GM Financial – Auto Loan Origination
“We have deep insight into every application and contract as we can instantly get real-time information whenever we need it.”– JEFF LIVELY, SENIOR VICE PRESIDENT DEALER SERVICES AT GM FINANCIAL.
GM Financial offers a full spectrum of retail and commercial financing solutions to auto dealers and consumers. To fully support its parent company, General Motors, GM Financial is dedicated to delivering products that meet customer needs, providing outstanding customer service and engaging in transparent communications.
To better serve customers, GM Financial wanted to bring new auto lending and leasing products to market more quickly, support faster application decisioning and ensure consistency throughout the loan origination process. The company sought integrated auto finance software that would allow it to bring product development in-house and provide the flexibility, scalability and ease of use needed to manage complex dealer financing operations.
GM Financial, formerly AmeriCredit, had experience with the Provenir Risk Decisioning Platform, which it had used for many years to automate decisioning for subprime retail vehicle contracts. Using the Provenir Platform’s business-focused configuration and integration capabilities, the company’s IT organization found it could quickly create and deploy complex new solutions in just a few months.
GM Financial started by expanding the subprime retail decisioning solution into a platform that could handle its growing full-spectrum consumer and commercial lending suite of products. By automating much of the process – from credit identity verification to pricing, automated risk decisioning and funding – the company now delivers nearly instant responses on most decisions to dealers and consumers for sub-prime, near-prime and prime financing.
Using Provenir’s configurable integration adaptors, GM Financial defined integrations with credit bureaus, and a multitude of internal and external systems. This has helped the company not only reduce processing time, but has also increased transparency into the process. “We have deep insight into every application and contract as we can instantly get real-time information whenever we need it,” says Jeff Lively, Senior Vice President Dealer Services at GM Financial.
In addition, GM Financial has enhanced and simplified compliance with multiple state and national regulations. The IT team uses Provenir’s drag-and-drop interface to quickly build and modify business rules and processes, enabling the organization to easily keep up with ever-changing business and compliance requirements.
GM Financial continues to look for ways to enhance service delivery through streamlined financing and leasing. With the Provenir Platform serving as the foundation, the company has automated most of the financing/leasing lifecycle, including loan origination, pricing policies, credit data retrieval, data validation, scoring and decisioning, vehicle valuations, funding, and compliance.