POWER BOOKING APPRAISAL
The Industry Leader in Power Booking Valuation Reports. This in-depth vehicle valuation is paramount to the accurate reassessment of a vehicles value, in determining the real value of the asset to the extent of any inflation of the perceived value (model, options features, equipment) as provided by the dealer.
— POWER BOOKING REVIEW & ANALYSIS—
Description
» POWER BOOKING APPRAISAL
Accurately determines the features and equipment on a specific vehicle and analyze that data as compared to the vehicle description from the dealer at time of loan origination.
In a report issued August 3, 2023, the CFPB announced that it had uncovered that dealerships are ‘Powerbooking’ financed transactions.
Both new and used vehicles can be the subject of power booking fraud. It is important for any financial institution to have an independent review to locate inaccuracies, errors of the vehicle options, and identify any fraudulent inflation in the representations of model and equipment by the dealership at origination as their stated vehicle value.
Appraisal Delivers: In-depth review of a specified vehicle options and features to determine accuracy of vehicle description at time of loan origination.
It is of supreme importance to finance companies to identify and recover from the inaccurate and over-statements of vehicle equipment and options by dealers when reassessing the value of a financed vehicle.
- Provide evidence of inaccuracies of the vehicle options and fraudulent inflation of the vehicle value.
- Provide evidence in which to ensure that the representations of model and equipment are accurate.
