Auto finance business processs- Part2
This post is in continuation to the previous post on auto finance business processes. Contract servicing in Auto finance can be broadly classified into 3 Collections - All activities that involve collection of payments come under this. Based on milestones there are different process that happen. The initial milestones involves informing the client of the missed payment through SMS, e-mail and phone sequentially. If the client doesn't make payment even after the next milestone a home visit by the collections team to remind the customer about the money. At the next milestone the client will be offered a restructured loan that would be a more favourable one. The subsequent milestone requires a staff to meet the client and then try to retrieve the overdue amount. If the client still does not pay, it would considered that the client is refusing to pay and that the client is not honouring the contract. The client would be consider...