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Innovate Auto Finance

Phone: (817) 471-1200 View Additional Phone Numbers 6707 Brentwood Stair Rd #610, Ft Worth, TX 76112 http://www.innovateauto.com

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Description

According to its company website (www.InnovateAuto.com), Innovate Auto Finance aka Innovate Loan Servicing Corporation (Innovate) “specializes in purchasing auto portfolios of all sizes in the less than prime credit tiers.”  Innovate’s management team has over 60 years of collective experience in the automotive finance industry and the company is licensed to do business in most states.  Innovate focuses on portfolio acquisitions from banks, credit unions, franchise and independent auto dealers, as well as finance companies.  Innovate’s “flexible terms and seller friendly process has earned us the reputation as a company that portfolio sellers want to do business with again and again.”  The company claims to have the “capital, commitment, and experience to be a partner you can depend on during all business cycles.”

According to the “Loan Servicing” section of its website, Innovate specializes in “Third Party Loan Servicing” and is committed to “loan servicing excellence allowing your customers to experience unparalleled levels of customer service while providing you with the optimal cost and credit performance solution for your portfolio.”  The Innovate website states, “In essence, your customers become our customers.  Our mission is simple

·  Provide outstanding service to your customers
·  Lower your costs of operation
·  Improve your portfolio performance”

BBB Accreditation

This business is not BBB accredited.

Businesses are under no obligation to seek BBB accreditation, and some businesses are not accredited because they have not sought BBB accreditation.

To be accredited by BBB, a business must apply for accreditation and BBB must determine that the business meets BBB accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints. BBB Accredited Businesses must pay a fee for accreditation review/monitoring and for support of BBB services to the public.

Reason for Rating

BBB rating is based on 16 factors. Get the details about the factors considered.

Factors that lowered the rating for Innovate Auto Finance include:

  • 33 complaints filed against business
  • Business has failed to resolve underlying cause(s) of a pattern of complaints

Factors that raised the rating for Innovate Auto Finance include:

  • Response to 33 complaint(s) filed against business.
  • Resolution of complaint(s) filed against business.
  • BBB has sufficient background information on this business.


Customer Complaints Summary Read complaint details

33 complaints closed with BBB in last 3 years | 12 closed in last 12 months
Complaint Type Total Closed Complaints
Advertising/Sales Issues 1
Billing/Collection Issues 12
Delivery Issues 2
Guarantee/Warranty Issues 0
Problems with Product/Service 18
Total Closed Complaints 33

Additional Complaint Information

BBB files indicate that this business has a pattern of complaints concerning Service and Billing/Collection Issues.  Specifically, complaints allege difficulty obtaining vehicle titles, an inability by customer service representatives to resolve issues, harassing collection calls and misapplication of funds.  Although the business has responded to the alleged claims in the complaints, the BBB continues to receive complaints.

September 2012 the BBB sent certified correspondence to the Innovate Auto Finance requesting their voluntary cooperation in eliminating the pattern of customer complaint.  The BBB received communication from the business.  The business stated they have seen growth in their business in the last 12-18 months.  An audit of the BBB complaints will be done to determine if there are any concerns relating to customer service.  The BBB will update this aspect of the Business Review once additional information becomes available.

Customer Reviews Summary Read customer reviews

0 Customer Reviews on Innovate Auto Finance
Customer Experience Total Customer Reviews
Positive Experience 0
Neutral Experience 0
Negative Experience 0
Total Customer Reviews 0

Additional Information

top
BBB file opened: October 07, 2011 Business started: 07/22/2009 in 0 Business started locally: 07/22/2009
Type of Entity

Limited Partnership (LP)

Business Category

LOAN SERVICING & COLLECTION

Alternate Business Names
Innovate Loan Servicing Corporation
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