NORTH RICHLAND HILLS, Texas – Triad Financial Corporation has entered the third-party servicing business, and is currently signing up clients who need servicing for consumer vehicle loans. These clients will include other lenders, credit unions, debt buyers/investors, and buy-here-pay-here dealers, said a company spokeswoman.
The company already services some dealer-financed loans. "As auto lenders continue to pull back or exit originations altogether, we are seeing an increase in dealers financing some of their own paper just to get by. When this happens, they will need a company to service those loans – and that's where third-party servicers like Triad can help," spokeswoman Jessica Satterfield said.
Triad provides a full-service solution, as well as the following niche services:
-Title and records management
-Insurance claims processing
Triad partners with clients who want to take advantage of the former lender's expertise, scale and nearly 20-year history of servicing success. Hence, the company's new tag line: "Expert loan servicing. Proven results." Clients also enjoy a flexible business model with variable expenses. In other words, they only pay for what they need.
"This move is a natural fit for Triad, considering our established infrastructure and multibillion-dollar portfolio of our own loans," says Dan Leonard, president and CEO. "Loan servicing is our only business. We're dedicating all our resources to superior portfolio management, and now other companies can benefit from it."
Scott France, senior vice president of portfolio management, says Triad is promoting its services to credit unions, finance companies and investors. "These particular groups gain the most from having an industry-leading servicing department at their fingertips. By trusting Triad with their accounts, they save time and money," he says. "Most importantly, our clients are free to focus on their specialty because we’re focused on ours – providing expert loan servicing and maximizing clients’ profits."
Specifically, clients leverage Triad's:
-Two-decade track record of servicing loans through every economic cycle, while still delivering solid performance
-Seasoned leaders, who each have (on average) 20 years experience in portfolio management, including higher-risk, non-prime accounts
-Efficient, effective processes and economies of scale
-State-of-the-art facility, technology and software
-Volume-based pricing from a dependable network of repossession companies, auctions and attorneys across the country
-Increased auction yield from the popular vehicle certification program, Trademark by Triad.
On Oct. 23 to 25, Triad will make its first trade show appearance as a third-party servicer at the California Credit Union Collectors Council annual conference at the Flamingo Las Vegas. For further information, visit www.TriadServicing.com.