Description
The Nevada Department of Motor Vehicles (DMV) is seeking information from qualified third-party vendors regarding the development and administration of registration payment plan services. The DMV is looking for a vendor to offer installment loan or payment plan options for vehicle registrations, which will enable customers to satisfy DMV obligations through structured payments. The vendor will be responsible for all debt servicing for the installment loan and must comply with all applicable federal and state laws. The DMV requires integration capabilities with their existing system, future state system, and related databases. The vendor must also provide customer support for all financing-related inquiries and meet defined service levels.
• The vendor must offer installment loans or payment plans to DMV customers
• The vendor must perform real-time decisioning and underwriting
• The vendor must clearly disclose all loan terms, including APR, fees, and payment schedule
• The vendor must assume all financial risk associated with loan repayment
• The vendor must disburse full payment amount to the DMV at the time of the transaction
• The vendor must provide a user-friendly interface and integrate into DMV digital channels
• The vendor must comply with all applicable federal and state laws and ensure data privacy and security compliance