agent Entrepreneur logo
MenuMENU
SearchSEARCH

IAA Loan Payoff Enhanced with Lease Functionality

First portal in industry to offer lease payoff capability.

July 21, 2021
IAA Loan Payoff Enhanced with Lease Functionality

First portal in industry to offer lease payoff capability.

2 min to read


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.

Ad Loading...

“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

Joel Kansanback standing on green backlit stage at Agent Summit
F&Iby Hannah MitchellAugust 18, 2026

Get Ahead of the Change

A strong culture, among other things, will be a key differentiator for auto dealerships as the market speeds ahead to new heights, says industry veteran Joel Kansanback.

Read More →
Photo of a man in a suit shaking hands with a man across a desk
F&Iby David R. IbarraAugust 13, 2026

F&I Without the Handoff

Get more familiar with what your dealer clients are really buying when they entrust you with finance-and-insurance.

Read More →
white background with white car and stacks of coins
F&Iby Lauren LawrenceAugust 6, 2026

Affordability Shapes Auto Demand

Auto originations increased 1% in the first quarter, and electric vehicles are rebounding, according to TransUnion's latest credit report.

Read More →
Ad Loading...
Two businessmen shaking hands as one holds an electronic pad
F&IAugust 1, 2026

The Evolution of Agency Development in Modern F&I

General agents have a different roadmap for success than their predecessors. It will pay for them to follow it in order to be true dealer partners.

Read More →
Tiny toy car falling out of jar of coins. “The $1K Payment”
F&Iby Lauren LawrenceJuly 17, 2026

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 →
Headshot photo of smiling businesswoman
F&Iby StaffJuly 14, 2026

APCO Holdings Acquires Fidelity Dealer Services

The finance-and-insurance product provider says the addition strengthens EasyCare’s reach across key markets.

Read More →
Ad Loading...
$100 bill and magnifying glass on top of paper that says insurance policy terms and conditions.
F&Iby Lauren LawrenceJune 29, 2026

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 →
Red toy car sitting on top of coins.
F&Iby Lauren LawrenceJune 24, 2026

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 →
Two men and a woman on stage in discussion
F&Iby StaffJune 19, 2026

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 →
Ad Loading...
Photo of paper money bills, a calculator, notepad and pen
F&Iby Hannah MitchellJune 11, 2026

Car Loans More Plentiful

May access opens up, as risk segments figured largely in the increased availability, Cox Automotive reported.

Read More →
Ad Loading...