Service
LOAN SERVICING
Lender Systems provides optional loan servicing for its clients who
prefer to take advantage of out sourcing their collection needs.Lender
Systems, Inc. “LSI” offers a turnkey accounts receivable management
service for dealers and finance companies servicing the non-prime and
sub-prime automotive clientele.
A true alternative to a non-prime finance company’s
in-house resources, LSI offers a very high level of practical know-how and
technical experience, thus reducing the need for maintaining an in-house
billing or collection department. By taking advantage of LSI's economy of
scale, LSI provides a higher value and a less costly service then in most
cases can be achieved by keeping billing and payment processing in-house.
Service Overview
LSI covers most aspects of billing and collection support
services associated with the used car business and represents a client
company as an extension of its own in-house financial functions and
responsibilities. This begins with complete understanding of the client
company's situation, objectives, and constraints.
Specifically, LSI’s service is designed to cover all the
details and problems that arise for a used car dealer, related finance
company or independent finance company who finances sub-prime auto
installment contracts.
An overview of LSI’s services includes, but is not limited
to, contract data verification, on-going changes in payer data management,
sending out payment coupons, managing and monitoring various types of
interest loans, confirming insurance, monitoring and managing insurance
issues with debtors, overseeing lien sale issues, providing live phone
contact for reminder calls and collection calls, coordinating payoffs for
your customers, disbursing funds and related documents between lien holders
and other dealers, negotiating insurance settlements, sending out
repossession orders and intent to repossess letters if necessary depending
on state law, coordinating repossessions, sending out certificates of
repossessions, notices of intent to dispose, re-marketing assistance and LSI
also provides data backup in case there is a need for disaster recovery.
LSI alleviates much of the risk associated with the
credit-challenged car sales business by its understanding of the industry
and its dedication for hard work.
There are several good reasons to consider farming out your collections to Lender Systems, Inc.
● Reduces Dealer Stress.
●Allows Dealer to focus, thus selling more vehicles and Increasing Profits.
●Enhances Dealer credibility by having a 3rd party bill and
process payments.
●Offers consumers more payment options thus enhancing your cash flow.
●The cost of out-sourcing billing is normally less than attempting to set up
a sophisticated in-house payment processing and billing solution.
●3rd
party billing services are more effective in clearing up communication
breakdowns with consumers.
●Consumers take a Dealer’s monetary interest more seriously when managed by
an independent billing and collection service.
●Trained billing and payment processing professionals who talk with consumers
all day, every day, have a higher response and success rate than part-timers
or the inexperienced who can’t focus full time on billing.
●Dealers have less book keeping errors when out sourcing
their billing and collection needs.