Primary Loan Servicing Gets Good Rating

Primary Loan Servicing is pleased to announce that they have received a service quality (SQ) rating of SQ2 from Moody’s Investors Service. PLS is a joint venture between Investec Bank Ltd and TransUnion Receivables Management (Pty) Ltd. Each has a 45% share of the car loan venture, with a third junior partner – Safika Holdings – holding 10% of the company.

The rating applies to their auto loan servicing in South Africa, which is a very good rating for an auto loan company. PLS is considered a “specialist” in the industry of auto loans, and they handle everything about the auto loan from inception to completion. They use the auto loan funding platforms that have been put in place by Investec for their third party car loan originators.

The auto loan company says that since PLS is only a “shell” company, their rating is really a reflection of their service agreements with TURM and Aucor Ltd. Their staff has demonstrated their quality commitment to the servicing of car loans, which can be seen time and time again. Considering how the market has been lately for car loans, it is duly impressive that they are showing that many people happy with their service.

They have some weakness in their middle and senior management teams, as they do not fully have the experience that some other companies may have in servicing auto loans, but they are using new technologies and trainings to decrease that gap between what they are familiar with and what they need to work on.

Back to May Index