With an increase in subprime auto lending and more credit-crunched consumers looking to purchase a vehicle, credit unions are searching for ways to better serve the 68 million U.S. adults who are either underserved or under-banked without compromising their business objectives. But as a credit union, how can you expand your loan portfolio, retain and grow members, improve collections, help your members stay on track and strengthen member relationships? That all becomes easier with using Spireon’s collateral management system (CMS), LoanPlus CMS.
Spireon’s solution solves many of the challenges credit unions face like improving payment behaviors, expanding their loan portfolios and securing assets. By using the latest in GPS tracking and cellular technologies combined with an award winning technology platform and easy to use web applications, driving location based business intelligence into the business process is now easier than ever . Automatic payment reminders help keep members on track and reduce loan defaults, while on demand location-based vehicle intelligence provides collateral security. In addition, no touch, turnkey express service handles all the installation. Getting started is easier then ever.
With a rich feature set, credit unions are able to say “yes” to more members and increase productivity and efficiencies. Other key features include:
- Integration into existing loan portfolio systems
- Easy to use online web application
- Interactive, sophisticated mapping
- Best practices reports
- Data security and access features
- Customizable geofences
- Full turnkey express installation services
- Dedicated professional services team
- Simple online ordering or call our hotline
- Ongoing training and tips to help you optimize the LoanPlus CMS system
LoanPlus CMS drives measureable results, connecting credit unions and lenders with the tools and information needed for higher risk member engagement. Among the lenders using Spireon’s collateral management system (CMS):
- 84 percent report an improvement in member payment behavior
- 78 percent have been able to finance more members with lower credit
- 68 percent have been able to finance members with smaller down payments
- 77 percent show significant improvement of member credit ratings
Dealing with higher risk members can be a challenge, but with the right tools and information credit unions can put more members behind the wheel and protect their core business objectives while expanding their business.
To learn more about LoanPlus CMS, click here or call 1-877-897-7587.