A technology first being introduced by iVendi will allow dealers to advise any potential used car, van or motorcycle buyer on why their online motor finance application is likely to fail – and adjust it accordingly.
Eligibility Summary means when a customer tests their likelihood for credit approval online using iVendi technology – an option already offered online by more than 900 motor retailers – a report covering any rejections is sent to the dealer.
This provides a two part analysis. Firstly, a credit score and an applicant score related to the vehicle, each based on iVendi’s own algorithms, output the strength of the applicant as a whole, shown as a percentage figure.
Secondly, a product-by-product assessment highlights where the applicant stands based on the criteria of each member of the dealer’s lending panel. These include policy rules on the vehicle and loan-to-value, information from the consumer’s credit file, and specific lender product rules for the applicant’s personal details.
James Tew, CEO at iVendi, said: “The report will enable dealers to gain a much deeper insight into the reasons why an application may fail a lender’s underwriting criteria, something that is currently simply unavailable to them, and provide specific guidance to the customer on how to improve their chances of success. Steps taken as a result could range from increasing the deposit to opting for a different product altogether.
“Eligibility Summary will help retailers become more efficient by identifying the most suitable lender products based on the make-up of the entire transaction, driving efficiencies for them and for the lender, while meeting customer needs more exactly.
“Ultimately, it tranforms online leads into highly qualified propects that can quickly be turned into deals in a manner that we believe is new in the motor finance sector.”
Eligibility Summary works with any eligibility checks made through iVendi’s CONVERT product, part of the company’s Connected Retail range which was introduced last year.
CONVERT is designed to facilitate the process of initial consumer interest in a vehicle into a sale, both online and in the showroom. Key features include a reservation tool, finance application processing, multi-lender quoting, and consumer-centred finance product information and videos.