Solidifying its position as an innovator and technology leader, TurboPass announces Westlake Financial as its latest auto finance lender to accept TurboPass verified stips.
“Today is an exciting day for the team at TurboPass, said Mike Jarman, CEO and founder. Westlake has done so much for our industry, dealers and car buyers in particular. Their commitment to use TurboPass as the source for digital stip collecting and their advocacy of the solution with all of their dealers, is a continuation of Westlake’s market leadership and dedication to leading innovation for the benefit of the industry’s dealers and borrowers.”
“TurboPass helps dealers collect income, validate identity, employment, and proof of residence data, streamlining the stip clearing process ,” stated Kyle Dietrich, SVP of Originations Westlake Financial. “This will ultimately help us process deals faster and minimize incidents of errors and fraud.”
Using TurboPass, Dealers send a TEXT to their customer at the point of sale or during their shopping process to validate the customers down payment ability in seconds, saving valuable time in the car buying/closing process. A unique TurboPass code is generated for each customer, allowing dealers to easily view, print and submit the customer’s stips alongside their deal package.
“Westlake is always looking to improve the funding process for our dealers,” added Mark Vazquez, Westlake Financial SVP of Sales. “After piloting TurboPass with a few dealers, we are confident that it facilitates faster funding time while reducing risk for our dealers.”
TurboPass is the first universal income validation (Ability to Pay) solution for automotive dealers and lenders. TurboPass eliminates the hassle and risk associated with traditional document-based verification of income, employment and residence and provides trusted direct (bank & credit union) source data that fulfills lenders’ need for copies of PDF bank statements, proof of income, proof of employment, and proof of residence.