Subprime auto lender Exeter Finance Corp. has launched a new origination platform, which the company claims can produce a decision in less than 15 seconds and can
restructure loans in real time, according to an industry report.
Exeter Chief Executive Tom Anderson, who joined the company in November 2014, said the company recognized the importance of adapting to accommodate the need for more expedient loan processing as a result of consumer demand for a faster vehicle purchase process.
“Our new structure allows the dealer to provide immediate offers to the end consumer,” Anderson said, “potentially generating more sales within the dealership and improving customer satisfaction rates overall.”
With the new system, which debuted this week, all Exeter loan applications will be processed through its operations centers in Irving, Texas, and Clearfield, Utah. The move allows Exeter to deliver faster and more efficient application processing and a higher level of service to dealers, the company said.
Exeter had $2.5 billion of loans outstanding at midyear 2014, according to a report from Standard & Poor’s.
