SYRACUSE, N.Y. – XpressCredit introduced today a new feature on its loan origination system. Called a Virtual F&I platform, the tool helps close more consumer loans while complementing the F&I menu selling system within the XpressCredit platform.
The Virtual F&I system provides floor planners, distributors, agents and dealers the tools to manage and facilitate the approval of more auto loans, closely adhering to the range of lender filters. This Web-based F&I process has the ability to evaluate profitability based upon collateral, and rehash term and conditions. It is integrated with the F&I selling menu, to move more back end products and print custom documents. The additional state specific loan documents and complaint loan calculators make the system a powerful tool in a brokerage environment.
“This Virtual F&I tool is an essential tool for F&I managers, and those that opt in within the loan approval process. This additional functionality will allow managers and intermediaries utilizing XpressCredit technology to work deals from both sides, thereby ensuring a much higher rate of approval. This will further streamline the loan origination process, enhancing lender efficiencies and profitability,” said Mark Louer, XpressCredit executive vice president.