Inilex GPS to Enhance Credit Unions Auto-Lending Programs

By CIOReview | Tuesday, March 10, 2015

FREMONT, CA: Inilex, a provider of telemetry solutions for vehicles, has forged an alliance with The National Cooperative Business Association (NCBA) CLUSA to improve the monitoring of auto loans sector by leveraging its solutions.

NCBA CLUSA is the trade association for cooperative businesses in the United States and an international development organization, of which, Inilex is an associate member and a business sponsor. This deal would allow credit unions and other financial cooperatives to access the Inilex’s GPS technology to organize and manage their auto-lending programs.

Inilex GPS is a risk-mitigation system which uses telematics to track vehicles throughout the country. The system has been designed with features like in-car payment reminders and starter interrupt functions in order to assist lenders and auto dealers in reducing costs associated with delayed  customer payments and repossessions.

In this regard, lenders can make the telematic based system a prerequisite to obtain a loan. This would facilitate credit unions in expanding their portfolio, by extending higher-yielding consumer loans and helping borrowers purchase better vehicles at reasonable interest rates. Tamper alert notification, repossession application, automated check-In and the availability of a various types of daily reports are some of the other key benefits of Inilex GPS.

“Credit unions require affordable and flexible ways to secure their assets, which makes GPS technologies particularly valuable for this segment of lenders. We recognize that credit unions aren’t in the technology business, they’re in the finance business, so we keep the technology part simple and straightforward, allowing them to focus on serving their members, not on their recovery operations,” says Michelle Jackson, Senior Director, InilexGPS.