Auto Dealers + Debt Management: The Challenge
As an auto dealer, preparing bank statements for debt management is a common but time-consuming task. Debt management advisors and IVA supervisors need detailed analysis of a debtor's bank statements to assess income, essential spending, and disposable income.
How BankScan AI Helps Auto Dealers with Debt Management
Convert dealership bank statements to spreadsheets for floor plan reconciliation, sales tracking, and manufacturer incentive verification. For debt management specifically, BankScan AI extracts Net income from all sources, essential living costs (housing, utilities, food, t automatically.
How Auto Dealers Handle Debt Management
When preparing bank statements for debt management, auto dealers need to Auto dealership controllers reconcile floor plan financing curtailments against vehicle sales, track F&I (Finance and Insurance) product income, verif. BankScan AI automates the data extraction step.
Key terms you'll encounter: floor plan curtailment, deal jacket, holdback, F&I income.
How It Works
Upload bank statement PDFs
Supports all major banks. Upload 3-6 months of recent statements to establish a reliable income and expenditure pattern for the proposal of statements for debt management.
AI extracts what you need
Our AI extracts Net income from all sources, essential living costs (housing — formatted for auto dealers workflows.
Complete your debt management work
Download Excel files ready for debt management. Income and expenditure categorised according to the Standard Financial Statement (SFS) format used across the UK debt advice sector
Supported Banks
BankScan AI works with all major UK and US banks, including:
Features for Auto Dealers — Debt Management
- Built for Auto Dealers — Saves 3-5 hours per week on floor plan reconciliation and deal funding verification for a dealership selling 100+ vehicles per month
- Software compatible — Output works directly with CDK Global, Reynolds and Reynolds, QuickBooks
- Built for Debt Management — Convert bank statements to Excel to quickly categorise income and expenditure, calculate disposable income, and prepare debt management or IVA proposals.
- Key data extracted — Net income from all sources, essential living costs (housing, utilities, food, transport), non-essential spending to reduce, existing debt repayments, disposable income calculation
Compliance: Auto Dealers + Debt Management
When auto dealers prepare bank statements for debt management, specific compliance requirements apply.
- Auto dealers must comply with FTC Safeguards Rule for customer financial data protection, state dealer licensing requirements, and IRS Form 8300 reporting for cash transactions over $10,000. Floor plan lenders conduct regular audits. OFAC screening requirements apply. State DMV title and registration financial records must be maintained.
- Legal basis: Insolvency Act 1986 Part VIII (Individual Voluntary Arrangements); FCA CONC 8 (debt counselling, debt adjusting, and debt administration)
Debt Management — Built for Auto Dealers
IVA proposals must be sent to creditors within 14 days of the nominee's report; debt management plans need quick setup to stop creditor action and interest accrual
Try Free — Auto Dealers + Debt Management