Explore Our Stellar Loan Processing Option

We have the solutions to getting your auto loans processed in a timely manner.

Vehicle values have risen substantially in recent years, leading to more opportunities to refinance your automobile. These increased opportunities have led to a rise in auto loan applications, overwhelming some financial institutions. Let The Stellar Financial Group help ease the burden by handling all the back-office tasks associated with your auto refinance applications. Rather than hire, train staff, and purchase additional office equipment, let our experienced team of professionals handle the loan processing tasks associated with your auto refinance applications.

In the event of an accident leaving a member’s car completely totaled or just having minor repairs, GAP coverage and warranty products will have the member’s vehicle covered for most unforeseen occurrences. GAP coverage covers the “gap” between the amount a standard auto policy covers versus the remaining balance on the loan. GAP coverage can be added when the car is purchased. If the member did not purchase GAP at that initial sale, they may later purchase it when refinancing the vehicle. Your members should consider GAP if the following applies:

Made less than a 20 percent down payment
Financed for 60 months or longer
Purchased a vehicle that depreciates faster than the average
Rolled over negative equity from an old car loan into the new loan

We have partnered with National Auto Care (NAC) to offer our GAP and warranty packages. NAC is widely considered one of the best warranty coverage programs in the market due to the amount of vehicle protection you receive.

NAC offers the following five types of coverage:

1. Pinnacle

Longest term limit: 7 years/100,000 miles
Eligibility: Cars up to 10 years old with as many as 156,000 miles
Plan details: A top-level comprehensive coverage and the highest-level option of protection offered to the customer. Pinnacle has a noticeably brief list that’s not included such as lift kits/hybrid/electric vehicle components.

2. Powertrain

Longest-term limit: 7 years/100,000 miles
Eligibility: Cars up to 15 years old with as many as 156,000 miles
Plan details: Coverage for engine components, seal & gaskets, select components of the turbo/supercharger, transmission, and drive axle.

3. PowerWrap

Longest-term limit: 10 years/100,000 miles
Eligibility: Cars up to 5 years old with as many as 60,000 miles
Plan details: Exclusionary wrap coverage for vehicles still protected under manufacturer powertrain warranties.

4. Preferred

Longest-term limit: 7 years/100,000 miles
Eligibility: Cars up to 15 years old with as many as 156,000 miles
Plan details: Stated-component coverage that includes an alternator, ignition module, select components of the fuel system, select electrical components, suspension, steering, air conditioning, brake system, and select components of turbo/supercharger.

5. Medallion

Longest-term limit: 7 years/100,000 miles
Eligibility: Cars up to 15 years old with as many as 156,000 miles
Plan details: Stated-component coverage that includes the alternator, all electrical components, power steering pump, rack and pinion, A/C compressor, select suspension components, select fuel system components, and all drive axle assembly.

The auto refinance process has many steps, none more critical than lien perfection. Perfecting your lien has many filing requirements based on the situation, collateral, state, and federal laws. If your lien is not perfected in a timely and correct manner it can lead to your institution incurring legal issues if the loan defaults. The Stellar Financial Group has partnered with DDI Technology to make sure there are never any hiccups in this process.

DDI Technology is a leading electronic title and registration technology firm providing title administration and processing services for vehicle dealers and lenders. DDI technology has 22 years of experience in the ELT solutions industry and has been growing its national footprint due to their excellent service.

One thing that worries all financial institutions is security, especially cyber security. We have teamed up with DocuSign, the leading e-signature company with over 100 million customers in over 180 countries. Along with its two-factor authentication, DocuSign will make sure your applications are electronically signed by the correct member and in the correct locations on the application. DocuSign has become the leading vendor in its industry by allowing people to utilize their service anywhere while saving time for their clients.

If your auto-refinance volume has become a burden, come let The Stellar Financial Group help ease the workload and manage the back-office tasks associated with an application. We will contact your prospects or members and obtain any necessary stipulations to finalize the loan. We hope our new loan department becomes an important asset to our new and current clients. If any of this sounds appealing and you are interested in learning more, please reach out to The Stellar Financial Group to have all your questions answered.

James Woody is the Loan Processing Manager of The Stellar Financial Group. Contact him at jwoody@stellarfg.com or 240-623-1071.

MEET OUR LOAN PROCESSING TEAM

With decades of experience in the industry, we are excited about what each team member has to offer to The Stellar Financial Group. Let’s meet the team: