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Auto Finance FAQ

Auto Finance (FAQ’s)

Q: Why do auto finance companies and subprime lenders need a print-mail vendor?
A: Those in the auto financing business, especially sub-prime lenders, face tough challenges in today’s fast-paced, highly regulated lending environment. Much of your success depends on the quality and effectiveness of communications, such as letters, notices and statements.

Having a 30+ year print-mail vendor (like FSSI) with extensive auto finance experience helps you reduce the cost and risk of acquiring and servicing customers, and facilitating timely payments.

Q: What are the main reasons auto finance companies work with FSSI?
A: There are three primary reasons auto finance companies choose FSSI as their outsourcing vendor. First is our industry experience. We’ve worked extensively with auto finance firms of all sizes and specialties, and currently partner with Shaw Systems to serve and support many clients. The second reason is our compliance controls. When you work with FSSI, you’re assured of a production environment that employs the latest data security and handling technologies. Thirdly is our exclusive, turnkey print-mail solution for auto finance clients. No other print-mail vendor offers anything comparable. It’s discussed in more detail below.

Q: What does FSSI’s “turnkey solution” for auto finance companies include?
A: FSSI offers a specially bundled, highly scalable solution just for auto finance companies. It combines several powerful business-building tools into one convenient, easy-to-use platform that gives you greater control over your document, and in turn, the customer experience.

The standard bundle includes:

For clients who want them, available compliance tracking and reporting options include:

  • Mailpiece Monitoring–lets you track mailpieces throughout FSSI’s production environment and into the USPS mailstream.
  • Intelligent Mail Barcode (IMb®)–In January of 2013, the USPS introduced the barcode and mandated that it be included on all mailed pieces that qualify for automation discounts, replacing the familiar postnet barcode. The code allows tracking of mail through the postal system and facilitates deeper USPS reporting.

Q: Does FSSI have much experience working with sub-prime lenders?
A: Yes, we have developed customized communication and payment solutions for many well-established and fast-growing sub-prime lenders. We understand your key business issues, such as acquisitions, servicing and collections, and offer the tools and support needed for you to succeed in these areas.

Q: Does FSSI mostly work with large auto finance companies?
A: We do have several larger lenders as clients, but we also serve a number of up-and-coming small- and mid-sized companies. That’s the beauty of working with FSSI: you get “A-team” service, support and solutions, regardless of your size or industry tenure. Your challenges become our challenges and we welcome the opportunity to help you overcome them all.

Q: Which auto finance industry data providers can FSSI support/work with?
A: In terms of auto finance data handling, FSSI is “platform agnostic.” That is, we work with all major providers and are adept at developing reliable, accurate, regulatory compliant solutions for any data requirement. Examples of our integration experience include: MegaSys; CMSI, DEFI, and of course, Shaw Systems.

Q: What types of auto finance documents/communications are processed at FSSI?
A: As our clients’ go-to print-mail vendor, FSSI can securely process and deliver an extensive list of auto finance documents, including, but not limited to, the ones below. Email an FSSI auto finance specialist if you have questions about a particular kind of document or electronic correspondence:

  • Printed and electronic statements
  • Welcome letters
  • AA letters–TD and Conditional
  • RTC (right to cure)
  • One-time drafts
  • Annual privacy letters
  • Reinstatement letters
  • GPS/starter interrupt notices
  • SMS text messaging
  • Notice of intent to sell
  • Collection letters/NSF letters
  • Deficiency balances
  • RTC, NOI and NSF notices
  • Cancellation and past due notices
  • Deficiency notices
  • Repo letters
  • Mobile presentment/payment

Q: What measures do you take to ensure regulatory compliant document production?
A: Security is priority one at FSSI. Clients rely on us to deploy and utilize the leading-edge data handling and workflow technologies that safeguard data throughout production. Click below to learn more about how we secure data and ensure compliant production.

Q: Do you share auto finance industry information on social media?
A: FSSI and its auto finance specialists are very active on social media, regularly sharing and exchanging industry related information with a wide range of followers and friends on Twitter, LinkedIn and other platforms. We follow (and are followed by) lenders nationwide, as well as numerous industry organizations and media.

To participate in our ongoing dialog, including receiving the latest tips, trends and technologies for auto finance companies, follow us on Twitter at @FSSI_CA; and on LinkedIn.

Experiencing growing pains or simply looking for a more capable, experienced or compliant  provider?  Take advantage of FSSI’s 30+ years of outsourcing experience.  Call 714-436-3357 today for a no-obligation document production or data conversion consultation. Or email an auto finance industry specialist with your specific questions. You may also visit our auto finance industry web page.

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