Sign In  |  Register  |  About Burlingame  |  Contact Us

Burlingame, CA
September 01, 2020 10:18am
7-Day Forecast | Traffic
  • Search Hotels in Burlingame

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

CPS Announces New FinTech-Driven Automotive Financing Platform Enhancements

LAS VEGAS, NV, Dec. 19, 2022 (GLOBE NEWSWIRE) -- Consumer Portfolio Services, Inc. (Nasdaq: CPSS) ("CPS"), an independent specialty FinTech that provides indirect automobile financing to individuals with past credit problems, low incomes or limited credit histories is continuing its robust roll out of artificial intelligence, machine learning solutions to provide greater payment flexibility and more efficient processing of auto loans. The company has closed out the year with three major partnerships to improve efficiencies, dramatically reduce funding time, and offer more payment options for borrowers.

The company has chosen Informed.IQ to automatically calculate income, collect and clear credit stipulations and dealer docs, creating a better dealer and consumer experience throughout the auto lending process. CPS expects Informed.IQ’s AI tools to significantly reduce the funding time.

For decades, CPS has focused on bringing improved intelligence to auto lending, becoming a leader in FinTech initiatives that enhance the front-end review and financial decision-making process. Now, CPS is also helping automate the backend servicing experiences and has partnered with Prodigal to better manage the collections and servicing workforce and process. Prodigal is a Consumer Finance Intelligence solution that uses AI to analyze agent and borrower conversations and enhance profits, experience, and compliance.

For a customer standpoint, CPS named PayNearMe as its primary payments partner. This partnership will accelerate the auto lender’s digital transformation and deliver a frictionless customer experience across all digital payment types. PayNearMe will eliminate onsite cash payments, dramatically reduce the number of customers who pay by check and transition the majority of customers to electronic payments through greater pay options.

"Our whole business has become artificial intelligence and machine learning driven, from credit to servicing," said Mike Lavin, Chief Operating Officer with CPS. "Adding these three partners to our backend and front-end system at the start of the new year enables us to make the loan funding process easier, provide more accessible payment options for our customers, and use AI to effectively improve collections by reducing the workload.”

Since the company began operations in 1991, as of September 30, 2022, it has purchased over $19.7 billion in contracts and serviced a total managed portfolio of approximately $2.7 billion with approximately 185,000 active customers. Artificial intelligence and machine learning has taken the company’s loan decision making process to new heights.

In late Q1 of 2023 the company will be introducing a new AI credit decision model that will improve fraud detection, lessen credit losses, and increase approval rates. Later in the year, CPS will be introducing an AI-focused scorecard for its recovery and repossession system that will combine delinquency data with machine learning allowing the company to better analyze when the right time is to recover a vehicle.

About Consumer Portfolio Services
Consumer Portfolio Services is an independent specialty FinTech that provides indirect automobile financing to individuals with past credit problems, low incomes or limited credit histories. We purchase retail installment sales contracts primarily from franchised automobile dealerships secured by late model used vehicles and, to a lesser extent, new vehicles. We fund these contract purchases on a long-term basis primarily through the securitization markets and service the contracts over their lives. Our operational headquarters are in Irvine, California with four additional servicing branches in Nevada, Virginia, Florida and Illinois.

Since operations began in 1991 through June 30, 2022, we've purchased over $19.1 billion in contracts. As of June 30, 2022 we service a total managed portfolio of ~$2.6 billion with ~162,000 active customers and 799 employees in our branches in five states. We maintain dealer relationships in 48 states. Our common stock is traded on the NASDAQ National Market System under the ticker CPSS.

Media Contact
Brenlyn Motlagh
Gateway Group, Inc.
(949) 899.3135


Primary Logo

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 Burlingame.com & California Media Partners, LLC. All rights reserved.