TurboPass has launched a new car buyer proof-of-income service to streamline the buying and financing process. They help dealerships to increase sales through automated, paperless validation that's sharable with downstream lending partners.
Austin, United States - August 2, 2020 /PressCable/ —
A new proof-of-income service for car dealerships has been launched, called TurboPass. It’s designed to provide instant proof of customers’ ability to pay, along with their residency and identity information.
More information can be found at: https://www.turbopassreport.com
Dealers utilizing the cutting-edge tool can close deals faster and work with reduced risk. TurboPass offers a true financial snapshot of each buyer to help clients get funded faster.
TurboPass uses patent-pending technology to get a true and accurate picture of each buyer’s ability to pay. It is also able to de-risk the deal for all parties involved.
Alongside this, TurboPass eliminates clients’ CIT and funding delays. When using the cutting-edge solution, dealers can reduce their average contracts in transit from 3-10 days down to a few hours.
Another key benefit for dealers is that it allows them to eliminate fraud. This is important, because finance fraud is growing annually and is estimated to reach $7 billion this year.
The SaaS-based solution provided by TurboPass removes stress and hassle from the car-buying process. Dealers don’t have to worry about document-based verification. Instead, they can access trusted direct-source data that fulfills the need for bank statements and proof of income.
The company states: “Our team has decades of experience in the financial technology, medical and automotive sectors. We have leveraged that experience to create powerful software and business practice solutions for improving the lives of our users.”
TurboPass has been featured in a new report covering the 2020 Emerging 8 honorees. This year’s Emerging 8 includes TurboPass alongside other businesses like Spiffy and Volta.
By eliminating the paperwork associated with traditional financial stipulations, TurboPass is able to streamline the buying process. The faster clients are able to close their deals, the more satisfied their customers will become.
The process is simple, and begins with dealers sending out a TurboPass invite to their customer’s mobile device. The buyer then connects their account, and logs in securely with their banking accounts.
From there, the TurboPass AI can analyze the accounts and generate a comprehensive financial snapshot. This is the TurboPass Report, which validates their income and more.
The company is receiving high praise in reviews from a wide range of customers. One example is Douglas Machado, a Sales Manager at New England Automax.
He said: “TurboPass is helping us a lot! Before, we used to do about 25 deals a month with a major lender who is already accepting TurboPass to clear stipulations. As soon as we signed up with TurboPass, we jumped from 25 cars to 45-50 deals per month with that national lender because I can trust there will not be any delays due to inacurate income calculations or fraudulent or delayed verifcations.”
This allows us to get funded faster, sell more cars and help more people. During the COVID-19 pandemic, people want a touchless and paperless process and it’s hard to tell who’s still employed and working. With TurboPass I can see that my buyer has received their direct deposit as recently as TODAY from the digital report and the auto lenders can rely on the information because it’s sourced and shared directly from the financial institution with the buyer’s express consent.”
“It’s like a trust token that helps everything go faster. This is a game changer for us and the industry!” said Machado.
Further testimonials can be found at: https://www.youtube.com/playlist?list=PLq7mkEHsy5WC9pYOT5zGesTdtuSWLKQms
Release ID: 88970117
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