By Evan Akins - January 11, 2013
Your subprime borrower just totaled their vehicle. They still owe over $4,000 but unbeknownst to you, they didn’t have any valid insurance. Now what?
While this scenario may have played out for some BHPH dealerships, others manage the insurance on the front end. The most effective way to handle is track the cancellation date and, in conjunction with a starter interrupter device, disable the vehicle the second their insurance (or proof of) lapses. That is great motivator to keep you in the loop as to their updated insurance information.
You might be asking, how easy is this to track? Deal Pack has an entire insurance section dedicated to the recording and tracking of each customer’s insurance information. You can easily run reports and build queues on upcoming cancellation dates and expired insurance. You also have the ability to track missing insurance information and send out letters requesting action to get those customer’s information updated. Deal Pack knows insurance is a critical factor for BHPH dealers and we easily allow you to keep on top of this within our DMS.
ABCoA is a Software-as-a-Service company dedicated to the subprime industry. Our cloud-native ecosystem handles every part of business operations - improving productivity, security and accuracy, while consolidating vendors and reducing costs.
Since 1983, ABCoA has helped buy here pay here used car dealerships and subprime finance companies eliminate duplication, remain compliant, and achieve success with complete, customer-driven software and dependable support. Customers properly using Deal Pack have never lost an IRS audit.
Recently awarded Top Online Accounting Software for Deal Pack, ABCoA continuously elevates the standard for software in the subprime industry and helps customers grow through our commitment to quality, innovation, and service. Headquartered in Jacksonville, Florida with employees across four states, we remain family-owned and operated.
To learn more about ABCoA, visit www.abcoa.com.
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