Honcker, a startup car leasing app, continues to “perfect” its in-house automated credit application platform and plans to sign up with RouteOne and Dealertrack but has no timeline yet, Founder and Chief Executive Nathan Hecht said at the 2017 Auto Finance Summit.
This “custom credit matrix” is currently live, and about 80% “perfect,” Hecht said.
While Hecht declined to offer a specific timeline for the application, Honcker “is very close to getting it right,” he said.
Honcker is currently partnered with Experian for soft-credit pulls and prequalification, but further credit processes are handled in-house.
However, Honcker’s system will work with RouteOne and Dealertrack, but this “will take some time,” he said. While building out the product, Honcker has been testing RouteOne and Dealertrack systems “for a long time” for incidents of credit approvals and denials, he said.
The motivation for a proprietary system came from fluctuations customers can have with their credit. “One customer is a Tier 1 today and tomorrow he isn’t, so it’s a challenge to find the right criteria to quote the customer,” he said.
Honcker plans to upgrade the app in the coming months to allow customers to turn in existing leases early, for example, and apply Costco or other coupons.
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