Turner Acceptance is bringing on some technology reinforcement to help the subprime auto finance navigate its way through underwriting during the coronavirus pandemic.
This week, Turner Acceptance finalized a strategic partnership with TurboPass to leverage its universal income validation solution and find more details about consumers’ ability to pay on that retail installment contract.
The companies highlighted that dealers can now send a simple text message to a consumer at the point of sale or during their shopping process to validate “ability” that’s ready in seconds, saving valuable time in the vehicle buying and closing process.
This process can enable finance companies to have funding dashboard access to validate dealer-initiated reports eliminating the need to send personal identification documents in the funding package.
“Ensuring affordability is something we take very seriously at Turner Acceptance,” chief executive officer Jonathon Levin said in a news release. “We want to help our customers succeed and after testing most of the major VOI/VOE/VOR providers in the industry, we’ve found that TurboPass reports are the best way to do help our customers get into the right car at the right terms”.
Turner chief originations and marketing officer Andres Huertas added, “Because we feel that the TurboPass solution is in the best interest of our dealers, our customers and for our industry, we are not only including the requirement of TurboPass on our call-backs, but were also actively working to sign our dealers up on the solution.”
TurboPass co-founder and chief operating officer Ken Jarman elaborated about working with finance companies like Turner Acceptance, especially now as the U.S. economy has been impacted dramatically by COVID-19.
“The TurboPass Report is something that has been sorely needed for dealers for a long time. Just as dealers pull credit on almost every customer to help customize the right offering for each customer, the same can and should be done as it relates to income and employment,” Jarman said.
“In light of COVID-19, verifying income and employment is more difficult than ever,” Jarman went on to say. “Having Turner as a committed partner is exciting for our company and for the industry in general.”