No doubt, both dealerships and their customers want to know ASAP if an application will be approved and a retail installment contract will be bought by the finance company.
Well, the newest initiative from Consumer Portfolio Services is using that exact acronym.
To speed the process for dealers entering and changing loan structure values, CPS recently launched Automated Structure Approval Program — ASAP. The subprime auto finance company explained the portal can allow dealers to enter and “test/toggle” any vehicle and all aspects of the sale terms including vehicle price, down payment, APR, contract term, amount financed and monthly payment.
CPS indicated in an announcement that the portal approves or declines and prices the structures instantly and shows the dealer how much they will receive in funding proceeds.
“Prior to launching this portal, the process for entering and changing deal structures with CPS was mostly manual and a bit clunky,” CPS senior vice president of sales Curt Powell. “This is really a big step forward in our campaign to improve dealer service.”
Powell pointed out the CPS deal structure portal is available to dealers via a hyperlink from Dealertrack and RouteOne approval notices.
“The link makes it super easy. Dealers don’t need a separate sign in to the CPS site,” Powell said.
Powell added this latest project is part of CPS working to create a “best in class” online experience for dealers. He mentioned CPS is also improving its online dealer messaging to make the program “clear and easy” to use.
CPS currently works with more than 8,000 franchised and independent dealers nationwide each month in providing auto finance programs for credit-challenged customers.