VIN Verify instantly reads vehicle’s VIN | Advantage GPS

Automatically Verifies VIN

VIN Verify Offers Finance Companies Stability, Surety

Automotive finance companies have many challenges, and most repeat themselves on a daily basis, especially in the subprime marketplace. If the cars don’t run, the customer doesn’t pay. Many subprime customers are cash-strapped, and are late with their payments. Communicating with customers can be difficult as traditional methods of connecting have changed. Attempting to locate and repossess a vehicle in the event of default is costly, and immediately hits the bottom line.

Finance companies that purchase contracts from dealers in exchange for capital, have another set of issues that go to the heart of the business. Since the finance contract is what the capital provider is actually purchasing, inaccurate information on that contract can be an expensive problem. Sometimes retailers cut corners or engage in unscrupulous tactics, and this can put the finance company’s capital at risk.

Recognizing these unique challenges Advantage GPS has added a new feature, VIN Verify, to its  Evo hardware platform. VIN Verify immediately recognizes the vehicle’s VIN number when the Evo VIN Verify is connected to the vehicle. The VIN is populated to the cloud and the information is then shared on the auto lender’s electronic dashboard. This insures several things. First, it provides the certainty that comes with knowing the vehicle that serves as collateral for the finance contract, is the actual vehicle on the contract. Secondly, it insures that the device has not been moved to another vehicle in an attempt to obfuscate or defraud the finance company.

This surety goes far beyond “peace of mind.” It is more like an added level of security, giving the finance company the ability to “trust but verify” each of the contracts it has financed.

BHPH dealers who hold their own notes obviously benefit from this new feature as well. The system saves time by auto collecting the VIN, and eliminates errors that can occur during manual entry. The data collected by the Evo VIN Verify device helps with making real-time collection decisions, and assists with future underwriting as well. If they do opt to sell some or all of their portfolio they will have an added level of trust with their lender, because finance companies must have 100 percent accurate data to be fully compliant with laws and regulations. This is absolutely necessary for them to manage their risk portfolio. VIN Verify gives finance companies the full confidence the vehicle they financed is the correct vehicle and protected by Advantage GPS.

VIN Verify is a vital tool for recovery specialists as well. They have immediate access to the vehicle’s VIN giving them the ultimate fingerprint to identify the right asset. This new technology was immediately embraced by Advantage GPS partner the American Recovery Association.

If you would like more information or product details, please contact me:

Michelle Jackson - Executive Sales Director - Advantage GPS

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