Customer Applies For Financing At Dealership
- Customer and Dealer enter credit application information into Vantage’s secure portal
- Customer gives Vantage Finance permission to pull their bureau at this stage.
Vantage Credit Application Review
- Vantage pulls bureau and reviews application to identify best fitting lender for car deal
- Vantage Representative works with dealer to properly structure deal prior to submitting to lender for underwriting.
- Red Flags Rules, OFAC, Out of Wallet Questions, along with an upfront customer interview is also completed at this time.
- Vantage utilizes 700 Credit’s compliance platform to track and monitor its compliance requirements.
- Adverse Action Letter: Should a customer not meet our lender’s minimum threshold, Vantage generates an Adverse Action Letter and provides it to the consumer.
Vantage Submits Credit Application To Lender
- Vantage submits credit application to lender through DealerTrack
- Vantage submits applications to lenders as a dealer would on DealerTrack
- Vantage has a unique DealerTrack ID number for each state. Therefore, lenders know exactly what state the dealership and applicant are originating from for proper usury rates and underwriting needs.
Lender Provides Approval To Vantage
- Lenders set and maintain their own lending guidelines.
- Once lender pushes approval to Vantage’s DealerTrack account, Vantage then relays the structure to dealership.
Vantage Communicates Lender’s Approval to Dealer
- If the approval works for the dealership, Vantage builds the car deal and prepares for delivery and closing.
- A Vantage representative on a recorded line completes customer delivery. Representa-tives are provided with thorough training and scripts to ensure that all required TILA disclosures are made and for quality assur-ance.
- Vantage representatives offer 100% of prod-ucts to 100% customers 100% of the time. All products are pre-approved by our lenders and are the best available for customers and their specific needs.
- Vantage generates a Dealer Participation Form on every car deal in accordance with Fair Lending Guidelines. Should one of the 7 acceptable DOJ reasons to vary from the original approval be present, the reason and circumstance surrounding the exception is indicated on the form.
- Vantage Finance helps inform dealers of Fair Lending regulations and helps reduce con-cerns of breaching Fair Lending guidelines because of our involvement and control of each car deal.
- Once delivery process is completed Vantage produces the digital 8 1/2 x 11 paperwork and customer signs documents.
- Dealer is unable to alter the deal structure or paperwork. They can only print the documents from our system. This helps avoid funding delays and Fair Lending Issues.
- LAW Retail Installment Contracts are initially assigned to Vantage Finance. Once the funding packets are received by Vantage, Vantage attaches an assignment form, and assigns the con-tract over to the lender that issued the approval.
- Dealers send all original documents and stips to Vantage Finance.
- The Vantage Funding Department makes sure all necessary items are present and places the documents in the order of preference for the lender. Vantage completes VOE
- Call Audits: Call recordings of deals that are in for funding are reviewed and evaluated to ensure compliance and customer service standards are met. Also, information provided during the transaction is reviewed.
- Once funding packet passes these measures, it is shipped to lender for funding.
Identity Theft Prevention Process
- Part of Vantage’s Identity Theft Preven-tion program includes Netverify’s ID Au-thentication program. This program uses sophisticated technology to confirm the person is who they say they are and that the ID submitted has not been tampered with or altered in any way.
- This has been a major fraud deterrent for our company and allows us to effec-tively protect consumers from identity theft.
- From a customer perspective, Netverify drives a better user experience by ena-bling them to perform traditionally highrisk transactions quickly and easily via online or mobile-based channels.
- Dealers must perfect the lien prior to being funded.
- All dealers are required to provide a copy of the front and back of title along with proof of lien perfection that can be verified with the state prior to being funded on a car deal by Vantage Finance.
- This requirement goes even further to protect our partner lenders.
- Lenders fund Vantage directly.
- Vantage handles funding individual dealerships.