National Auto Finance Establishes E-Commerce Loan Approval System
12 October 1999
National Auto Finance Company, Inc. Establishes Cutting-Edge E-Commerce Loan Approval System
to Auto Dealers Around the Clock
National Auto Finance Company, Inc. (OTC:NAFI), a leading non-prime auto finance company based in Jacksonville, Florida, today announced that it has initiated a revolutionary new online credit review system that will allow auto dealers to receive around-the-clock loan decisions.
In partnership with Internet Credit Systems (ICS) of Irving, Texas, NAFI is providing new car franchise dealers across the country with the ability to give their non-prime auto finance customers nearly instant credit approval and ultimately quick loan funding - provided the customer meets all of NAFI's pre-established programmed credit criteria and funding requirements.
"In our view, this is a revolutionary step in auto financing," said Keith Stein, Chairman and CEO of National Auto Finance Company, Inc. "We've implemented the technology, processes and marketing apparatus that makes waiting for credit approvals a thing of the past."
According to NAFI President and Chief Operating Officer Bill Magro and ICS President and CEO Jim Davidow, who worked closely developing the Internet-based system, here's how it works. Auto dealership finance professionals, using their dealer security code to access the e-commerce based credit system, input credit application information from a customer directly into ICS's website (www.ICSapproval.com). In as quickly as 2 minutes or less - no matter what time of day or night - a credit decision comes back to the dealer. If all of NAFI's credit requirements are verified and approved, NAFI will fund the loan within 48 hours after receiving the properly completed contract package.
"This system is faster, smarter and better than anything else out there because our credit criteria have already been programmed into the system," NAFI's Magro emphasized. "Anyone who qualifies and meets our credit criteria will be automatically decisioned for a loan. And with the national sales organizations that NAFI and ICS have in place, auto dealers everywhere can get answers anytime. This short credit approval time gives dealers the time they need to work with customers on the business of selling cars."
"We're very excited about working with National Auto Finance Company, Inc. on this system," said ICS's Davidow. "Our marketing representatives facilitate the process and ensure the supporting documents are in place before NAFI funds the loan. When NAFI gets the paperwork, and ensures the standard credit criteria have been met, they call the customer to verify the contract information is correct and, in the process, establish a relationship that could deliver more business in the future."
The advantages of working with ICS's leading-edge technology mean greater efficiency and lower costs for NAFI. "In addition to speeding up the loan approval process, we may in the future eliminate many of the costs associated with supporting 800 lines, data entry clerks, and back-and-forth faxing," Magro stated. "Everyone benefits: NAFI, ICS, auto dealers and especially the car buyer who gets a decision right away."
NAFI's new online credit approval system is the latest initiative for the Jacksonville-based non-prime auto finance company. By placing a strategic emphasis on technology, the company has dedicated itself to speeding the application, loan approval and loan funding processes.
National Auto Finance Company, Inc. is a specialized consumer finance company engaged in the purchase, securitization and servicing of automobile loans primarily originated by manufacturer-franchised automobile dealers for non-prime consumers. The company markets its products and services to dealers through the efforts of its direct sales force and through strategic referral and marketing alliances with financial and other institutions that have established relationships with dealers. NAFI has active contractual relationships with approximately 775 dealers in 35 states.