ORANGE, Calif. — Loan servicing systems provider Megasys Inc. announced a new facet of their integral partnership with Dealertrack. The latest partnership integration quickens the indirect loan decisioning process with dealers utilizing Dealertrack’s Credit Application Network solution.
Megasys already relied on Dealertrack to manage the electronic lien and title (ELT) process for their lenders, where state mandates require both dealers and lenders adopt a fully digital titling solution between them and their governing DMV office. Megasys chose Dealertrack as their preferred ELT provider because of the ease of integration along with perfecting capabilities that speed the entire application-to-title process and lien/title management that helps mitigate fraud risk, executives said.
“The vast majority of dealers in the subprime finance industry use Dealertrack’s Credit Application Network,” said Theo Austin, president of Megasys Inc. “We are excited to expand our partnership with such a trusted industry leader. This Dealertrack integration supports our growing customer demand to provide seamless integration to streamline the credit application process.”
Now with the same ease of integration for the F&I portion of Lenders’ auto lending processes, the Omega Loan Origination System has improved service for their subprime automotive lenders by automating the credit application delivery and decision process to provide real-time approvals, declines and counteroffers back to dealers, according to the announcement.
“By integrating with Megasys’ Omega LOS, Dealertrack’s network of lenders can receive credit applications from their dealers in real time and return automated decisions – cutting down time consumers must spend in the F&I office,” said Cheryl Miller, vice president and general manager of F&I Solutions at Dealertrack, a Cox Automotive brand. “This drastically improves satisfaction with the entire buying process.”