TurboPass is continuing to build relationships with finance companies that specialize in subprime paper.

Soon after announcing a finalized strategic partnership with Turner Acceptance, TurboPass also shared that it’s working with Automotive Credit Corp. (ACC) to leverage its universal income validation solution and find more details about consumers’ ability to pay on a retail installment contract.

The companies highlighted that dealers can now send a simple text message to a consumer at the point of sale or during their shopping process to validate “ability” that’s ready in seconds, saving valuable time in the vehicle buying and closing process.

This process can enable finance companies to have funding dashboard access to validate dealer-initiated reports eliminating the need to send personal identification documents in the funding package.

“After analyzing alternatives and in light of the current unemployment situation, we are moving forward to sign up all of our dealers nationwide onto the TurboPass platform. This will allow dealers to collect income, employment and proof of residence data, streamlining the stip-clearing process to get deals done faster and to minimize incidents of errors and fraud,” ACC chief operating officer Mike Opdahl said in a news release.

Founded in Michigan in 1992, ACC has partnerships with thousands of dealers throughout the United States including Arizona, California, Colorado, Florida, Illinois, Indiana, Michigan, Minnesota, Nevada, Ohio, New York, and Utah.   

“Our team members are happy to leverage this innovation because it helps our dealers succeed in many ways,” ACC business development director Michael Blasius said. “It also helps our underwriting teams make solid and fast decisions. 

“With the new COVID realities, this novel method is not only customer-authorized and (trusted), it allows us to deliver great value to our dealership partners around the country,” Blasius went on to say.

TurboPass can eliminate the hassle and risk associated with document-based verification of income, employment and residence and provides trusted direct (bank and credit union) source data that can fulfill finance companies’ need for copies of bank statements, proof of income, proof of employment and other stipulations. 

“The TurboPass report is a unique solution in the auto finance ecosystem. It’s something that our dealers have said is a long-time coming,” TurboPass co-founder and chief executive officer Mike Jarman said.

“In light of the coronavirus environment, verifying income and employment is difficult, yet more important than ever,” Jarman continued. “The fact that ACC, an innovative and important lender to so many used-car dealers in America, recommends and accepts TurboPass to clear stips and is now actively promoting its adoption to its thousands of dealers is both exciting for our company and indicative of where the industry is moving.”

For more details about the companies, go to automotivecredit.com and turbopassreport.com.