Credit Reports & The Automotive Industry

The military lending act is a program that helps protect lending for active service members and their families. Federal law has established additional regulations for lenders when working with the military and their covered dependents. This law limits a 36% cap rate on most consumer loans, usually including finance charges, credit insurance premiums, and different fees.

Soft Pull Solution gives additional information in a credit report that is specific for car dealerships. With the auto finance summary, you’ll be able to see your prospects' auto history. This summary gives you information such as rates, payments, and other pertinent information on their current car loans. This helps car dealers and finance managers better understand what kind of rate a shopper is expecting, where they want their monthly payment to be, and how much money they owe on their current auto loan.

You can also use a plate to VIN to save you and your client time and money by simplifying trade-in processes. Using vehicle information will allow you to receive details about vehicle descriptions, titles, and registration data.

19 Jun 2020

Dealerships

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