Auto Credit Express Blog
August 29, 2008
How to Improve Funding Time for your Subprime Auto Loans
According to Deborah Malinowski, national sales director of Drive Financial, there are a number of ways that you can speed up the funding process.
Funding your deals is critical
One of the things we strive for here at Auto Credit Express is educating our clients on the importance of getting your subprime car deals funded quickly. These deals need to get funded as quickly as possible. Not only will you have your money in house, but the longer an unfunded deal hangs out there, the greater the chance of something unforeseen happening that will cause the deal not to get funded at all.
Although the steps to getting a deal funded quickly are fairly simple, it’s nice to hear from someone at a lender that this really is true. And even though here remarks were directed specifically at Drive deals, they hold true for all subprime lenders. Here’s what Deborah had to say:
Incomplete funding packages slow the funding process
1. Review your callback – lender stips can vary by program, so be sure to check the callback carefully and gather all stips before sending in the funding package.
2. Be sure that all required documents are in the contract package – although this may sound simple, it is the frequent cause for delays. The items most often left out are the contract, the odometer statement, title documentation and insurance documentation.
3. List a valid employment verification number – Drive, as well as many other lenders, verifies employment on 100% of their deals. If the customer is contacted by the lender, it is important that they return the phone call immediately. Employment verifications are a leading cause of funding delays.
4. Provide a valid contact number for the applicant – Many lenders, including Drive, conduct customer interviews prior to funding.
5. Send the correct number of references – Check your callback for the correct number of references requested, as they may vary by program.
Send in the deal as soon as possible
Deborah also stresses that you should send in a deal as soon as it can be packaged. Most lenders have a 30 day approval expiration date. After the approval window has closed, the deal’s process must start over again from the beginning.
We agree. If you send in clean deals, you’ll get your money faster
In Deborah’s words, “By following the steps I just mentioned, you’ll definitely be on your way to having streamlined funding packages which means you’ll get your money faster.” When it comes to Auto Credit Express, you’re preaching to the choir, Deborah.
And for more information on subprime training as well as LotProOnline, the best subprime auto software on the planet, visit our web site at www.autocreditexpress.net, call us toll free at 888.535.2277 or use our quick contact form.
