Consumer Portfolio announces new automotive financing platform enhancements

Consumer Portfolio Services has closed out the year with three major partnerships to improve efficiencies, dramatically reduce funding time, and offer more payment options for borrowers. The company has chosen Informed.IQ to automatically calculate income, collect and clear credit stipulations and dealer docs, creating a better dealer and consumer experience throughout the auto lending process. CPS expects Informed.IQ’s AI tools to significantly reduce the funding time. For decades, CPS has focused on bringing improved intelligence to auto lending, becoming a leader in FinTech initiatives that enhance the front-end review and financial decision-making process. Now, CPS is also helping automate the backend servicing experiences and has partnered with Prodigal to better manage the collections and servicing workforce and process. For a customer standpoint, CPS named PayNearMe as its primary payments partner. This partnership will accelerate the auto lender’s digital transformation and deliver a frictionless customer experience across all digital payment types. PayNearMe will eliminate onsite cash payments, dramatically reduce the number of customers who pay by check and transition the majority of customers to electronic payments through greater pay options.