Wolters Kluwer Financial Services announced recently that Merrick Bank has joined its AppOne platform. AppOne automates the indirect lending, credit approval and compliance processes for lenders and the auto, RV and marine dealers they work with.
Merrick Bank, a national leader in providing boat, RV and motorcycle loans for customers with past credit problems, works closely with dealers to help them retain valuable customers who have blemishes on their past credit history that may preclude traditional financing. AppOne will initially connect Merrick Bank with Tracker Marine Financial Services’ network of dealerships, with additional dealers and dealer groups being added in subsequent phases.
In addition to automating credit application processing and underwriting, AppOne also integrates Wolters Kluwer Financial Services’ Bankers Systems retail installment contracts, which document the financing of vehicle loans. The contracts are maintained by Wolters Kluwer Financial Services’ compliance experts who monitor legislative and regulatory changes affecting the indirect finance industry in all U.S. jurisdictions. The contracts are protected by the company’s limited compliance warranty.
“AppOne will help us provide a faster response to our dealers and an easier process in completing all the loan documents needed to originate a loan,” said Scott Anderson, vice president, marketing manager for Merrick Bank’s Recreation Lending program.
“In today’s economic climate where many consumers are rebuilding their credit history, dealerships are looking for strong lenders in the nonprime market,” said Lee Domingue, CEO of Indirect Lending at Wolters Kluwer Financial Services. “Adding Merrick Bank to our lender platform will help marine, RV and powersports dealers serve a wider range of customers.”
For more information, visit www.wolterskluwerfs.com/Indirect.