text: Buy Here Pay Here Software: The Sub-Prime Industry - Skypatrol
  The Sub-Prime Industry
  According to CNN Money, delinquency of subprime car loans is at 5 percent—the highest level since 1996. And with over $1 trillion in auto loan debt across the country, it's becoming more and more difficult for auto lenders to collect on that debt.
  In this blog, the buy here pay here software experts at Skypatrol will discuss what BHPH lenders need to be successful in such a tough industry, and how Skypatrol's Defender technology makes BHPH debt collection easier and more efficient, and allows BHPH dealers and lenders to keep data secure and organized for improved profits and business growth.
  Quick Access to Accurate Customer Information
  If your BHPH business is growing at a rapid rate, it can be difficult to keep the bevies of customer information organized and secure. Add in customer insurance information, and keeping your BHPH customer data organized could be a full-time job in itself.
  With Defender, you get an award-winning management platform equipped with DVT, a tool that allows you to quickly validate the information of your customers, and create custom reports with the most relevant and up-to-date customer data. Defender also takes advantage of Verifacto, which provides a direct connection between you and the insurance companies of your customers. Instead of chasing down insurance agents and scrambling to find customer data, Defender makes managing a BHPH business easy with an all-in-one organizational solution.
  Payment Reminders for Customers
  One of the biggest issues in subprime and BHPH industries is helping customers make on-time payments. With over one third of subprime customers defaulting on their loans, finding ways to make payment easier and more transparent is more critical than ever before.
  Defender allows you to send SMS and email payment reminders to all of your customers quickly and automatically, and our optional remote payment feature makes payments easy for customers by allowing them to make payments at convenience stores. Keeping your customers aware of payment due dates and giving them more ways to pay is just another way Defender makes BHPH simple and easy.
  Advanced Location Technology for Repossession
  Sometimes, customers will have trouble making payments, or will refuse payments altogether—which can turn a BHPH car loan into an investment nightmare. Giving a car away for little to no money in return can be a loss of $20,000 or more—which is why vehicle repossession is so important to returning the assets of a BHPH business.
  With Defender's Repo Mode Tool, your BHPH business can give repo professionals the current location of any vehicle, every five minutes, for up to three days—so they can repossess the vehicle as quickly and efficiently as possible. Our Ignition ON/OFF tool shows repo experts if the car is turned on or off, so they know when the vehicle is stationary or on the move—helping them improve repo efficiency and avoid any wild-goose-chase repo situations.
  Choose Defender!
  The BHPH industry can be unforgiving—but with the right tools and organizational strategy, your BHPH business can have a huge advantage over the competition. Skypatrol's Defender is an industry leader in BHPH and vehicle financing technology, with patented tools transforms how subprime dealers and lenders manage their customers, increase the rate of on-time payments, and mitigate losses. And with the power of the #1 rated Verizon Network, you'll always have the reliability and the power to keep the wheels of your business rolling. Schedule a demo today!