streamlining loan processing for our clients is our top priority,” said Doug Glagola, vice president of enterprise solutions at MeridianLink.
“This integration with Carfax is a much-anticipated benefit that makes critical vehicle history and value information impacting a loan available without having to leave the LoansPQ platform,” Glagola continued in a news release.
Carfax information can help finance companies identify vehicles with potential problems that affect their safety and value. Issues such as accidents and flood damage, or scams like odometer fraud and title washing can reduce vehicle values by as much as 50 percent, lead to more costly repairs and increase the risk of contract default.
Using Carfax Reports and the Carfax History-Based Value — a price based on a vehicle’s unique history — finance companies can adjust their loan-to-value ratio.
“We’re constantly developing innovative solutions that help protect members of the financial services industry and their customers,” said David Lackey, general manager of the Carfax banking and insurance group.
“Most often, auto lenders look primarily at the individual requesting a loan, but evaluating the specific vehicle on a lending application is a truly novel concept,” Lackey continued. “Working with partners like MeridianLink, we’re transforming the way lenders approach the loan approval process.”
Carfax is a leading provider of vehicle history information and solutions to auto finance providers, serving thousands of banks and credit unions nationwide. Carfax information can help finance companies in underwriting, fraud detection, title research, skip-tracing and remarketing.