MINNEAPOLIS, 17-Jun-08
Dealers' Financial Services, LLC (DFS), a leading provider of consumer financing, has deployed Daybreak, a loan origination, servicing and collections platform from banking technology provider i-flex solutions (Reuters: IFLX.BO & IFLX.NS).
Daybreak is DFS' new platform for servicing new loans under the company's Military Installment Loan and Educational Services (MILES) program, established in 2001 to assist and protect active duty military personnel when purchasing an automobile.
DFS deployed Daybreak as its origination, servicing and collections platform to help drive down the cost per loan and improve overall operational efficiency by automating core processes and enabling greater visibility into the loans it manages.
DFS' primary business is lending to the military. It developed the MILES program to assist junior enlisted service members with no credit history, limited income and worldwide mobility. Many military personnel find it difficult to access loans from banks and credit unions, leaving them with high rates for vehicles of questionable quality.
The MILES program helps military personnel obtain quality vehicles from a national certified dealer network and financing from U.S. Bank, the sixth largest commercial bank in the United States. MILES-certified dealers meet numerous standards with regard to pricing and condition of vehicles sold through the program. To ensure compliance, each transaction is audited.
Daybreak is a comprehensive consumer lending system that automates all aspects of financing, from origination to servicing and collections. It is designed to help finance companies, credit unions manage consumer loan portfolios, including those for automobiles, recreational vehicles, boats, motorcycles, home improvement, home equity lines of credit and other specialty finance requests, efficiently and cost effectively. The fully web-enabled application is scalable, user-configurable and user-friendly. |
