Bank information provider TurboPass hopes to break into the franchised dealership market with a new product allowing retailers to review payroll data for prospective auto borrowers, Patrick Jarman, director of marketing and strategic initiatives, said this last month.
TurboPass' business historically has involved helping auto shoppers easily share their bank account data with lenders and dealerships through an online tool accessible through a text message link. This allows the retailer or creditor to quickly verify the stipulation ("stip") information, such as income, the lender checks before granting a loan. TurboPass says it's able to cut a contract "in transit" — not yet funded — from days to hours. Dealers have requested more than 200,000 TurboPass banking reports in the past two years, according to the company.
The company's new PayStub Report option allows TurboPass' dealers and lenders to receive information and verify creditworthiness straight from the consumer's payroll provider (for example, ADP) through a similar mechanism. Workers often can log in and review data from their pay stubs on demand, and TurboPass leverages this capability to connect to the information and transmit it digitally, according to Jarman. Jarman said TurboPass PayStub Report can access data from 80 percent of the payroll providers in use among employers.
Jarman called the product the company's biggest announcement in two years and said significant demand exists for such a feature, which TurboPass noted could help defend against fake pay stubs.
"It's been great having another verification tool at the dealership to help speed up and improve the customer experience. It's made our funding process a lot faster," URboss Auto dealer principal Greg Skurkovich said in a statement. "We require that TurboPass banking or PayStub reports are used on every car deal."
TurboPass PayStub Report launched nationally Oct. 3.