Avid Acceptance Finds the Perfect Compliance and Customer Service Partner in Compli
Some twists and turns are unexpected—and unavoidable. When financial hardship creates a detour, Avid Acceptance helps steer life back on track.
The Utah-based auto lender seeks to reduce some of the burden of Chapter 7 and Chapter 13 bankruptcies by providing people in need with flexible vehicle financing options. Rather than making loan decisions based on FICO scores, Avid Acceptance works with dealerships to offer payment terms that take each customer’s full history into account, so drivers who have hit a financial speed bump can get back on track.
Avid Acceptance’s innovative, borrower-centric model is what sets the company apart, but a people-first approach to subprime lending doesn’t come without difficulties. For one, not every dealer’s F&I office has the capability or willingness to think outside of the box. The much greater challenge, however, is ensuring that Avid Acceptance’s program doesn’t cross the bounds of fair lending laws.
It’s a calculation that has only grown more complicated since the company was founded in 2009. In his role as a compliance professional, Steven Bryson has paid close attention to the changing regulatory environment. He’s watched with uncertainty as various consumer finance agencies have issued new rules, published sometimes-conflicting interpretations, and taken aggressive enforcement actions against lenders—not that regulations are black and white themselves
The unpredictable nature of consumer complaints and fair lending regulations could cause any credit company to scale back its growth plans, particularly with states ramping up enforcement. Fortunately for Avid Acceptance, Steven found a way to manage it all in a single, cloud-based platform that doesn’t require additional resources or create additional labor: Compligo.
“One thing I love about Compligo is that training is implemented directly in the system,” he said. “That’s something you’re supposed to have in any CMS. Leaders need to be able to look at their organization’s compliance data at a glance and track where each person is in the process, but many platforms still lack that capability—you have to log into a third-party system.”
Other CMS solutions he looked at were data-oriented, but “lacked intuitiveness”:
“Some looked to be more of a headache, or were missing other features. In a couple cases, the demonstrator even told me, ‘It’s not ready yet.’ Compli’s platform, on the other hand, feels like it was designed for our field.”
Not only does Compligo help Avid Acceptance save time, but its streamlined design clarifies compliance roles and gives the company the chance to address issues proactively. According to Steven, another key benefit of the platform is the way in which it’s made his team more accountable.
Compligo does offer what other CMS platforms do not: clarity, peace of mind, and confidence that things are taken care of.
“You’ve got charts and links: this is how many CFPB complaints we’ve gotten, these are our BBB comments,” he said. “It’s so much easier to show complaints, reports, and percentages to our executive committee, as well as to set trainings on an annual basis and view personnel files and reports. It’s made my life 10 times easier.”
Continuing on the topic of accountability, Steven also appreciates the Compli team’s responsiveness.
“My Compli customer liaison is literally my favorite person on the planet,” he said. “I’m used to waiting a day or two for emails, but every time I contact him, within maybe 20 minutes I get a response back: ‘We fixed it,’ or, ‘We’re working on it.’ I know how busy that guy must be, and he’s amazingly attentive. He even checks in if he hasn’t heard from us in a while to ask how everything is going.”
It’s no surprise that Avid Acceptance found a partner in Compli. After all, both companies know that the best way to navigate life’s unexpected twists and turns—be they financial or regulatory in nature—is by prioritizing people.