Identify and resolve the double financing of vehicles
Compare vehicle identification numbers (VIN) online.
Vehicle financing is a large-scale business. It is easy to overlook vehicles that are already included in inventories at a different bank or leasing company. With our platform for preventing the double financing of vehicles, you can compare VINs automatically and eliminate any doubt before granting a credit.
Double financing of vehicles
Communication platform and database for increased security when financing vehicles
Whether cars, commercial vehicles or motorbikes, our solution for preventing the double financing of vehicles can be used by banks, leasing companies and other financial institutions to compare the identification data of financed assets, such as the VIN. If vehicles that are transferred as collateral or are owned by the financer are detected in the inventories of two or more companies, the system warns the user so they can then clarify the situation.
Automatic data comparison eliminates any confusion
Vehicles not only change owners regularly, but are also transported from one country to another. Customers at banks and leasing companies sometimes use this situation illegally to gain a financial injection, often in the hope that this is not discovered and they can rectify the situation at the end of the credit period.
With our platform for protecting against the double financing of vehicles, you can see in good time if a VIN is assigned to multiple inventories – including across borders thanks to our internationally proven solution. This data comparison leads to improved risk management:
Double financing of vehicles
Uncover suspicious cases and resolve them quickly
Before comparing the data, we first set up a secure channel for exchanging data via our SFTP server. You then send us a CSV or Excel file with your current financing portfolio on a daily basis. If you use our document management service, we can also export the VINs from the archived and digitized vehicle documents in our database.
Fast, confidential data exchange
We delete the data records from the previous day and replace them with the latest VINs in order to compare your inventory with all the records found in the system, thus giving an indication of possible cases of multiple financing. If a VIN is listed multiple times, we will inform you and the other affected institutes immediately. Here, we will pass on details of which vehicle is affected and which other institutes are involved, and also ensure that your data is treated in confidence.
What happens in case of suspicion?
We compare the data records automatically on a daily basis and inform you via e-mail. Many multiple data records are due to delays when transferring a vehicle from one inventory to another. In order to resolve these cases quickly, the participants classify them by a certain deadline and add any additional comments in the corresponding text field. The following options are available as standard:
- Genuine case of double financing
- No double financing – incorrect or incomplete asset data in own inventory
- No double financing – incorrect or incomplete asset data in the inventory of the other party
- No double financing – asset already removed
- No double financing – asset already removed at other party
- No double financing – temporary overlap due to refinancing
- No double financing – other reason