Lender's Protection
Consolidated Solutions has partnered with Open Lending to offer Lender's Protection services, giving lenders the chance to take a second look at existing auto loan applications and allowing financial institutions to:
- Generate more loan growth
- Serve a greater range of borrowers
- Earn higher yields
- Manage risk more effectively
Book More Loans
Lenders Protection allows credit unions to book more borderline loans without excessively increasing risk. The credit union funds the loan and maintains servicing and collections, but once the vehicle is certified through the Lenders Protection system, it's insured against default.
Insurance pays the difference between the defaulted loan balance and the greater of 1) 80 percent of wholesale value or 2) the realized value from the sale of the repossessed vehicle. In either case, the protection is designed to cover the majority of the deficiency loan balance.
For more information regarding Consolidated Solutions lender's protection services, please contact us by phone or email.