Business
Consumer Portfolio Services Leverages Informed.IQ’s Dealer Verify to Enhance Loan Processing, Increase Capture Rates, and Improve Dealer Experience
AI-Powered Tool Enables CPS Dealers to Verify Stipulations in Real Time, Streamlining Loan Originations and Reducing Contracts-in-Transit LAS VEGAS, NV, Oct.
About this update from Consumer Portfolio Services, Inc.
[{"type":"text","content":"AI-Powered Tool Enables CPS Dealers to Verify Stipulations in Real Time, Streamlining Loan Originations and Reducing Contracts-in-Transit\nLAS VEGAS, NV, Oct. 07, 2024 (GLOBE NEWSWIRE) -- Consumer Portfolio Services, Inc. (Nasdaq: CPSS) (“CPS” or the “Company”), a leader in providing indirect automobile financing to consumers, today announced the successful integration of Informed.IQ’s Dealer Verify tool into its loan origination process. This advanced AI-driven solution enhances the dealer experience by automatically verifying stipulations, improving capture rates, and reducing contracts-in-transit. CPS has consistently focused on leveraging technology to enhance its operations across the subprime auto lending cycle. For years, CPS has utilized AI and machine learning to streamline its underwriting processes, improve risk management, and optimize dealer performance. The Company’s proprietary AI-driven models have enabled the approval of higher-quality loans, resulting in better credit performance, enhanced collections, and stronger portfolio growth. With the integration of Dealer Verify, CPS is further expanding its use of AI to improve dealer efficiency. By automating the collection and real-time verification of key consumer stipulations—such as proof of income, bank account statements, and other necessary documents—Dealer Verify enables CPS dealers to process loans more quickly and accurately, reducing delays, minimizing fraud risk, and enhancing customer satisfaction. Dealer Verify processes various document types and data sources, automating calculations, identifying omissions, and flagging potential fraud to ensure accurate decisions in real time. When dealers submit documents through CPS’s secure Dealer Verify portal, they receive immediate feedback, eliminating concerns about non-conforming stipulations or image quality issues. This allows any issues to be resolved quickly, ensuring all documents are verified quickly and ready before customers leave the dealership. “By leveraging Dealer Verify, CPS dealers are now equipped with the tools to handle loan originations more efficiently,” said Mike Lavin, COO at Consumer Portfolio Services. “This technology allows us to provide a streamlined, frictionless experience to our dealers, ensuring deals are processed faster, with fewer errors, and with significantly less risk of con...