FAQ

LoanPlus FAQs

General Questions

• What is LoanPlus?

LoanPlus is a collateral management solution for managing and tracking liened mobile assets for lenders. LoanPlus utilizes location-based services worldwide utilizing our patented GPS-based technology applications, customized software programming, and sophisticated cellular data communications - supported by our experienced and dedicated customer services teams.

Our advanced Collateral Management System (CMS) was created for sub-prime auto finance companies. As technology has progressed and the demand for sub-prime loans has increased, a growing number of lenders are turning to CMS solutions using Global Positional Systems (GPS) and the various data generated to help them manage their portfolio risk. LoanPlus has been proven to more than double your net return on internal capital in every loan cycle.

LoanPlus consists of four primary components:

• GPS-based Remote Collateral Management Unit (RCMU)
• Cloud-based monitoring and control server array
• Lender portfolio management system utilizing a 2-way API

• Customized and secured web-based control center for both lenders and dealers

These components are designed to work in tangent with your existing portfolio management systems to manage critical elements of your business more efficiently and safely. This leads to substantial increases in your profit-per-loan, and your overall net return on internal capital. For more information, watch video.

• How many dealers does LoanPlus serve?
We currently serve approximately 14,000 dealers across the United States who participate in sub-prime lending.
• Are there risks when using a collateral management system?
LoanPlus customers have more than doubled their return on capital as measured by industry-standard debt to equity ratios. Our RCMU reliability is over 98%. Some of our clients who have tried other CMS solutions said that they experienced device failure rates as high as 30 percent!

ProconGPS, Inc., the parent company of LoanPlus, holds the only patents on the innovative system that applies Global Positioning Satellite (GPS) technology, cellular networks, and information systems to monitor loan status for a default condition on a vehicle and to enable tracking to aid the confiscation and repossession process for dealers and finance companies.
• What markets do you serve?
The LoanPlus Collateral Management System hardware and programming are strictly designed for use by financial lending institutions to better secure consumer loans and wholesale floor plan financing.
• Is the LoanPlus dealer network growing?

Our dealer network continues its robust double-digit growth with nearly 14,000 franchise and independent dealers in our network nationwide.

• I only write A-paper. Can LoanPlus help me?
Expansion of a portfolio beyond A and B paper is one way we can help. Another way is to build added-value and after-maket sales opportunities such as service contract extensions, service retention (reminders) for dealers, vehicle warranty status alerts, plus the up-sell of a menu of consumer-centric features such as theft protection. LoanPlus will not only allow you to expand your portfolio to include more risky loans, it will also help you maintain a higher level of safety and predictability that you typically experience with your prime-credit borrowers. By helping you expand your client base and range of acceptable credit risk, LoanPlus will help your institution grow faster while increasing profitability.
• Will you send me some LoanPlus references from lenders about my size?
Yes. If you would like reference or more information about our collateral management solution, please fill out the form to the right.

Financial Questions

• Does LoanPlus extend my average performing loan life?
Yes. You can expect your loan life to increase as much as 40%.
• How much does LoanPlus cost?
See for yourself! Try our financial calculatortool. Historically, our customers have concluded that for every $1 spent on LoanPlus, they’ve seen a return of over $4 for every loan cycle.
• Does LoanPlus increase my recovery success rate?
Yes. In many cases, we’ve seen recovery rates increase over 33 percent! We’ve also seen recovery times cut in half!
• Will LoanPlus improve my bottom line?
LoanPlus customers have experienced substantial increases in revenue! In fact, if you’re running your portfolio at the industry standard debt-to-equity ratio, your net return on capital with LoanPlus will double!
• Can LoanPlus increase the number of loans my collectors can handle?
Yes. LoanPlus is equipped with user-friendly tools such as payment reminders, starter interrupt and GPS. These tools have improved borrower behavior and allowed lenders to collect more payments, on time. Typically, LoanPlus lender clients have seen an increase in loans per collector of about four times.

Legal Questions

• Is LoanPlus legal in my state?
Because laws vary from state to state, LoanPlus will be customized to comply with your state’s requirements.

System Integration Questions

• Will LoanPlus integrate with our custom portfolio management system?

Yes. We have integrated LoanPlus with a litany of portfolio management systems remotely without compromising your internal data security, at no extra charge. Our solution is customized to work with yours.

Technology Questions

• Is my data protected from system failure or attack?
LoanPlus is built on the same infrastructure that powers some of the most secure applications on the planet. Data is encrypted with 256-bit secure Socket Layer encryption. Finally, all of our systems are cloud-hosted using a grid-computing backbone. It would require a monumental natural disaster to bring LoanPlus system down.
• Can LoanPlus locate collateral anywhere?
Almost! Our recovery success rate is approximately 95 percent!
• How accurate is LoanPlus collateral tracking?
Typically +/- 1 meter.
• What if I have a technical problem with LoanPlus?
When you become a LoanPlus customer, the first thing we provide is a dedicated customer support phone line, fax line, email account, dedicated internal Account Manager, and your own web portal. These methods of communication are exclusive to you, and meet our industry-leading standards for availability and response time.

Competitors Questions

• How does LoanPlus distinguish itself in the market?
We invest heavily in research and development, which is why we own the core technology patents. Interestingly, most of the market players license the technology directly from us. (U.S. patents 6.025.774 & 6.249.217.)

Over 1 million devices have been installed world wide, and are backed by our money back guarantee on our 99 percent device reliability. We provide dedicated, 24-hour service exclusively to you.

• Who competes with LoanPlus?

Smaller companies have emerged who typically use third-party services to essentially sell the equipment. However, it is essential to apply broader-based best practices that give lenders the opportunity to reap the full benefits of CMS. A very essential best practice is to have rigorous privacy policies that are compliant with state and federal laws, and apply them consistently. A legitimate SaaS (Software as a Service) and MRM (Mobile Resource Management) technology provider can help lenders do this.

Download white paper on best practices when searching for the right CMS.

Product & Purchasing Questions

• Has LoanPlus been recognized for any achievements?

PROCON, the parent company to LoanPlus, received the Big Kahuna Award from T-Mobile for its vision, innovation, leadership and accelerated growth in the machine-to-machine (M2M) industry, particularly in the sub-prime asset tracking and fleet management segments.

We were also awarded the prestigious Maverick Award from T-Mobile for its innovation and accelerated growth in the subprime, or "Buy Here, Pay Here" (BHPH), automotive industry.

• What is trakSMS?
Our patented trakSMS® technology allows users to test or manage the functionality of devices any time using text messaging from a cell phone. Enter your device number and access ID into a text message and receive information immediately.
• How do I purchase LoanPlus products and services?
Fill out the form to right and we will contact you in 24-48 hours.

Call: 1-866-665-8825

Email: sales@LoanPlus.com
• How do I request a demo?
Fill out the form to right and we will contact you in 24-48 hours.

Call: 1-866-665-8825

Email: sales@LoanPlus.com
• How is LoanPlus activated?

With the simple click of a mouse, LoanPlus devices can be immediately activated by the user and immediately transferred to the lender’s administrative site for management. All LoanPlus devices are pre-programmed and SIM card activated at our factory prior to shipment and strictly for your private platform, allowing for easy inventory management and spot deliveries. Dealers who use the LoanPlus™ floor plan application can just plug in the device. The vehicle data is automatically logged into the program and monitoring begins. If certified installation better fits your needs, the LoanPlus Elite program includes installation of the device at your client’s place of business or at the consumer’s location with certification of proper activation.

• Does your product integrated into existing portfolio management systems?
LoanPlus™ devices and software are modified to meet your requirements, giving you the flexibility to manage multiple levels of users, simplify communications and ordering, transfer devices, set up reports and obtain assistance in ways that fit your organizational needs.
• What does the hardware do?
LoanPlus hardware detects the global position of the vehicle and transmits information via cellular or other means. The design and programming of LoanPlus devices are customized to your specifications. Hardware detects and transmits data, which can be used for asset location, asset movement notification, speed, movement into or out of a selected geo fence, and mileage since installation.
• Can I transfer devices from one asset to another?
Yes. Devices can be transferred from one asset to another, through the LoanPlus system.
• How can I track all my inventory?
The LoanPlus CMS software is quite robust allowing you to manage thousands of accounts and sub-accounts all at the same time. The complexity varies from basic information to more detailed statistics on all active inventory. Menued management reports are available to help you select the data you want in the way you want it, and it’s all downloadable into Excel or csv format for further manipulations.


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