IAA Enhances Loan Payoff Tool

By Staff Writer July 21, 2021

IAA Inc., a global digital marketplace connecting vehicle buyers and sellers, has upgraded its Loan Payoff tool with the ability for insurance carriers to pay off leases from participating lenders.

IAA estimates well over 5 million vehicles are declared a total loss each year, with up to 70% of those vehicles carrying a loan. Leases account for about 30% of new vehicle purchases, adding a level of complexity to the total loss process that can increase cycle time. IAA Loan Payoff, the industry’s premier technology connecting insurance companies and automotive lenders to pay off loans on total loss vehicles, is the first platform in the vehicle salvage industry to extend that functionality to pay off leases on total loss vehicles to its partners. The portal creates a seamless process for insurance providers to communicate with lenders and financial institutions that support vehicle leasing.

Launched in November of 2019, IAA Loan Payoff has thousands of lenders in its multi-tiered network and has shown continuous growth.

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Last modified on Wednesday, 21 July 2021 14:46