Introducing automated loan modification for auto loans.
With millions of auto loans in deferral programs, restructuring loans can mean the difference between margin retention and partial or total loss.
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Reduce delinquency and charge-off.
With auto loans emerging as one of the hardest-hit categories of credit amid the coronavirus pandemic, the ability to offer automated loan modifications, typically reserved for mortgage loans due to cost, is a game changer for the auto industry.
As collection moratoriums are lifted and short-term payment extensions expire, extended relief options are limited. Offering mortgage-style loss mitigation solutions for auto loans can help reduce delinquency roll rates, charge-off and bankruptcy - and are affordable when automated.
Not everyone can afford to keep their vehicle.
Unfortunately, many people will not be able to make their monthly payments and keep their vehicle. To reduce risk and the manual effort to repossess, Constant automated the voluntary surrender process. By allowing customers a quick and easy way to transfer the vehicle, lenders protect the value of their asset.
Compliance risk is real.
As COVID-19 appeared, lenders became overwhelmed with requests for payment relief. Many, including large banks, did not have the tools to manage the massive volume, and tracked extensions and deferrals on Excel spreadsheets exposing them to unintended compliance risk.
The next few rounds of relief options will be far more complex. Moving from a rudimentary tracking system to a fully automated platform that applies consistent rules across your portfolio could save millions of dollars and months of effort responding to supervisory actions.
The AutoCare application is enabled by our flexible, cloud-native platform. The modular structure allows servicers and collectors to adopt only the applications and add-ons they need - or to adopt them all.
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