Lenders on FICO's new platform can provide dealers with multiple offers from the get-go, potentially eliminating the back and forth with dealers to achieve a customer's perfect deal structure, the company said last week.
FICO's Alternative Deal Structures platform, designed specifically for automotive, works within lenders' parameters and customers' preferences to quickly produce multiple deal structure options at the point of sale, the company said.
"If you look at a typical auto finance scenario today, you might get a single deal structure offered by the underwriter [or] by the dealer, and the customer may or may not like it. If they don't like it or something unusual comes up, they have to go through the whole rehash process," Ken Kertz, senior director of FICO's auto practice, told Automotive News. "It takes hours and kind of tortures the customer in the dealership office. And what we're able to do is come up with a number of multiple deal structures in real time [and] optimize those real deal structures so that ultimately, the credit analyst can pass along the best three or four deal structures to the F&I manager, and the F&I manager can then pass on the best offer to the customer."