Why Wait to Collect Your Auto Finance Deficiencies?

Autofi HR

Sell Your Defaulted Loans, Immediately Reinvest the Proceeds into New Loans 

1. Why Sell Your Auto Deficiencies? Auto deficiencies are harder to recover than some of the other asset classes. They also tend to have higher balances. Instead of spending time and resources attempting to collect, some auto lenders choose to sell these defaults. Liquidating these accounts enables an immediate return and those proceeds can be used to issue new loans, or to improve business operations.

2. Why Use a Broker? Creditors use a broker to get the best net price from multiple debt buyers or agencies. In essence, they harness the competitive nature of multiple debt buyers bidding. Also, a broker has the expertise and knowledge about the debt buyer’s historical track record and reputation.

3. Why Oversight and Compliance? As a debt seller, you are responsible for having a post-sale process in place to identify the chain of custody until the loan is paid in full or settled in full. Do you know where your sold accounts are? EverChain knows. Do you have a way to track chain of title after resale? EverChain does. And you can too, using the EverChain debt management platform.

4. Why Technology? EverChain is the only company with a technology platform designed to help creditors monitor, sell and track post-sale activity for the life of your sold accounts. Our cloud-based technology enables code-driven compliance and creates efficiencies to increase your bottom line and protect your brand and consumers.

5. Why EverChain? We work with many of the major auto finance firms to help them liquidate their distressed auto accounts compliantly, protecting their brand in the process, safeguarding their consumers, and adding millions to their bottom lines. You can learn more about the EverChain difference in our Recovery Checklist.

To learn more about why companies sell debt, and how to sell your debt, you can read more on our BLOG, or on our WEBSITE.

EverChain specializes in helping auto lenders like you safely and compliantly liquidate their uncollected receivables to create an immediate and steady cash flow - all while ensuring that your consumers and your brand reputation are protected.

EverChain's Recovery Management Solution (RMS) is the only way to compliantly sell your debt portfolios and ensure that your customers have a better experience throughout the entire recovery process. EverChain understands that recovery is part of the customer journey, and so the experience should be consistent with the experience pre-default. And since it's much better (easier and less expensive) to keep an existing customer than earn the business of a new one, we help you deliver a consistent brand experience from loan issue to Paid in Full or Settled in Full. 

To read more about auto deficiency balances, check out this MoneyChat article: What Is An Auto Deficiency Balance, and How Do I Resolve It? (receivablesinfo.com)

Schedule your autofi debt sale consultation today!