Double financing of vehicles

Platform for clarification of ownership

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.

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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:

Preventing fraud is only possible when everyone works together. Become part of a growing international community of vehicle financers and protect yourself from double, multiple and fraudulent financing.

Thanks to the wide reach of our platform, double financing is often uncovered before it can cause problems.

Over the years, our solution has helped to prevent damages in the millions.

finance-solutions-double-financing-vehicles-benefits

Your benefits

In the fast-moving world of vehicle financing, comparing VINs to check for double financing should not take much longer than the click of a button. This is where our platform comes in:

Daily monitoring

Comparison of individual VINs possible at any time

Automated information in cases of suspected double financing a

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