IAA Loan Payoff Enhanced with Lease Functionality
First portal in industry to offer lease payoff capability.
First portal in industry to offer lease payoff capability.
WESTCHESTER, Ill. – IAA, Inc. (NYSE: IAA), a global digital marketplace connecting vehicle buyers and sellers, announces the enhancement of its Loan Payoff tool with the ability for insurance carriers to pay off leases from participating lenders.
IAA estimates well over 5 million vehicles are declared a total loss each year, with up to 70% of those vehicles carrying a loan. Leases account for about 30% of new vehicle purchases, adding a level of complexity to the total loss process that can increase cycle time. IAA Loan Payoff, the industry’s premier technology connecting insurance companies and automotive lenders to pay off loans on total loss vehicles, is the first platform in the vehicle salvage industry to extend that functionality to pay off leases on total loss vehicles to its partners. The portal creates a seamless process for insurance providers to communicate with lenders and financial institutions that support vehicle leasing.
“With each new digital claims solution, IAA strives to ease pain points for its insurance provider customers,” said Tim O’Day, President of U.S. Operations for IAA. “Offering the ability to pay off leases is yet another way IAA is reducing cycle times for its customers and streamlining the total loss claims process for both providers and lenders.”
Launched in November of 2019, IAA Loan Payoff has thousands of lenders in its multi-tiered network and has shown continuous growth. The platform has demonstrated unrivaled benefits by significantly reducing cycle time on positive and negative equity files. For more information on IAA Loan Payoff, visit IAAI.com.
Originally posted on Auto Dealer Today
More F&I
Four-Figure Loan Payments on the Rise
A LendingTree analysis found that location, age and credit score play a role in the rising amount of auto loan borrowers who make monthly payments of $1,000 or more.
Read More →
APCO Holdings Acquires Fidelity Dealer Services
The finance-and-insurance product provider says the addition strengthens EasyCare’s reach across key markets.
Read More →
Tariffs Could Raise Insurance Premiums
As U.S. import tariffs affect repair costs, consumers might find it more affordable to replace a damaged vehicle, according to recent Insurify tariff analysis.
Read More →
Smaller Loans, Longer Terms
The youngest generation of car buyers is more likely to finance less expensive vehicles, more than half of generation Z consumers borrowing less than $25,000.
Read More →
Ensure Your Clients Are Sure About Reinsurance
Industry experts recently broke down the complicated profit center at Agent Summit. Learn what’s relevant and what’s new to share with your dealers.
Read More →
Car Loans More Plentiful
May access opens up, as risk segments figured largely in the increased availability, Cox Automotive reported.
Read More →
First-Quarter Sees Long Auto Loan Growth
Experian data show more consumers are tapping the method, along with refinancings, to afford buying. Meanwhile, subprime borrowers are getting more access.
Read More →
Auto Consumer Anxiety Presents Opportunity
A survey of U.S. drivers found the majority are concerned about finances and the economy, but those fears make many ready to buy vehicle-protection products.
Read More →
New-Vehicle Financing Hits Record
Consumers are seeking ways to make financing new-vehicle purchases manageable, from extended loan terms to smaller down payments, according to Edmunds.
Read More →
Survey Reveals What Won't Fix What's Breaking Car Sales
AutoPayPlus says extra-long auto loans are trapping consumers and threatening the dealer trade-in cycle, and that the industry is leveraging the wrong tools to combat high MSRPs.
Read More →