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Keeping thing simple
Auto Loan Modification
Rhombus Auto Loan Modification One simple solution to avoid
Repossession
01www.rhombustechnologies.com
Auto Loan Modification???
• Auto loan modification is a broad term used to describe any change to your car
loan contract. Most people who seek modification do so because they believe they
can gain a more favorable contract the second time through than the first. Others can
no longer afford their loan at the current agreement. In either case, modification is
not an easy process, and it is not always possible
02www.rhombustechnologies.com
Scope of Auto Mods….
• With the current economic difficulties, auto / vehicle finance companies
are experiencing an increase in late payments as well as repossession.
• Just like the mortgage industry, auto financing companies becoming
more aware of the consumers hardship and are starting to work with
them in modifying car notes. Why stop at mortgage loan modification
when you have to opportunity to lower and/or modify your customer’s
automobile payments as well? In some cases auto loan modification may
even benefit mortgage modification clients by reducing the debt to
income ratio and increasing disposable income.
03www.rhombustechnologies.com
Why Rhombus ?• Trained & Experienced staff
• Processing Team includes MBA’S, Engineers, and Master’s in Banking etc.
• Thousands of Loans already modified
• Many satisfied clients with prompt and fast approvals
• Tenured Finance Professionals
• Every file has detailed case research analysis
• Access Live updates on the CRM 24/7
• Quick Turn around Time
• Save your money on staffing expenses
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Documents you need to provide us. • Hardship Letter
• Borrowers Authorization
• Paystubs
• W2’S / 1040’S
• List of Monthly expenses
• Bank Statements
• Copy of drivers License
• Copy of insurance policy for the vehicle
• Loan Statement for the vehicle
• Note:- {we can also contact the customer directly on your behalf to collect
missing docs.}05
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Reports generated by us.
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Our Proposal
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Model Pricing Reports
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Underwriting & Income Calculation
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DTI & Disposal calculation Analysis
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Stage 2
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• Income Summary
• Debt Ratio Analysis
• Affordability Analysis
• Asset Summary
• Hardship Description
• Verification of Income
• Establish Loan Scenario vs. Proposed Modification Terms.
• Record all the timely updates on the CRM
• Submit completed package to Lender as required.
Closing Function Stage 3
• Verification of Vehicle Loan Modification terms against offer made by Investor.
• Schedule of vehicle loan modification execution with Notary, (as required).
• Filing / confirming lender boarding of vehicle loan modification terms.
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Stage 2 (con)
• Reply and respond to additional information request
• Follow ups on submissions
• Received and Convey modification terms to the client or customer.
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Contact Us
Rhombus Technologies Inc.
82-36, 259th St., Floral Park, New York, 11004
Contact Person: Rekha Singh (Rebecca)Tel: 1-877-869-7950Fax: 1-800-309-6316Email: [email protected]: www.rhombustechnologies.com
13www.rhombustechnologies.com
Keeping thing simple
Rhombus Technologies Pvt.Ltd.601,Dhanthak Plaza,Makwana Road,Marol .Andheri(East),Mumbai 59 | T: +91 22 2850 1416 | F:+91 22 6692 660082_36 259 St Floral Park NY 11004 | T:866-833-6840 | F: 800-579-4118z