Sub-prime lender of automotive retail title loans
Client Location, Areas Served
South West United States serving selected U.S. states
Complete change over from auto dealer specific software
Problems to Resolve
The previous auto loan software was designed for dealer sales and inventory management and was not specific to vehicle finance. As a result, there were numerous shortcomings:
✓ Posting calculation errors
✓ No live amortization schedule
✓ No residual interest or short payment tracking
✓ No interest income accrual
✓ Minimal loan and vehicle asset detail
✓ No ability to post principal only payments
✓ No ability to report to credit bureau
✓ Hold back to future growth potential
Stated Business Needs
✓ Credit reporting
✓ Late fee, NSF and Repossession rules by state jurisdiction
✓ Vehicle Title, Insurance and Valuation tracking
✓ Repossession and Auction activity tracking
✓ Collection and Legal/In Court tracking
✓ Delinquency tracking
✓ Ability to take on more loan contracts and expand the portfolio
Ryznware™ Implementation Results and Benefits
The change over process and entry of all historical loans provided customer with the opportunity to correct prior errors, reconcile each account and obtain a more detailed and accurate transaction basis for each contract. All stated business needs were addressed with program tailoring to suit client’s current procedures relating to their unique dealer agreements in place. In addition, vehicle movement, repossession and legal activities were modeled according to their current procedures and made compliant with governing state laws.
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