XpressCredit, a Web-based credit aggregation system, has partnered with Allied Solutions, a representative of more than 3,700 financial institutions, to help dealers align customers with consumer financing opportunities.
XpressCredit.net is a service of Premier Internet Communications, Inc. Allied Solutions is an independently-operated subsidiary of Securian Financial Group.
Mark Louer, XpressCredit EVP, says his firm pre-screens credit applications and forwards results to Allied Solutions’ financial institution customers, providing the ability for those lenders to evaluate whether the applications meet their underwriting parameters.
Here’s how it works: 1) given the customer’s name, address and age, XpressCredit provides the dealer with a pre-screen credit score or indicates whether there may be credit problems; 2) the consumer's application is submitted to XpressCredit; 3) XpressCredit matches both the application and purchasing desires with qualified lenders; 4) based upon criteria or rules established by the lender in the XpressCredit platform, a credit decision is made in real-time while the consumer is still at the dealership; 5) the consumer agrees to the terms with the dealer and XpressCredit prepares contracts for the consumer to sign; and 6) the dealer completes the deal and overnights all applicable documents to the lender.
“With today’s market conditions the timing could not be better to introduce this new indirect lending offering to our financial institution clients,” says Pete Hilger, Executive Vice President, Allied Solutions.
Posted by Guido Ebert