Making Life on Lenders a Bit Easier
As more credit-challenged customers come into dealerships, BHPH dealers take more loans at potentially higher risk. To offset this risk, it’s vital they perform due diligence when verifying customer home addresses and employer information.
Typically, verifying loan references or as often called stipulations (STIPs) requires staff to devote countless hours on multiple phone calls to verify addresses and workplace information. These are hours that would be better spent serving customers and selling vehicles. What’s more, customers don’t always appreciate calls to their employers and landlords asking to verify information they have provided. It’s intrusive and can set a tone of distrust.
At Spireon, we’ve heard dealerships talk about the pain, the cost, and the resource-drain surrounding STIPs. We’ve come up with a solution. The GoldStar Reference Genie™ feature automates the entire process.
Here’s how Reference Genie works:
- Automated address and employer verification: Instead of calling around to check that Joe Smith indeed works at the local gym and lives at 123 Main Street, you simply enter the addresses you need confirmed. Reference Genie automatically conducts background analysis based on defined reference criteria and then auto-generates results. References that pass can be filed, freeing you to focus on references that raise red flags.
- Faster loan processing: Reference Genie makes it easy to close out STIPs faster, so loans can be sold or processed more easily. Faster loan processing leads to faster cash flow — and that’s always a good thing.
- Track home address or employer changes: When a customer moves or changes jobs, he or she can forget to update his or her information with the dealership. Reference Genie identifies location patterns that clue you in to these changes, allowing you to touch base and keep customer information current.
- Location tracking: Identify potential locations for each GPS-installed vehicle. For example, if Reference Genie identifies a frequently visited location, it’s likely he/she will visit that place again.
Automated STIPs is just one of the many innovations powered by Spireon that simplify life for a BHPH dealer, allowing you to focus on running your business. Learn more and schedule a free GoldStar demo at spireon.com/goldstar-gps-vehicle-tracking or by calling one of our friendly experts at 800.557.1449.