JACKSONVILLE, Fla. (PRWEB) October 17, 2017
LAUNCHER.SOLUTIONS (Launcher), a technology provider specializing in subprime automotive loan originations, has integrated access to Carfax® Vehicle History Reports™ into its core product, appTRAKER Loan Origination System. Now, subprime auto lenders can get Carfax information for used vehicles before executing a loan, protecting both the lender and the potential borrower.
“An important piece of the underwriting process is being able to accurately assess the value of a vehicle as collateral,” said Nikh Nath, President of Launcher. “Lenders have been asking for this integration, so we are happy to meet their needs.”
Launcher's appTRAKER Loan Origination System is designed specifically for subprime auto lenders so every aspect of the system, including collateral assessment, is carefully aligned with the goals of the subprime loan origination process. Using the vehicle identification number (VIN) or license plate information, lenders see Carfax data that helps them identify potentially dangerous and costly issues such as accidents, flood damage, odometer fraud, title washing and more. These problems can lower a vehicle's value by up to 50 percent, lead to costly repairs, and increase the risk of loan default.
“Thousands of lenders use Carfax data to help better assess the condition and value of used cars,” said David Lackey, general manager of the Carfax Banking & Insurance Group. “While there are lots of great used cars available there are also many with potential problems including the hundreds of thousands flooded as a result of Hurricane’s Harvey and Irma. Working with partners like Launcher, subprime lenders can easily avoid these and other problem vehicles while using the new VIN-specific Carfax History-Based Value to more accurately set their loan-to-value ratio based on a vehicle’s unique history.”
The concept of lenders reviewing vehicle data prior to making a loan decision is not a new one, but many lenders still leave out this important part when underwriting a loan. The integration partnership between Launcher and Carfax gives lenders additional ammo in their artillery by allowing them to analyze every aspect of a deal to make the best holistic decision.
About LAUNCHER.SOLUTIONS: LAUNCHER.SOLUTIONS is a technology products and services company built on the foundation of care, understanding. innovation, and speed. It specializes in the subprime/nearprime automotive lending industry. Its innovative products include appTRAKER LOS, myDEALER.CARE dealer relationship management system, and myACCOUNT.CARE customer self-service and communication solution. LAUNCHER.SOLUTIONS has service offerings aimed at helping its clients with projects related to data analytics, data integration, telephony and custom web development. Learn more about LAUNCHER.SOLUTIONS at http://www.launcher.solutions or call us at 877.5LNCHER. Follow us on LinkedIn at https://www.linkedin.com/company/launcher.solutions.
About Carfax: Carfax, a unit of IHS Markit (Nasdaq: INFO), helps millions of people every day confidently shop, buy, own and sell used cars with innovative solutions powered by Carfax vehicle history information. The expert in vehicle history since 1984, Carfax provides exclusive services like Carfax Used Car Listings, myCarfax, Carfax History-Based Value and the flagship Carfax® Vehicle History Report™ to consumers and the automotive industry. Carfax owns the world’s largest vehicle history database and is a nationally recognized top workplace by The Washington Post and Glassdoor.com. Become a Carfax Banking & Insurance Group lender at http://www.CarfaxBIG.com or call 800-789-6232. Based in London, IHS Markit is a world leader in critical information, analytics and solutions.