TransUnion Announces New Automotive Financing Solutions
CHICAGO, July 1 -- With auto loan delinquencies rising more than 27 percent in the last year and with the already highly competitive auto industry enduring bankruptcy issues, auto dealerships and lending institutions face challenges to keep a steady flow of customers.(1) To assist the industry in today's dynamic economic climate, TransUnion announces the launch and availability of Auto Summary and APR Estimator, new solutions to provide insight when evaluating a customer for financing. These solutions will help finance managers, captive lenders, bank lenders and credit union managers streamline the auto financing process and provide them with a competitive edge.
Serving as an add-on to online credit reports, TransUnion's Auto Summary and APR Estimator will help car dealers make more informed decisions on consumer loans and financing. These solutions provide information on the five most recent auto trades, summarize data on auto payments, delinquencies and balances as well as estimate the consumer's APR on existing auto loans all through an online credit report. This decisioning information can be used to quickly identify the type of vehicle and finance options that best suit the customer's capacity to pay and help meet customer expectations.
"In this difficult sales market, dealers need a strategic, insightful tool to help understand their customers' current financial situation and provide competitive, timely offers," said Peter Turek automotive vice president in TransUnion's financial services group. "With Auto Summary and APR Estimator, dealers can spend more time selling and less time worrying about if a consumer can get financed."
Helping to achieve greater efficiency, Auto Summary and APR Estimator also can help lenders improve the underwriting process, enhance portfolio reviews and analyze lost sales to help refine future program offers and pricing. These automotive finance solutions enable lenders to quickly and accurately access current customer interest rates to provide competitive financing offers.
To learn more about Auto Summary and APR Estimator and how to use these solutions to manage risk more effectively, visit www.transunion.com/business.