From rates to refunds: Tips to accommodate an auto loan refinancing bump in 2025
From rates to refunds: Tips to accommodate an auto loan refinancing bump in 2025 Read More »
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Auto Loan Refinancing in 2025: How Lenders Can Leverage AI and Handle GAP Refunds Effectively
As we move closer to 2025, the auto lending industry stands on the brink of transformation, spurred by the Federal Reserve‘s interest rate cuts in the latter half of 2024. These reductions are anticipated to trigger a wave of auto loan refinancing, bringing both new opportunities and unique challenges for lenders in the year ahead.
Tracking the Auto Industry’s Response to AB 2311: New Data on GAP Waiver Violations
This blog is a follow-up to previous blog: Tracking the Auto Industry’s Response to AB 2311 GAP Waiver Requirements Part 1: Tracking the 4% Limit Compliance for GAP Waivers This report updates Informed.IQ’s 2023 analysis of auto industry compliance with AB 2311, the California law that imposes limits on the sale of Guaranteed Asset Protection (GAP)
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How GAP Refunds Impact Auto Loan Refinancing
When refinancing an auto loan, a crucial aspect that can affect your financial outcome is the Guaranteed Asset Protection (GAP) refund. We aim to provide comprehensive insights into how GAP refunds can influence your refinancing journey and help you make informed decisions. Our lenders benefit from compliant and efficient operations and their clients get a
Ensuring Compliance and Accurate Refunds for Auto Aftermarket Products: Solutions for Lenders
Aftermarket Products are optional add-on products that dealers sell car buyers at time of purchase. These range from GAP waivers, vehicle service contracts, anti-theft devices, maintenance plans, tire-and-wheel coverage, and more. Funding Team Challenge Auto lenders must ensure that the aftermarket products they fund are compliant, properly cover the borrower and add value. For example,
OCR is the past, AI is the future
OCR has a long way to go, especially in the auto industry where forms change constantly and new document types are added regularly. However, by combining state-of-the-art OCR technology, with applied intelligence “learned” from a purpose-built large language model (LLM) and subject matter experts, solutions like Informed intelligently “read” the document, turn it into actionable
Deciphering Aftermarket Products: Leverage AI to better understand your deal jackets
In auto finance, retail installment sales contracts (RISCs) outline the terms and conditions agreed between credit applicant, auto dealer, and lender. A crucial part of this contract is the section, “Itemization of Amount Financed.” Furthermore, this is where the contract displays the details: sales price, taxes or fees, and any aftermarket products (VPPs) the borrower
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