IAA Loan Payoff™ Enhanced with Lease Functionality
IAA estimates well over 5 million vehicles are declared a total loss each year, with up to 70% of those vehicles carrying a loan.
- IAA estimates well over 5 million vehicles are declared a total loss each year, with up to 70% of those vehicles carrying a loan.
- IAA Loan Payoff, the industrys 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.
- With each new digital claims solution, IAA strives to ease pain points for its insurance provider customers, said Tim ODay, President of U.S. Operations for IAA.
- Launched in November of 2019, IAA Loan Payoff has thousands of lenders in its multi-tiered network and has shown continuous growth.