April 6, 2023
Tricolor Adopts Point Predictive’s AutoPass Solution to Improve Lending Experience
SAN DIEGO, Calif. — Point Predictive, the San Diego-based company that provides artificial intelligence (AI) solutions, today announced that Tricolor, the nation’s largest used vehicle retailer to the Hispanic market providing affordable credit to 32% of U.S. Hispanics, has implemented AutoPass™. A FCRA-compliant scoring solution, AutoPass leverages alternative data sources for consumers with non-traditional credit histories, and even those borrowers with no credit history to help lenders better gauge risk and fund more loans.
Using insights derived from the Point Predictive data repository, AutoPass considers historical fraud risk patterns to accurately predict early payment default and automate lending decisions for a faster, streamlined experience.
“We serve a unique population of borrowers who lack traditional credit histories,” said Daniel Chu, Founder, CEO, and Chairman of Tricolor. “A lack of robust credit bureau data on our customers can often present challenges that traditional credit risk models aren’t equipped to navigate. AutoPass provides us with valuable supplemental data sources to differentiate borrower risks and price loans based on the likelihood of early payment default.”
AutoPass complements existing credit risk models. The solution can quickly identify low-risk applicants so lenders can offer favorable pricing and other credit-based incentives. In conjunction with existing credit risk models, AutoPass can be easily integrated to:
● Automate up to 70% of auto loan decisions without stipulations or manual reviews
● Reduce loan default by 40-60%
● Lower origination costs
● Improve profitability
“We recognize there is a range of challenges that can limit a lender’s ability to create funding opportunities for customers, and we are committed to assisting them in navigating these challenges,” said Tim Grace, Chief Executive Officer at Point Predictive. “AutoPass is revolutionizing the lending process by providing alternative data sources for customers with non-traditional credit histories to secure equitable and affordable auto loans.”
Are you a lender and want to learn more about AutoPass?
About Point Predictive
Located in San Diego, California, Point Predictive powers a new level of lending confidence and speed through artificial intelligence, a powerful proprietary data repository, and decades of risk management expertise. The company’s data and technology solutions quickly and accurately identify truthful and untruthful disclosures on loan applications. As a result, lenders can fund the majority of loans without requiring onerous documentation, such as paycheck stubs, utility bills, or bank statements, improving funding rates by 40-50% while reducing early payment default losses by more than 30%. Subsequently, borrowers get loans faster, and lenders realize a more profitable bottom line.
Tricolor is a U.S. Department of the Treasury-certified Community Development Financial Institution (CDFI) and a mission-driven company that leverages its direct-to-consumer, A.I.-powered platform to provide transportation and upward financial mobility solutions for underserved Hispanics in the United States. It utilizes advanced data analytics and technology to advance financial inclusion to a highly underserved market and offers responsible, affordable, credit-building auto loans to individuals with no or limited credit history.
Headquartered in Dallas, Texas, Tricolor and its affiliate Ganas Auto Group operate over 50 retail hubs across 20 markets in Texas, California, Nevada, Arizona, and New Mexico, with a shared services center in Guadalajara, Mexico. On a combined basis, Tricolor and Ganas have served over 100,000 customers and disbursed over $2 billion in affordable auto loans using their proprietary model to segment risk.
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