Frequently Asked Questions
1. What exactly is AutoZoom’s product or service?
AutoZoom is an algorithmically enhanced web-based underwriting system designed to assist you with the underwriting and analysis challenges of the buy-here pay-here industry. AutoZoom has created hundreds of unique Scoring Models specifically for the sub-standard credit (buy-here pay-here) industry. Our system includes management tools which utilize dashboards, charting, and exporting features to present data related to underwriting, sales, repossessions and associated cash-on-cash gains and/or losses in a very user friendly interface. Additionally, AutoZoom clients are able to issue Adverse Action Letters systematically when credit is declined.
2. I already have underwriting guidelines. How is AutoZoom different?
AutoZoom is only different in the way it applies algorithms to standard buy-here pay-here underwriting criteria, allowing our models to be used to make more precise and consistent underwriting decisions. AutoZoom is based on more than fifty years of buy-here pay-here underwriting experience and our proprietary suite of statistical and predictive algorithms applied against $14 Billion dollars of BHPH automobile loans our clients have originated using AutoZoom scoring models. Since buy-here pay-here underwriters typically do not use algorithms within their credit decisions they may know their underwriting methods produce good or bad results, but not why or how to improve their underwriting skills.
3. Do AutoZoom scoring models make decisions for me automatically?
No. You are in control. AutoZoom simply provides you with metrics that allow you to see more clearly the strengths and weaknesses of each prospective customer and deal structure. Someone will still need to make the final decision on each deal. Typically, upper management in your company will establish minimum AutoZoom metric benchmarks. Underwriters then use those for approval, eliminating the need for upper management to be involved in most decisions.
4. Can AutoZoom help me if I am just getting started in the BHPH business?
Yes. Any company that chooses to use AutoZoom at start-up will avoid the losses traditionally associated with the learning curve of the BHPH underwriting and deal approval process.
5. How can AutoZoom help me in my business if I already consider myself a BHPH expert?
AutoZoom has found that, regardless of level of expertise, all experienced companies big or small can benefit from using AutoZoom.
6. How long has AutoZoom been in business?
AutoZoom has been offering its algorithmically enhanced web-based underwriting solution since late 2002. Our clients have processed more than 2,000,000 applicants through the AutoZoom system since 2002 and provided loans to more than 1,000,000 customers. Additionally, our clients have supplied resulting economic data on over 200,000 subsequent repossessions.
7. Can AutoZoom predict the exact time when a customer will become a repo?
AutoZoom is not aware of any technology that is capable of such exactness. However, actuarial is the best term to describe an algorithmically enhanced underwriting system. This means that AutoZoom scoring models can predict the likelihood of timely payment, early default, or repossession. This allows your company to make necessary adjustments in deal structure to compensate for particular and/or standard BHPH credit risks.
8. How can I get past my fear of allowing a system to make underwriting decisions for me?
AutoZoom does not make underwriting decisions for you. AutoZoom simply serves as a very discerning guide, enabling you to be more consistent in all of your underwriting efforts.
9. How does AutoZoom work?
Our data-base now holds records on more than two million buy-here pay-here transactions that were originated by our entire client base of independent and franchised used-car financing dealers across America. Using the data we have accumulated since 2002, plus the original 50,000 transactions used to create the first AutoZoom Scoring Model, enables AutoZoom to continue building ever better scoring models. AutoZoom subscribers are able to retro test their own underwriting by processing any number of past sales and repossessions through the AutoZoom system as they wish.
10. Will your product integrate with my current DMS?
After a full year of programming, AutoZoom completed its legacy rewrite in the first quarter 2017. Along with our rewrite, we developed a RESTful API that can readily be utilized by any DMS provider to integrate with AutoZoom. Our RESTful API documentation is available now. Your DMS provider may be more motivated to integrate with AutoZoom after hearing requests for integration by a number of their own clients rather than from AutoZoom.
11. Will your product run on my existing computer system?
If you are able to access this web site, then you have everything that is required to use the AutoZoom system. Additionally, AutoZoom is now accessible via mobile devices which also have internet browser capabilities.
12. Can anyone access my data?
The only way to access your data is with a user name and password set by you. Therefore, the only people with access to your data are the ones you grant access to.
13. If I have underwriters that have been with me for years, why do I need AutoZoom?
It is extremely rare that we find a prospective client using an algorithmically enhanced scoring method. Without the use of underwriting metrics, it is very difficult to track shifts in each underwriter’s practices and to recognize problems in your portfolio created by various underwriter’s bad habits. AutoZoom will enable you to evaluate the weaknesses and skills of every underwriter on a daily, weekly, monthly and/or annual basis.
14. If I already have a low repo rate, is AutoZoom any benefit to me?
Yes. If you repossess fewer than 30 of every 100 units sold over the life of those loans, you are likely missing some higher-risk, profitable sales. AutoZoom can help you increase sales matching the right dollar risk to those higher risk customers with more accuracy and consistency.
15. How long does it take to enter the information necessary to underwrite one applicant/customer?
About one minute once an underwriter is trained and acclimated to the AutoZoom software.
16. How long does it take to see my scoring model metrics for my applicant/customer?
You will see the metrics as soon as you complete the scoring process.
17. How long does it take to see my repossession analysis?
You will see repossession timing and economic impact related to scores with the first few repossessions. However, you will not know the total impact of repossessions and how they relate to your specific AutoZoom scores until a minimum portfolio of 300 sales have fully aged.
18. How long will it take to start benefiting from AutoZoom?
Immediately! However, it will take several months to experience the full impact of the AutoZoom system.
19. If I decide to become and AutoZoom client, how long will it take to get up and running on the service?
Typically, our clients are using the system within ten working days after AutoZoom receives signed agreements and funding.
20. How is pricing set for the AutoZoom service?
AutoZoom is a subscription based service. We invite dealers and lenders to schedule a demonstration of AutoZoom to see all the features and benefits the program offers. Please call us at (888) 493-6891 for pricing and/or scheduling a demo.
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Auto Loan Technologies, LLC.
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