Southfield, Mich. Credit Acceptance has introduced version 1.1 of the Credit Approval Processing System (CAPS v1.1), an Internet-based system designed to allow its dealer-partners to deliver credit approvals to a customer in 30 seconds or less.
Inspired by dealer-partner feedback, CAPS v1.1 introduces a 5-step process to guide the user through the approval submission process. Chief among new features in CAPS v1.1 is the CAPS Profit Calculator. The CAPS Profit Calculator adjusts the term, interest rate, and selling price of a vehicle to help a dealer maximize profit on the Credit Acceptance program.
“CAPS v1.1 requires 66% fewer button clicks. This lets our dealer-partners get a customer into a car faster,” stated John Soave, V.P., IT Origination Systems. “Some new features are basic but effective. For example, with CAPS v1.1, our paper credit application matches the CAPS screen, so data entry is quick and easy. CAPS v1.1 also prints most funding documents with customer information pre-filled in, so the customer can sign and drive. With CAPS v1.1 it’s all about speed, ease and maximum profit for our dealer-partners.”