PRODUCTS
Dealer Verify
Dealers Collect Documents and Clear Stipulations in Real Time
What is Dealer Verify?
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.
