PASADENA, Calif. — VantageILM Inc., a provider of integrated lender/leasing management solutions for finance firms, banks, leasing companies and credit unions, has partnered with Global Debt Network Inc. and GDNAuto, an Internet-based marketplace where dealers and lenders can sell and buy portfolios of seasoned auto loans.
“VantageILM’s goal is to streamline and simplify the loan management process for the entire life of a loan, from origination to Wall Street,” said Kyle Murphy, executive vice president of VantageILM, "so aligning with a company that streamlines and simplifies the process of buying and selling auto loan portfolios makes complete sense."
When it officially launches in late June, GDNAuto will provide lenders and investors with instant online access to loan portfolios offered for sale by dealers nationwide. The new site's dashboard-style online control panel is designed to allow banks, credit unions and other portfolio investors to quickly, easily and cost-efficiently buy or sell their asset-backed auto loan portfolios, while dealers can list, price, market and sell their loans to a wide audience of investors.
“The combination of VantageILM and GDNAuto introduces transparency to lenders and auto dealers at a time when these kinds of new solutions are so desperately needed,” said Mike Sheridan, president of Global Debt Network, Inc. “By partnering with GDNAuto, VantageILM can offer an entirely new way for institutions and dealers to operate more efficiently and be more profitable.”
In addition to offering an innovative new service with its transaction management solution, the companies hope to facilitate faster, more effective communication with lenders for consumers whose auto loans have been transferred through a sale of a loan portfolio. To reduce the chance that a confused consumer will miss or stop making loan payments to a new loan servicer, the companies plan to integrate their systems in a way that eliminates manual reentry of the customer's data. GDNAuto also will co-market VantageILM software to its customer base of financial institutions and investors.