TurboPass Accelerates Funding Time and Reduces Loan Losses with Verification Technology Stack

Lou Loquasto, Chief Revenue Officer, TurboPass

“As folks that have spent their entire 30-year+ career in auto, we believe that with the help of Truv, we’ve built the greatest pay stub report that the industry has ever seen.”

Problem

Retailers, especially in sectors like auto lending and consumer finance, often face significant challenges with manual, paper-based verifications of income, employment, and insurance. These outdated methods—requiring customers to submit physical pay stubs, insurance documents, and other verification forms—were slow, error-prone, and susceptible to fraud.

For lenders and auto dealers, these inefficiencies delayed funding, increased costs, and exposed them to financial risk from fraudulent documents. Turbopass sought to modernize this process and needed a suite of technology partners that could offer comprehensive, real-time data to streamline the verification journey and improve the experience for businesses and consumers.

Truv Solution

Verification of Income and Employment.

About

Founded in 2018, Turbopass was established to meet the growing demand for a digital verification solution that could streamline the approval process for lenders and auto dealers while reducing fraud and improving the customer experience.

The company has transformed how retailers, auto dealers, consumer finance lenders, and apartment complexes manage verifications by offering a fully digital, efficient, and scalable solution. With over 12,000 retailers using their platform, Turbopass integrates with leading data providers, including Truv, to provide instant and accurate consumer-permissioned data, revolutionizing the verification landscape.

Lou Loquasto, Chief Revenue Officer, TurboPass

“A part of our value proposition with Truv is empowering our clients to avoid fake paystubs with instant fraud detection, further protecting lenders and auto dealers from financial losses.”

The Story

In 2021, Turbopass formed a pivotal partnership with Truv to enhance its consumer-permissioned data capabilities. Truv, known for providing a flexible, customizable, and reliable verification platform, was one of five trusted providers that TurboPass onboarded to automate critical verifications of income and employment.

Lou Loquasto, Chief Revenue Officer, TurboPass

“While a mortgage lender gets 30 days to close a loan on average, consumer and auto lending space has 1-2 days on average. Instant verifications reduce funding time.”

Turbopass was looking to add Truv to its suite of data providers in response to the growing need for more efficient and reliable verification processes in industries like auto lending, consumer finance, and apartment leasing. This partnership emerged as a solution to the growing burden of manual data collection, which often required lenders and auto dealers to gather pay stubs, insurance proof, and other documents through tedious, error-prone processes. TurboPass leveraged Truv’s customizable solutions to streamline the verification process, particularly in auto lending, where fast and accurate approvals are essential.

Lou Loquasto, Chief Revenue Officer, TurboPass

“We were very impressed with the management team and the openness for creativity and customization not only with the solutions, but also with how we run our partnership.”

At the forefront of innovative solutions and consumer-permissioned data, Turbopass leveraged the product flexibility to build a curated suite of products to streamline verifications across their customer base, particularly consumer lenders. By integrating Truv’s technology, TurboPass created a standardized pay stub report that delivered instant, accurate verifications, dramatically reducing the time and effort required for approvals while minimizing fraud risk.

Since integrating a comprehensive technology stack, TurboPass has measured significant impact, tracking a multitude of business improvements for their customers, including accelerated approval times for loans and leases, reduced costs for dealers, and decreased financial losses from fraudulent documents. Through streaming verification processes, TurboPass’s largest auto dealer clients saw a 17% reduction in funding time and a 49% drop in bank fees after adopting the integrated system.

Lou Loquasto, Chief Revenue Officer, TurboPass

“With our suite of consumer-permissioned data solutions, one of our auto lenders went from 4 to 2.5 days average funding time. That’s a big deal.”

The impact of the powerful technology stack drove remarkable results for one of TurboPass’s largest clients, an auto dealer, whose credit and funding teams are enabled to make easier, clearer, and faster lending decisions on transactions powered by TurboPass reports. The auto lender realized ~38% reduction in loan losses from applicants with 0 credit scores, and accelerated funding time by 1.5 days. Confident lending combined with faster funding empowers the auto lender to deliver easier, smoother, and faster car buying experience to consumers.

Lou Loquasto, Chief Revenue Officer, TurboPass

“Truv retrieves and provides an unmatched amount of data and quality of data, then instantly standardizes it in a report for auto dealers and lenders to use.”

Lenders using TurboPass’s platform have driven operational efficiencies to new heights, saving time, money and resources by increasing employee efficiency. TurboPass reports powered by Truv deliver lenders with the robust reporting needed in seconds that removes the need for manual employment verification phone calls. These calls, typically time-consuming and delay-inducing, are now being replaced by instant digital verifications, enabling faster funding and reducing friction for both lenders and consumers.

Lou Loquasto, Chief Revenue Officer, TurboPass

“Our lenders are starting to use Truv to waive verification of employment phone calls. To fund faster they can use a pay stub report powered by Truv and avoid process interruptions that result from manual calls.”

TurboPass’s partnership with instant verification providers has not only helped streamline operational processes for a range of customers but has also set a new standard for speed, accuracy, and fraud prevention in industries like auto lending and consumer finance. By leveraging a spread of consumer-permissioned data solutions, TurboPass has been able to deliver significant value to its clients, propelling operational efficiency and overall customer satisfaction.

As the demand for consumer-permissioned data gains traction, TurboPass is poised to lead the next wave of innovation in digital verifications, driving even greater results for businesses, retailers, and consumers.