Automobile / Vehicle Loan Modification

Loan Modification Market


Manheim Consulting, which analyzes the used-car market, estimated a 10% increase in the total number of repossessed vehicles –-both new and used --to 1.51 million in 2007.


Buyers continued to take out longer and longer loans, an indication they are borrowing more than they can afford. The percentage of prime auto loans with maturity lengths greater than 60 months increased from 12% in 2002 to 41% in 2007. Among subprime borrowers, that rate grew from 33% of borrowers in 2002 to 67% in 2007. "They're basically trying to buy as much vehicle as they can within a monthly payment," Webb said. "By extending it, it allows them to buy more vehicle.“


For the first time in several years, prime lenders increased the number of loans extended to risky consumers. Those with FICO scores below 600 moved from 4% to 8% for used vehicles and 2% to 6% for new vehicles, Bench Mark reported. "They're moving downscale, and they're also lending money to the higher-risk players," Cunningham said.
 

How Does The Vehicle Loan Modification Work?


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With the current economic difficulties, auto / vehicle finance companies are experiencing an increase in late payments as well as repossession. Just like the mortgage industry, auto financing companies becoming more aware of the consumers hardship and are starting to work with them in modifying car notes. Why stop at mortgage loan modification when you have to opportunity to lower and/or modify your customer’s automobile payments as well? In some cases auto loan modification may even benefit mortgage modification clients by reducing the debt to income ratio and increasing disposable income.

Our vehicle loan modification affiliate program is simple and easy. We provide full service origination and backend processing and/or negotiation services. Our backend processing is compiled of 3 stages to ensure efficiencies and accountability throughout the entire process.

 

We will perform the following functions for the sum identified:

Stage 1


• Establish Investor / Servicer for Consumer.
• Identify Vehicle Loan Modification criteria / Consumer hardship requirements.
• Collect and review Asset information from Consumer.
• Collect & review Debt and Income information from Consumer.
• Perform market analysis on through Vehicle Finance Report.
• Compare and Contrast current position against proposed position.
• Identify Consumer hardship / mitigating circumstances.
• Record adequately all germane conversations in tracking software.
 

Stage 2
Processing & Preparation of Vehicle Loan Modification Application. We will perform the following processing functions as necessary for each client file: Prepare vehicle loan modification application including:


• Income Summary
• Debt Ratio Analysis
• Affordability Analysis
• Asset Summary
• Hardship Description
• Verification of Income
• Establish Loan Scenario vs. Proposed Modification Terms
• Record adequately all germane conversations in tracking software.
• Submit completed package to Lender as required.
• Reply and respond to additional information request
• Follow ups on submissions
• Received and Convey modification terms to affiliate and/or client
 

Stage 3

Closing Function: File Accounting, Signing CoordinationOur services will include individual client level accounting, scheduling each vehicle modification execution and filing as well as file closure, reconciliation and tracking. To ensure the file is closed efficiently, Auto Mod Nation shall perform the following functions:


• Verification of Vehicle Loan Modification terms against offer made by Investor.
• Schedule of vehicle loan modification execution with Notary, (as required).
• Filing / confirming lender boarding of vehicle loan modification terms.
 

Why Choose Our Vehicle / Automobile Loan Modification Service

 

We have a state-of-the-Art Front End and Back Web-based Solution.

 The nation’s only vehicle loan modification CRM and backend processing software in the country. Most advanced back office tracking system you've ever seen! We have invested over $100,000 into the system.The CRM and our Backend office is one complete solution enabling you to login and see real time data exchange with our processors and negotiators as they complete your clients vehicle modification loan.

We provide weekly customer service phone calls to all of your vehicle modification clients.Our staff will call your clients (and document the conversation in our CRM) to keep your clients updated and satisfied that work is actually being done.This means no more calls from clients who are wondering what is happening with their files! No chasing conditions Our Processing staff will call the clients to collect any missing conditions or new conditions required by the lender.

Save your money on staffing expenses
We provide our full services at a fixed low price. Having us as your backend will lower overhead cost by eliminating mortgage processor, document technician and closer salaries, benefits, and insurance premiums such as worker's compensation.

Shorten processing cycles
Our backend system is a rapid processing system that was designed from the ground up to make vehicle loan modifications processing under controlled and completed as quickly as possible. With our experts of over 200 staff ranging from experienced negotiators, underwriters, and processors that will assist and oversea the entire operation.
 

Complete the Sale Cycle
By providing a faster service to your clients and contacting them under your business name with our experts, we are certain to increase your clients’ satisfaction which will help generate referral businesses to your company.

Contact Us To Learn More:

714-699-3455