Car Finance

Capability overview for the Automotive Industry

DOWNLOAD BROCHURE

TALK WITH AN EXPERT

Automotive Industry Hero
Automotive Industry Hero

introduction

TRANSFORMATION FOR GROWTH

The auto finance industry has seen significant growth over the recent years. Over 90% of new and used vehicle sales are now being funded through an automotive finance option. Along with this growth, automotive finance defaults are also rising.

With such a large weighting and influence on the market, it has also attracted the attention of regulators. As a result, they have the industry under greater scrutiny for oversight and review.

Fair customer treatment is used as a final resort once all the correct steps have been followed are all current themes.

QUALCO helps automotive finance companies manage in a rapidly changing environment:

  • A complete offering with advanced collections features
  • Modular design to minimise bespoke customisation
  • Timely implementation and confidence regarding limiting cost overrun
  • Configurable system, one that supports agile change

Compulsory return and voluntary termination are areas in automotive finance where nobody wins.

Customers may be under financial pressure and voluntarily hand back the vehicle, or when failing to come to an arrangement have the vehicle compulsorily repossessed through court orders. Vehicle returns create additional costs to the lender with court fees, recovery, storage, and through the asset sale process.

Asset management is a special process within Motor finance that requires careful management. Specific rules around the return, repossession, or sale of vehicles need to be followed. Time to asset recovery and sale is critical and complexities around vehicle recovery can result in varying valuations. Shortfalls on asset sales also require remaining arrears to be transferred to unsecured recoveries processes. At this point, the arrears can be of significant age and more difficult to recover.

How QUALCO can help manage the vehicle return process:

Inbuilt handling of PCP and balloon payments, with processes for voluntary termination and vehicle surrender
Reduce time to reach recovery and sale with a strong inventory and asset database
Manage complaints with a configurable module escalating where required with full SLA tracking
Take advantage of pre-defined processes and treatment paths to reduce legal costs and add controls

Automotive finance organisations are increasing their digital technology and data footprint. Technology and data are used to establish more efficient and effective strategies, segmenting portfolios, determining the next best steps to provide the most cost-effective outcome on several key dimensions:

  • Identification of self-cure and digital contact of customers
  • Deployment of best time and contact method communication channels
  • Determining appropriate use of internal and external strategies
  • Propensity to pay/cure, regardless of treatment
  • Likelihood of success at legal stages
  • Cost Vs Recovery of asset sale based on forecasted depreciation and market intelligence

Accelerate digital adoption with QUALCO:

Customisable digital channels allow customers to interact and self-serve through preferred channels
Integrated with the latest real-time APIs, all the latest forms of communication are easily accessible
Make better informed decisions based on accurate information with speed and ease
Determine the best outcome for customers tailored to their circumstance

Lenders are continuing to develop a self-serve capability to reduce the cost to serve and focus on fair treatment. Affordability (Income and Expenditure) remains a key process cost and is a key target for digital transformation, along with the continuous focus on developing cost-effective forbearance solutions offering greater flexibility for customers in financial difficulty.

  • Providing customers full transparency around the options available when in financial difficulty can prove rewarding for both customers and lenders alike.
  • Voluntary vehicle surrender, for example, can prudent from the customer perspective but can also yield benefits from the lenders' outlook in certain strategic circumstances; removing legal costs of repossession orders, accelerating vehicle return and remarketing, minimising depreciation.
  • The ability to manage processes digitally facilitates transparency on fees, often streamlines the process itself and removes a layer of cost to the benefit of the business.

QUALCO can help with your digital first strategy:

Determine the best outcomes from customers’ affordability and circumstances
Control and configure an automated I&E journey with set validation controls
Manage legal cases via external 3rd Parties with data exchange and interface functionality

download

OUR VALUE PROPOSITION

solution

ECOSYSTEM

QUALCO’s technology ecosystem helps you leverage data to gain customer insights, understand account behaviours and flexibly drive effective collections strategies to stay in control. Use the latest tools and techniques to minimise losses, optimise cost whilst creating good customer journeys and outcomes.

QUALCO COLLECTIONS AND RECOVERIES PLATFORM (QCR)

ENABLES AUTOMOTIVE FINANCE COMPANIES TO:

  • Manage, automate, and standardise your organisation’s processes
  • Design, run and control optimised collections and recovery processes
  • Quickly set up self-service portals and digital journeys
  • All with the aim of enhancing profitability
LEARN MORE

QUALCO DATA-DRIVEN DECISIONS ENGINE (D3E)

ENABLES AUTOMOTIVE FINANCE COMPANIES TO:

  • Ensure robust data management to fully leverage and control data gathered
  • Provide advanced analytics to enable more advanced decisioning and segmentation
  • Take full advantage of data to build sophisticated collections strategies
LEARN MORE

QUALCO LOAN MANAGER (QLM)

ENABLES AUTOMOTIVE FINANCE COMPANIES TO:

  • Quickly onboard portfolios and continue to manage accounts with complete flexibility to be able to adjust for multiple loan terms
LEARN MORE

GET IN TOUCH

With experts around the world, we’ve always got an open door. Drop your message and we will connect you with one of our global offices.

TALK TO AN EXPERT