LAUNCHER.SOLUTIONS (Launcher) entered the credit-union world on Tuesday to offers a solution the company believes can work exceptionally well in both the prime and the subprime market with regard to risk assessment and complex workflows.
The technology provider specializing in loan originations announced that it now can serve credit unions market with its configurable loan origination system appTRAKER. Launcher’s full suite of software solutions will now be available to credit unions as well as other lenders and financial institutions.
“We have found that in addition to a loan origination system which helps with compliance and automation, credit unions are in dire need of better tools to strategically manage their prime and subprime processes Launcher president Nikh Nath said in a news release.
“We have developed a solution that is easily implemented, contains all of the necessary origination tools, and provides a robust platform for their users,” Nath continued.
With Launcher’s appTRAKER LOS Direct, credit union members are able to complete a secure online credit application in a streamlined and intuitive platform, branded and customized by the credit union.
For indirect lending, appTRAKER offers its dealer portal that can facilitate more efficient interaction between the credit union and their dealer partners. When it comes to automation, Launcher explained that credit unions can expect to find these capabilities in all areas of appTRAKER including the credit application, application processing, risk evaluation, verifications, compliance, and communications and notifications.
Launcher pointed out that appTRAKER can integrate with any loan servicing system, loan management system or other core system with integration capabilities.
For credit unions that prefer a more intelligent digital lending experience, Launcher also mentioned appTRAKER LOS can employ fully and partially-automated decisioning capabilities. With a powerful graphical business rules management system (BRMS), complex calculations and rules are run on a loan application before and/or after a credit bureau is pulled, allowing for automated decisions to be made on many lender-defined demographic or bureau attributes.
The company went on to note that credit unions may also seamlessly leverage statistical, machine learning, or artificial intelligence powered risk assessment solutions from our partners to increase speed and efficiency while minimizing errors and risk.
The latest TransUnion data gives crystal clear evidence to show just how much the auto-finance market has grown during the past three years.
Analysts reported 2016 closed with 75.8 million contracts in portfolios. By the close of this past year, TransUnion discovered that figure of outstanding contracts grew to 83.8 million.
When asked to offer perspective, TransUnion senior vice president and automotive business leader Satyan Merchant replied, “It shows to me that we have a continued trend in the industry of consumers financing their auto purchases. It’s particularly showing up on the used side where consumers are seeking financing.
“People are taking out loans that stay on the books longer,” Merchant continued during a phone conversation with SubPrime Auto Finance News. “It’s not as if a consumer is financing a vehicle and paying it off in one or two years. These loans are staying on the books longer and longer.”
TransUnion reported earlier this month that 7.5 million contracts filled portfolios during the third quarter, representing a rise of 4.3% year-over-year. Analysts are still compiling the Q4 origination tally as there is a lag in reporting from providers. Still Merchant noted, “The story of Q4 2019 is really about a bounce back in the resiliency of originations.”
Elaborating about those 7.5 million new accounts recording during Q3, Merchant added, “That’s the large amount we’ve seen in quite some time. The last time we saw a number that large was back in 2016, which was one of our peak vehicle sales years in the industry.”
TransUnion’s Q4 2019 Industry Insights Report showed the average new account balance grew to $22,232, a 3.3% uptick over the same period last year. A combined analysis with IHS Markit, using a newly introduced business intelligence tool, Catalyst for Insight — Credit Module, found that account balances grew as consumers continued to move from cars to more expensive trucks and SUVs.
Analysts noticed trucks and SUVs grew to 71% of new financed vehicles and 60% of used financed vehicles in Q3 2019, compared to 68% and 57%, respectively, in Q3 2018. To help offset climbing costs, consumers across all risk tiers are entering the used-vehicle market in growing numbers.
TransUnion indicated the proportion of used financed vehicles versus new is large and growing, with a 53%/47% used/new split in Q3 2019.
“Not only are vehicles lasting longer, an increase of inventory to the used car marketplace has supply aligning with growing consumer demand,” Merchant said.
“Used vehicles can be an attractive alternative for consumers, especially those who are in the market for pricier vehicles such as a truck or SUV. On average, they can save approximately $13,000 by opting for a used vehicle over a new one,” he continued.
As consumers continue to pursue manageable monthly payments, TransUnion reported contract terms have lengthened for both new and used vehicles.
New-model financing terms grew moderately to 69 months in Q3 2019 versus 68 months a year earlier. Analysts explained this trend has helped slow monthly payment growth to 3.6% year-over-year with an average monthly payment for new-vehicle financing at $561 in Q3 2019, up from $542 in Q3 2018.
Analysts pointed out terms have also lengthened for used vehicles, growing from 63 months in 2018 to 64 months in 2019. The lengthened terms for used vehicles has slowed the rate of growth for monthly loan payments to 3.0% year-over-year, bringing the average used monthly payment to $389.
And as the amount financed and terms have increased, TransUnion noticed average loan-to-value (LTV) at origination has inched up. Used LTVs grew to 112.2 from 109.4 a year earlier, while new LTVs grew to 100.0 from 99.6 a year earlier.
With all of this growth, TransUnion highlighted an important element — performance has remained relatively strong.
Analysts determined the delinquency level of contracts 60 days or more past due increased to 1.50% in Q4 2019, up from 1.44% in Q4 2018 and 1.43% in Q4 2017. They emphasized that delinquency rates continue to be well-managed even as average balances rise.
“External factors may have put pressure on the affordability crunch in the auto industry, but it has not put a damper on consumer appetite for credit,” said Matt Komos, vice president of research and consulting in TransUnion’s Financial Services business unit.
“As a result, consumers are taking control of their financial situations and weighing their financing options. We anticipate growth to continue in the used financing sector of the market as consumers pursue pricing that is a bit more palatable and offers a more manageable monthly payment,” Komos went on to say.
Veros Credit attributed two specific performance metrics and critical enhancements that pushed the subprime auto finance company to a record-breaking year in 2019 and boosted dealer satisfaction to an all-time high.
According to a news release sent to SubPrime Auto Finance News this week, Veros Credit captured a 20% increase in contract origination year-over-year, while cutting dealer funding time by 50%.
“We made the process as seamless and as painless as possible for our partnered dealers so that they can expect a positive, fair and efficient outcome every time,” Veros Credit chief operating officer Harvey Singh said in the news release.
“Experience and feedback taught us what our dealers needed, and we simply invested intelligently to meet the demand,” Singh continued
Singh went on to emphasize that technological innovation and implementation are just a part of the business strategy at Veros Credit. He noted that maintaining positive and mutually beneficial relationships with dealers remains paramount, too.
“We do not just deliver technology to the doorstep of our partnered dealers; rather, we show them how to use it to better their business,” Singh said.
Veros Credit highlighted that this strategy has enabled the finance company to enter six new markets in 2019, helping to fuel that 20% growth over 2018.
The company believes it can exceed that accomplishment with additional territories that are expected to open in 2020. Veros Credit said the new markets will include the roll-out of new programs for both independent and franchised dealers.
The company added that the Veros Credit Franchise Dealer Program was another enhancement of 2019 that will be a point of emphasis in the years to come. Veros Credit designed a model that can provide quick decisions with competitive rates while dovetailing complete dealer support throughout the program.
“It is a very exciting time to be a part of Veros Credit and the improvements we continue to make for both the dealer and customer experience will continue to drive growth that is scalable and sustainable,” Singh said.
As part of its expectations for the 2020 credit market, TransUnion acknowledged that issues surrounding vehicle affordability will continue to persist in the coming year.
But with the Federal Reserve leaving interest rates unchanged this week — and policymakers alluding to the option of repeating the action throughout 2020 — there appears to be some momentum in place to help the auto-finance industry.
Members of the Federal Open Market Committee (FOMC) voted unanimously to maintain the target range for the federal funds rate at 1.50% to 1.75%.
Policymakers explained the labor market remains strong and economic activity has been rising at a moderate rate. They added job gains have been solid, on average, in recent months, and the unemployment rate has remained low.
“As long as incoming information about the economy remains broadly consistent with this outlook, the current stance of monetary policy likely will remain appropriate,” Fed chair Jerome Powell said this week after the latest interest-rate announcement.
“Looking ahead, we will be monitoring the effects of our recent policy actions, along with other information bearing on the outlook, as we assess the appropriate path of the target range for the federal funds rate. Of course, if developments emerge that cause a material reassessment of our outlook, we would respond accordingly. Policy is not on a preset course,” Powell continued.
Considering how interest rates play a role in auto financing, Cox Automotive chief economist Jonathan Smoke made these points on the company’s blog.
“The rate cuts in 2019 did not help the average car buyer. Rates have actually gone up dramatically — more than 2 full percentage points — for consumers with subprime credit,” Smoke said. “Most of the rate gains for borrowers with good credit preceded the last Fed meeting.
“The one factor that could lead to better rates would be more zero or low APR offers from captive finance companies,” he continued. “Those offers tend to be only for consumers with good credit. But with new vehicle supply down, manufacturers may be more conservative over the winter months with incentivized rates.”
No matter the APR, TransUnion expects the amount of risk finance companies absorb will be on the rise.
Analysts projected that average auto balances are expected to grow 1.6% year-over-year by Q4 2020, a slightly slower rate of growth than what they observed in Q4 of this year (1.9%).
TransUnion thinks certain segments of consumers may look to offset these rising costs by opting for extended contract terms, a recent trend taking place in the market.
TransUnion added that originations will flatten relative to 2018, and the share of originations in the prime and above risk tier will remain steady at 66.5%.
“The growth pattern of new auto sales will remain concentrated toward prime and above consumers, while the overall growth curve will flatten in 2020 due to declining new-vehicle sales, said Satyan Merchant, senior vice president and TransUnion’s auto line of business leader.
“External pressures such as higher gas prices and the looming threat of auto tariffs, combined with rising vehicle prices, are all contributing to the concern of auto affordability,” Merchant continued in a news release. “Despite these headwinds, loan performance in the auto industry remains strong.
“We expect the auto delinquency rate to decrease at a higher rate on a year-over-year basis during the first half of 2020, and serious delinquencies are expected to slightly decline by the end of next year,” he went on to say.
Editor’s note: More 2020 expectations will be included in upcoming online and print reports published by Cherokee Media Group.
Not only did Automotive Intelligence Council member Equifax share its latest data about how originations are trending, vice president of automotive marketing and strategy Jennifer Reid also delved into six best practices that could help finance companies of all sizes.
Even as subprime originations slow to the lowest level Equifax has seen in more than five years, Reid maintained in this video that there are several facets of business that finance companies can sharpen, including:
• Need for speed in underwriting for lenders.
• Best practices to make sure you get the right offer back to the dealer while mitigating risk.
• Ensure customer is who they say they are.
• Ensure you understand the customer's financial capacity (verifiable income and employment through real-time databases).
• Look at your portfolio and get ahead of the process to engage with customers for the right buying decision.
• Looking at the process to see where you can automate more.
Reid arrived at those assertions not long after Equifax shared its data as reported through April.
Through the first four months of the year, Equifax indicated 7.96 million auto loans had been originated, totaling $183.9 billion. This data represented a 0.3% decrease in accounts and a 2.3% increase in balances year-over-year.
Equifax said retail installment contracts constituted 86.6% of all auto account originations and 89.8% of all auto origination balances through April.
Analysts found that 1.81 million auto loans have been originated through April to consumers with a VantageScore 3.0 credit score below 620. These individuals are generally considered subprime accounts. The volume marked a 1.8% decrease year-over-year. These newly issued contracts have a corresponding total balance of $33.6 billion, a 1.8% increase year-over-year.
Through the end of April, Equifax determined 22.7% of auto loans were issued to consumers with a subprime credit score, accounting for 18.3% of origination balances. In the same time a year ago, the account share was 23.1% and balance share was 18.3%.
Analysts went on to note the average origination loan amount for all auto loans issued in April was $23,659. This figure is a 4.5% increase over April of last year. The average subprime loan amount was $19,304, which is a 6.1% increase compared to April 2018.
“While overall auto sales have fallen slightly compared to the previous year, we’re seeing active and interesting trends in auto loan originations through April,” Reid said in analysis shared with SubPrime Auto Finance News.
“In particular, while subprime activity continues to grab headlines, it is interesting that the percent of subprime to the total originations are at the lowest level dating back to the end of the recession,” she continued.
“Furthermore, we will keep a watchful eye on lender activity, as it appears lenders are tightening up in the under-620 credit score bucket for both lease and retail contracts,” Reid went on to say.
Equifax also will be among the companies bring their experts to share insights during Used Car Week, which begins on Nov. 11 at the Red Rock Resort in Las Vegas. Early Bird registration discounts are available through Oct. 1.
The complete agenda and other details are available at www.usedcarweek.biz.
Affordability continues to remain top-of-mind for most participants in and observers of the automotive industry. However, Experian explained consumers appear to be making due even as some industry pundits continue to be concerned that consumers can’t handle larger payments.
To reinforce its point that the data tells a different story, Experian released its Q2 2019 State of the Automotive Finance Market report on Thursday morning.
Analysts acknowledged consumers are exploring all available options to make costs more manageable, including extending contract terms and deciding between new or used vehicles.
Experian pointed out that one of the more notable ways consumers have managed to make their monthly payments more affordable is to opt for used vehicles. In fact, the report showed prime and super prime consumers financed used vehicles at record levels. Experian determined these borrowers comprised more than 57 percent of used vehicle financing during the second quarter.
“In previous years, it was common for most prime borrowers to opt for new vehicles. These vehicles tend to have better warranties and require less upfront maintenance,” said Melinda Zabritski, Experian’s senior director of automotive financial solutions.
“But with loan amounts for new and used vehicles on the rise, and a higher volume of vehicles coming off-lease, there are late-model options available that borrowers can consider,” Zabritski continued in a news release.
“It’s important for the industry to keep an eye on these trends to help inform future business decisions,” she went on to say.
Experian also mentioned the shift to used vehicles comes as the average amounts financed continue to rise.
Based on the report, the average amount financed on a new-vehicle contract came in at $32,119, while the average amount for a used-vehicle deal hit $20,156.
Additionally, the average monthly payments were $550 and $392 for new and used, respectively.
Furthermore, the report showed consumers appear to be managing payments by extending contract terms. The average loan terms for new and used vehicles reached record highs.
For new vehicles, the average term came in at 69.17 months, while the average term was 64.82 months for used vehicles. The extension of terms come as interest rates continue to remain more than 6% for new vehicles and more than 10% for used.
“There are many factors that can impact vehicles costs and car-buying decisions, but —perhaps the factor that is most critical is a car shopper’s credit score — it can impact interest rates and loan terms, which impacts monthly payments,” Zabritski said.
“Prior to heading into the dealership, car shoppers should explore ways to improve their credit standing, such as leveraging new tools and resources available to them, like Experian Boost, that can help increase their score and potentially arrange better terms,” she continued.
Despite all of the elements in play, Experian pointed out that contract holders predominantly are maintaining their monthly commitments as delinquencies remained stable in Q2.
Analysts determined 30-day delinquencies dropped to 2.11 percent, from 2.12 percent in Q2 2018, while 60-day delinquencies saw a slight increase from 0.64 percent to 0.65 percent in the same time frame.
A few other additional findings for Q2 included:
—Outstanding automotive loan balances totaled $1.197 billion.
—The percentage of outstanding loan balances held by subprime and deep-subprime consumers saw slight growth YOY (from 18.81 percent in Q2 2018 to 18.95 percent in Q2 2019) but remained below 19 percent.
—New-vehicle leasing saw a slight decrease from 30.41 percent in Q2 2019 to 30.04 percent in Q2 2019.
—Credit scores saw a two-point increase for new vehicle financing (from 715 to 717) while used saw a 1-point increase (655 to 656) year-over-year.
—The average price difference in monthly payments between loans and leases is $92.
To watch a webinar when Experian experts plan to discuss the entire Q2 2019 State of the Automotive Finance Market report, visit this website.
Perhaps finance company executives might become a bit concerned when seeing the combination of slowing originations coupled with broad economic turbulence stemming from global trade clashes as well as more troubling signs emanating from markets beyond the United States.
Well, a pair of analysts from TransUnion looked at their latest data and reiterated the fundamentals about why the auto-finance market can and should remain healthy.
According to the auto-finance segment of the Q2 2019 Industry Insights Report from TransUnion, the total number of auto loans rose by 1.8 million in the last year, though year-over-year auto origination growth turned negative for the first time in five quarters.
Despite overall declines in originations, analysts found that growth occurred predominately in a straddle pattern and was focused in the super prime (+1.0%) and subprime risk tiers (+2.1%).
TransUnion determined serious delinquency rates (more than 60 days past due) stood at 1.23% in Q2, just 1 basis point higher than what was observed in Q2 of 2018 and the same level as Q2 2017.
As Gen Z grows older, analysts also discovered 1.3 million consumers with an auto balance were added to this category in Q2; a higher volume of new participants than millennials and Gen X combined.
“Auto affordability continues to pose a challenge for consumers with factors such as increased new vehicle pricing and plateauing terms contributing toward more expensive monthly payments,” said Satyan Merchant, senior vice president and automotive business leader at TransUnion. “The weakening demand has resulted in a slowdown of origination growth and an overall softening in the market.
“Industry forecasts indicate new vehicle sales will fall below 17 million this year for the first time since 2014,” Merchant continued in a news release. “Despite this trend, performance remains strong with delinquencies keeping steady year-over-year.”
Before embarking on a new position within the credit bureau, TransUnion’s Brian Landau also shared his assessment of the company’s latest data, reiterating how the growth of Gen Z consumers taking on auto financing is an important tailwind.
Others tailwinds to help auto financing mentioned by Landau included favorable interest rates thanks to the recent actions by the Federal Reserve as well as a healthy supply of used vehicles. That used-vehicle inventory also prompted Landau to explain why that factor is likely to be important for the auto-finance industry maintaining a positive course in light of the investment world traveling a bit of a roller-coaster stemming from the trade clash involving the U.S. and China.
“Say the tension between the U.S. and China increase and tariffs continue to be added on goods,” Landau gave as a hypothetical to SubPrime Auto Finance News. “What you'll see is an even greater shift toward used vehicles because used vehicles in the market today are not going to be subject to those tariffs. Where it’s going to impact consumers is around the cost of ownership, parts and labor, when they have to service vehicles over the next couple of years.
“Eventually, consumers are going to want to buy a new car. Cars will continue to age, and if the tariffs are to continue, it might force them to downsize a cheaper, less expensive vehicle,” he continued.
“But we all know transportation is fundamental, and it’s a lifeblood of the economy,” Landau went on to say. “You need to get around to work, pick up your kids, do your chores. People need a car. They might just delay a purchase if tariffs become a real issue, just like gas prices have been. If gas prices were to rise about $5 a gallon, people might consider a sedan versus an SUV. But I don’t think we’ve hit that trigger point.”
Q2 2019 Auto Loan Trends
|
Auto Lending Metric
|
Q2 2019
|
Q2 2018
|
Q2 2017
|
Q2 2016
|
|
Number of Auto Loans
|
82.7 million
|
80.9 million
|
77.4 million
|
73.3 million
|
|
Borrower-Level Delinquency Rate (60+ DPD)
|
1.23%
|
1.22%
|
1.23%
|
1.11%
|
|
Average Debt Per Borrower
|
$18,974
|
$18,700
|
$18,486
|
$18,177
|
|
Prior Quarter Originations*
|
6.7 million
|
6.8 million
|
6.7 million
|
6.9 million
|
|
Average Balance of New Auto Loans*
|
$21,418
|
$20,901
|
$20,415
|
$20,013
|
*Note: Originations are viewed one quarter in arrears to account for reporting lag. Source: TransUnion
The latest data made available by Equifax reinforced patterns many finance companies might be experiencing. Origination volume is slowing, while the amount financed is climbing.
According to Equifax data through March, the auto-finance industry generated 5.90 million auto loans, totaling $135.5 billion. Analysts indicated the metrics represent a 1.0% decrease in accounts and a 1.3% increase in balances compared to the same span a year ago.
Equifax pointed out retail installment sales contracts constituted 86.6% of all originations and 89.8% of auto origination balances through the first quarter.
Analysts determined 1.39 million auto loans have been originated to consumers with a VantageScore 3.0 credit score below 620. Equifax reiterated these contracts are generally considered subprime accounts. The credit bureau found that subprime origination level marked a 1.0% decrease from March 2018.
However, Equifax noted these newly issued subprime contracts have a corresponding total balance of $25.5 billion, a 2.4% increase year-over-year.
Through March, Equifax also mentioned 23.5% of auto loans were issued to consumers with a subprime credit score, and they accounted for 18.8% of origination balances. Through the first quarter of last year, the account share was 23.5% and balance share was 18.6%.
Equifax went on to note the average origination amount for all financed deals through March came in at $23,182, representing a 3.1% increase year-over-year
In the subprime space, the average amount financed was $18,552, marking a 3.6% rise from a year ago.
Vehicle lease data
Equifax also shared its latest data about vehicle leases through March of this year.
Analysts tallied up 914,300 vehicle leases, totaling $15.4 billion, through March. The figures marked a 3.1% decrease in accounts and a 0.5% increase in balances from a year ago.
Equifax found vehicle leases accounted for 13.4% of all accounts originated through March and 10.2% of balances.
Analysts added 85,660 vehicle leases were originated to consumers with a VantageScore 3.0 credit score below 620, that’s a 5.4% decrease year-over-year.
Those newly issued leases to subprime consumers have a corresponding total balance of $1.53 billion, a 1.6% decrease year-over-year, according to Equifax.
Through March, Equifax also said 9.4% of auto lease accounts and 9.9% of total balances were issued to consumers with a subprime credit score.
Analysts wrapped up their report by noting the average origination balance for all vehicle leases issued through March came in at $16,710, representing a 2.7% increase from the same juncture last year. The average subprime lease amount was $17,712, a 2.9% increase above a year ago.
Equifax emphasized that lease origination values reflect the contract amounts only and exclude expected vehicle residual values.
Overall observations
Equifax closed its latest auto-finance update with general observations from Jennifer Reid, the company’s vice president of automotive marketing and strategy
“We’re certainly keeping a close eye on credit trends as they relate to originations and balances for both financed and lease environments as we move through 2019,” Reid said.
“The lower percentage increase in balances for loans and leases at the end of March indicates that dealers and lenders continue to need advanced data to help them stay ahead of the competition by deciphering key consumer and market trends driving a change in vehicle affordability patterns to arrive at the right price and loan balance,” Reid went on to say.
TrustScience and Inovatec Systems Corp. finalized a partnership this week.
The provider of artificial intelligence-fueled credit scoring and the loan operating system (LOS) provider announced they will partner to release a fully automated lending platform that can enable end-to-end loan management across the entire credit spectrum.
The company said finance companies can be up and running on a fully customized LOS and an AI-powered loan underwriting model within weeks, “not months or years.”
A BETA version of the integration has been underway for several months, and a general release is expected in June.
Mark Eleoff is chief executive officer of Eden Park and a customer of both Trust Science and Inovatec Systems.
“Both Trust Science and Inovatec Systems have proven themselves to be innovative, value-added and very customer centric in working with us to improve our credit decisions,” Eleoff said.
Trust Science CEO Evan Chrapko elaborated about his company’s relationship with Inovatec System.
“This partnership gives lenders the ability to accurately score and lend to an additional 64 million consumers in the U.S. alone, with unprecedented accuracy and speed,” Chrapko said. “The end-to-end, customizable nature of Inovatec Systems’ LOS makes it a perfect partner for Trust Science and our API-based scoring solution.”
Inovatec Systems vice president of sales and marketing Bryan Smith added, “With this partnership, Inovatec Systems will now be able to automate the powerful AI tools at Trust Science alongside traditional credit scoring and risk measurements. Our lenders will have instant access to the Trust Science Six Score to determine creditworthiness based on alternative, uncorrelated data, generating simple and powerful results for a more complete risk assessment of the individual.
“The Trust Science tools will be integrated into Compass Asset Finance (CAF) for credit and funding, driving more innovation and thinking differently,” Smith said.
Launcher is looking to help not only well-established subprime auto finance companies, but also shops looking to get a toehold in the space while they stretch their limited resources.
The technology provider specializing in loan originations, recently announced the release of its new product offering, appTRAKER launchPAD, which is a loan origination system packaged with all of the essential features necessary to propel startups and small finance companies off the ground.
Launcher explained launchPAD was created for finance companies that are looking for a fully-functional loan origination system without the expensive price tag.
“We recognized that there isn’t a good product available for smaller institutions who want a feature-rich system,” Launcher president Nikh Nath said. “We have found that lenders, irrespective of their size, desire access to the same tools in order to succeed, compete and grow. We have developed a solution that is easily implemented, contains all of the necessary origination tools and provides a robust platform for their users.”
Nath went on to highlight launchPAD was designed to be an out-of-the-box solution with little to no additional configuration needed. This functionality is geared to provide finance companies with a quick turnkey implementation to get them originating loans within launchPAD in just a few days.
The company added finance companies will not miss out on functionality as launchPAD is bundled with the same suite of products as Launcher’s appTRAKER Loan Origination System. Finance companies will have access to Dealer Portal, a unique solution that can facilitate more efficient interaction between the finance company and its network of dealers.
Along with application submission and decision information, Dealer Portal can offer communication with live buyers and allow dealers to track the progress of verifications, stipulations, and funding distributions. Finance companies will also have use of appTRAKER DOCS for paperless Document Management and retention along with myDEALER.CARE, a Dealer Relationship Management system for organizing their dealer base.
“As lenders grow, they will be able to seamlessly grow into our fully customizable solutions without any loss of history or data,” Launcher said.
To learn more, go to www.launcher.solutions.
