BBB Business Review
This Business is not BBB accredited
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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
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”
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
|Complaint Type||Total Closed Complaints|
|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
|Customer Experience||Total Customer Reviews|
|Total Customer Reviews||0|
Licensing, Bonding or Registration
This business is in an industry that may require professional licensing, bonding
or registration. BBB encourages you to check with the appropriate agency to be certain
any requirements are currently being met.
These agencies may include:
Texas OCCC-Office of Consumer Credit Commissioner
2601 N Lamar Blvd, Austin TX 78705
Phone Number: 512-936-7600
Fax Number: 512-936-7610
The license number is 15148-56934.
Type of Entity
Limited Liability Company (LLC)
LOAN SERVICING & COLLECTION