PRODUCTS

Dealer Verify

Dealers Collect Documents and Clear Stipulations in Real Time

What is Dealer Verify?

Dealer Verify is an AI-powered tool that enables auto dealers to clear stipulations in real time via digital document collection and instant, automated verifications. Dealer Verify enables up front, accurate income calculations and validation of consumer data at underwriting, matching the lender’s verification policies. Loans are processed faster and more accurately due to best-in-class AI automation, resulting in fewer contracts-in-transit, reduced fraud, and an improved experience for consumers, dealers, and lenders. Dealer Verify features a white-labeled, configurable interface that lenders can leverage as a standalone portal or through their existing dealer portal.  With options for dealers to view real time status, upload documents, or directly request documents or linked accounts from applicants, credit stipulations can be cleared in real-time, increasing transparency and speed for dealers and applicants.

Challenge

During the auto loan application process, dealers must verify an applicant’s income, identity, residence and more. This cumbersome process entails the applicant bringing in physical documents or scanning and attaching them to emails. Dealers must verify the applicant’s information based on guidelines they believe the lender will accept, however the lender may not review the application until days later at funding, long after the applicant has driven off the lot. Certain verifications, such as income, are verified differently lender by lender, resulting in dealer uncertainty over if the deal will be boarded smoothly or require updates. This increases the risk of:

  • trailing documents needing to be collected from the buyer
  • delayed dealer funding due to contract-in-transit
  • potential deal unwind

Solution

Dealer Verify enables auto dealers to harness the full power of Informed’s AI with real-time stipulation clearance at underwriting, giving them upfront confidence that their stipulations will be cleared.

  • Lenders embed Dealer Verify as a link or iframe in their credit decision callback or dealer portal, leveraging existing communication channels with dealers.
  • Dealers can trigger an SMS to consumers for direct collection of documents and linked payroll/bank accounts, or can upload documents they already have.
  • Informed’s AI-powered models instantly analyze the data provided and issues real-time classifications, extractions, comparisons, and verifications. Dealers view the verification status immediately through an intuitive interface.

See our Dealer Verify guide for more info

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