Bank information provider TurboPass hopes to break into the franchised dealership market with a new product allowing retailers to review payroll data for prospective auto borrowers, Patrick Jarman, director of marketing and strategic initiatives, said this last month.
TurboPass' business historically has involved helping auto shoppers easily share their bank account data with lenders and dealerships through an online tool accessible through a text message link. This allows the retailer or creditor to quickly verify the stipulation ("stip") information, such as income, the lender checks before granting a loan. TurboPass says it's able to cut a contract "in transit" — not yet funded — from days to hours. Dealers have requested more than 200,000 TurboPass banking reports in the past two years, according to the company.
The company's new PayStub Report option allows TurboPass' dealers and lenders to receive information and verify creditworthiness s…