NEW HYDE PARK, N.Y. -

Megasys and Dealertrack now are collaborating even more; a development that might be especially beneficial to subprime auto finance companies.

Megasys, a provider of complete loan servicing systems for the consumer finance industry, announced this week a new facet of its integral partnership with Dealertrack. The latest partnership integration quickens the indirect financing decisioning process with dealers utilizing Dealertrack’s Credit Application Network solution.

Megasys already relied on Dealertrack to manage the electronic lien and title (ELT) process for finance companies, where state mandates require both dealers and finance companies adopt a fully digital titling solution between them and their governing DMV office.

Megasys said it chose Dealertrack as their preferred ELT provider because of the ease of integration along with perfecting capabilities that speed the entire application-to-title process and lien/title management that helps mitigate fraud risk.

Now with the same ease of integration for the F&I portion of finance companies’ processes, Megasys indicated the Omega Loan Origination System has improved service for its subprime auto finance companies by automating the credit application delivery and decision process to provide real-time approvals, declines and counter-offers back to dealers.

“The vast majority of dealers in the subprime finance industry use Dealertrack’s Credit Application Network,” Megasys president Theo Austin said. “We are excited to expand our partnership with such a trusted industry leader. This Dealertrack integration supports our growing customer demand to provide seamless integration to streamline the credit application process.”

Cheryl Miller, vice president and general manager of F&I solutions at Dealertrack, added, “By integrating with Megasys’ Omega LOS, Dealertrack’s network of lenders can receive credit applications from their dealers in real time and return automated decisions — cutting down time consumers must spend in the F&I office.

“This drastically improves satisfaction with the entire buying process,” Miller went on to say.

For more information about Dealertrack, visit www.Dealertrack.com.