Critical Shifts:
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Automated Verification: Cox Automotive integrated Nova Credit's Income Navigator into its Dealertrack network, using automated bank, payroll, and document data to replace manual pay-stub collection and accelerate funding times.
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Fraud Reduction & Expansion: The partnership aims to minimize document tampering and improve risk assessment, with Westlake Financial as an early adopter and plans to integrate advanced bank transaction analytics through Cash Atlas.
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Cox Automotive and Nova Credit are partnering to bring automated income verification and cash-flow intelligence to auto lending, beginning with the integration of Nova Credit’s Income Navigator into Cox Automotive’s Dealertrack credit application and digital contracting network.
Income Navigator uses bank, payroll and document data to verify income and clear income stipulations within Dealertrack, replacing manual pay-stub collection. The companies said the integration can reduce manual reviews, help identify altered documents and speed decisions and funding. Instead of manually calculating income from pay stubs, lenders receive an automated income calculation.
“Bringing Nova Credit’s Cash Flow Intelligence into Dealertrack gives lenders and dealers a near-time, automated way to verify income and reduce fraud inside the workflows they already use,” said Andy Mayers, lender solutions strategist at Cox Automotive. “This partnership offering is part of our broader strategy to drive efficiency and reduce risk for dealers and lenders.”
Cox Automotive has named Nova Credit its preferred partner for embedded cash-flow intelligence, with Westlake Financial among the first lenders to adopt Income Navigator.
“Our edge has always been better data, better technology, and more flexible risk models,” said Chris Urban, executive vice president of risk and underwriting at Westlake Financial. “Income Navigator gives us another tool to help us verify the ability to pay and streamline our verification and funding process without slowing down the dealer or compromising our standards.”
The companies also are discussing a future integration of Nova Credit’s Cash Atlas, which analyzes bank transaction data to provide lenders with information such as residual income, cash-flow volatility and account stability to support more individualized credit decisions.
