MBSi and VINchex roll out automated lien verification solution to address wrongful repossessions
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Wrongful repossessions might be the top trigger of migraines or nightmares of executives and managers who oversee collections at auto-finance companies.
Experts say wrongful repossessions can cost lenders $50,000 to $150,000 per incident, and lien verification failures can account for 8% to 12% of wrongful repossession claims.
To help lenders avoid that anguish, MBSi and VINchex on Tuesday rolled out full market availability of VINchex’s lien verification solution.
Powered by MBSi’s platform, executives said VINchex’s solution is now market-tested with early adopters and has proven to be effective at reducing inadvertent repossessions related to undetected lien loss.
VINchex highlighted that it proprietary lien verification solution was designed, prototyped, and developed by professional skip tracers. VINchex can generate a current, accurate view of the vehicle’s lien status which ties directly into the repossession eligibility.
MBSi and VINchex said they have delivered robust real-time data integration to ensure all customers have access to accurate lien data, independent of MBSi’s RecoveryConnect case management platform.
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“Our partnership combining VINchex’s solution with our software infrastructure creates the broadest possibility of adoption for existing MBSi customers as well as all other industry buyers,” MBSi president Ray Peloso said in a news release. “We set out to provide a solution that can work holistically across the entire industry.
“Working collaboratively with VINchex as well as our existing test customers has resulted in a truly different solution to be brought to market,” Peloso continued.
VINchex founder and CEO John Houston added, “We’re excited to partner with MBSi to bring VINchex’s lien verification to market.
“Our solution is unique in that we validate lienholder data across multiple, independent data sources, delivering broader coverage, greater transparency, and meaningful efficiency,” Houston went on to say. “By coupling VINchex with MBSi’s platform, any customer can gain seamless access to reliable data exactly where recovery decisions are made.”
So maybe lenders now can hold the Advil and sleep soundly.
