Products Automotive Account Servicing Scalability and Flexibility to Manage Indirect Retail Loans and Leases
Products Speed and agility are paramount to success in indirect vehicle financing. As the complexity of doing business has grown, so has the need to streamline business processes to manage your assets. Automotive Account Servicing from Fiserv is a comprehensive, scalable financial accounting and servicing solution for all types of automotive retail loans and leases. The most successful servicers focus their operations on managing risk exposure; leveraging size and scale to optimize processing efficiency; and meeting the needs of all their customers. Fiserv lets you maximize the lending experience with solutions to manage the complete lending cycle. We continually make investments in technology solutions that meet both market demands and customer expectations. We also offer unique outsourced services that support diverse business models. Our seasoned auto finance portfolio management professionals offer world-class consulting services, allowing you to focus on satisfying your customers and growing your business. Automotive Account Servicing helps make lifecycle loan management the center of your lending operation. By offering support for diverse finance business models and Flexibility to Support Portfolio Segregation Requirements proven scalability, Automotive Account Servicing enables all financing options to be boarded and serviced quickly and efficiently. The Fiserv solution automates all servicing transactions from payment posting, customer service and title management through collections and collateral and recovery management. Account Servicing Support Automotive Account Servicing lowers transaction costs, enforces process consistency, mitigates risk and promotes profitable growth. Although used by some of the largest lenders in North America, Automotive Account Servicing supports the loan and lease servicing, collections and reporting needs of any size organization. Once a deal is funded, loan data from Automotive Loan Origination System from Fiserv or another LOS platform is channeled to the accounting system in real time. The solution enables consistent compliance with your specific business processes while optimizing portfolio management with proven best-practice management controls. Automotive Account Servicing also facilitates your unique portfolio management requirements for general ledger reporting purposes. You can segregate accounts into unique region/ branch GL groupings or transfer to new GL regions/branches, which treats them as specific portfolios for securitization, reporting or servicing purposes. Automotive Account Servicing is able to configure lease and loan portfolios into unique General Ledger groupings. As a result, accounts can be siloed by investor, brand, locality, or other purposes. 1
One Technology Source for Your Auto Servicing Needs Customer Service Module Throughout the life of a loan or lease, you have many opportunities to build a solid relationship with each customer. Our Customer Service module allows your customer service representatives to provide premium service and gain maximum benefit through easy access to customer account data. Efficiently record, execute and track activity using queues based on clientdefined parameters to divide the workload. For each account, the representative will be able to take advantage of the following: Instant review of up-to-the-minute account activity and history Email, fax or ad-hoc letter correspondence Creation and viewing of memos throughout all modules or individual modules Customer and dealer payoff quotes Account payment questions and maintenance tasks Tracking of late charge adjustments, due dates, and tax and insurance inquiries Statistical review of employee productivity and staffing requirements Title Management Module Effective title management is a significant factor in automotive finance for reducing risk. Automotive Account Servicing enables you to track and manage titles by status and quickly identify titles that are missing, or ones that require corrections or reissues. The system offers automated forms and affidavits to reduce processing time and also handles unidentified title processing and title release. With the system s Title Management module, you avoid unsold vehicles at auction and delayed or denied residual value claims due to missing titles. Title Management capabilities enable the following: Title status tracking Timely release of title Duplicate title requests and corrections Lien perfection processes that confirm lienholder name and address Collection Management Module Collections depend on more than just balance and payment information. Automotive Account Servicing functionality prioritizes collection activity according to your criteria, allowing you to track and manage delinquent accounts and maximize the effectiveness of your collections team. Workflow follows your specific guidelines and ensures regulatory demands are met. The Collection Management module performs the routine steps so your collectors can concentrate on the accounts that need expert intervention. This approach gives you an important advantage. Automotive Account Servicing provides your collectors with real-time data whenever they speak to a consumer. Comprehensive coding makes it easy to record the outcome of every attempted or completed contact. Collection Management capabilities enable the following: Automatic placement of delinquent accounts into queues to be worked by collectors 2
Easy-to-view work lists so managers can stay on top of their team s efforts and make adjustments as necessary Online, real-time access to payment history and Customer Service memos Single and multiple promise-topay arrangements On-demand reporting to view customer credit capacity Right-to-cure processing Account tracking based on unique statuses such as skip tracing, bankruptcy and insurance Fully automated repossession assignment and tracking Inventory Management Module When disposing of grounded cars, time is money. Your portfolio management system is a critical tool at this point. Once a car is grounded due to repossession, a scheduled term of a lease or a balloon note, our Inventory Management module allows you to monitor, track and update vehicle status through the final sale. Automotive Account Servicing offers complete control of your inventory and auction activity. Online status is available in summary and detail showing grounded, in-transit, sale prep, condition reports, and sold status. Vehicles not sold can be re-assigned a new sale date or transferred to another location. Inventory Management capabilities enable the following: Complete control of auction activity Online detailed or summarized status for every vehicle Integration that eliminates duplicate data entry and ensures data integrity Automated work queues that efficiently manage workflow Vehicle evaluations Black Book valuations at time of receipt and monthly with variance comparisons Recovery Management Module Automotive Account Servicing provides comprehensive information for both collections and accounting. The Recovery Management module helps you track and collect fees and remaining balances on end-of-term leases and other closed-out accounts. The collector can obtain complete and accurate information online about the lessee s liability amounts, including original balance, payments received, adjustments and remaining balance. The collector also can make concessions or adjustments, with changes reflected immediately on the customer s statement. Recovery Management capabilities enable the following: Automated billing and collecting on closed-out accounts Account data on amounts due for excess mileage, wear-and-tear or contract deficiencies New general ledger accounts with details needed to perform profitability analysis Tracking and management of accounts assigned to outside collection agencies Performance statistics for internal collections and collection agencies 3
The Fiserv Advantage for Efficient Indirect Loan and Lease Accounting Take the lead and keep it by partnering with a proven winner. Fiserv has focused on providing auto finance technology solutions and services to clients for over 30 years. Our technology has supported millions of loan and lease transactions for banks, captive finance companies and independent auto finance organizations across the United States and Canada. Our scalable technology, flexible configuration models, partner integrations and variety of delivery options provide the right servicing solution for community banks and for some of the largest loan and lease portfolio servicers in the automotive lending industry. Our seasoned auto finance portfolio management professionals offer world-class consulting services, allowing you to focus on satisfying your customers and growing your business. The Fiserv team has deep knowledge of all automotive processes, whether lease or loan. Fiserv experts follow the regulatory issues that affect your business and can assist you with planning and best practices. Our team provides a full line of services for the entire life of an automotive finance contract. When markets or business directives change, you can choose to transition from outsourcing to in-house operations or to specific outsourced services. Connect With Us To learn more about Automotive Account Servicing, please call 800-872-7882, email getsolutions@fiserv.com or visit www.lending.fiserv.com. Key Benefits Online, real-time support presents relevant information about automotive retail loans and leases Transaction workflow and exception enforcement provide a clear framework to help manage risk for both prime and nonprime assets Comprehensive modules for customer service and title, collateral, collections, inventory, end-of-term and recovery management streamline processes Manual or LOS batch add interfaces provide flexible options for account on-boarding User-defined parameters give maximum control to management and staff Full support for all contract types, including balloon notes, allows users to service nearly every type of loan A broad range of lease management tools, including sales and property tax assessment and reporting, simplifies complex transactions Numerous interfaces, including lockbox, corporate GL, insurance tracking, Metro 2 credit bureau, monthly combine report file, and COLD reporting enhances system efficiency Simplified administration allows servicing operations to stay compliant with regulatory demands Hosted, licensed and business process outsourced options meet the delivery requirements of any size institution 4
About Fiserv Fiserv is driving innovation in Payments, Processing Services, Risk & Compliance, Customer & Channel Management, and Insights & Optimization, and leading the transformation of financial services technology to help our clients change the way financial services are delivered. Visit www.fiserv.com for a look at what s next, right now.
Fiserv, Inc. 255 Fiserv Drive Brookfield, WI 53045 800-872-7882 262-879-5322 getsolutions@fiserv.com www.fiserv.com 2013 Fiserv, Inc. or its affiliates. All rights reserved. Fiserv is a registered trademark of Fiserv, Inc. Other products referenced in this material may be trademarks or registered trademarks of their respective companies. 625-12-14829-COL 01/13