RouteOne recently announced that Bank of America had become the first non-captive lender to participate in the RouteOne eContracting solution.
Program Rollout to begin in Texas and Florida
As part of the service to our client dealers, those of us here at Auto Credit Express wanted you to know about a recent announcement (December 18th) made by Farmington Hills, Michigan-based RouteOne.
As you may remember, RouteOne was formed back in 2004 as a joint venture by the captive finance companies from GM, Ford, DaimlerChrysler and Toyota. And while three of those four captives (with the exception being GMAC) are part of RouteOne’s eContracting solution, Bank of America becomes the first non-captive to participate in the program.
Here is the press release from RouteOne:
FARMINGTON HILLS, Mich., — December 18, 2008 — RouteOne LLC announced today that Bank of America is participating on its eContracting platform. Bank of America is ranked within the top ten auto finance lending institutions nationally, and is the first non-captive lender to participate on the RouteOne eContracting platform. Current captive participants include Ford Motor Credit, Chrysler Financial, and Toyota Financial Services.
Bank of America is rolling the eContracting solution out to select dealers in Texas and Florida, and will expand its rollout to additional dealers in 2009. RouteOne’s unique eContracting capability delivers many value and efficiency features and benefits and will enable the creation, execution, storage, and management of motor vehicle finance agreements and ancillary documents. The solution will also provide an imaging capability, eliminating the need for related paper documents to be sent separately from the eContract package and streamlining the vehicle financing process.
“We are pleased to welcome Bank of America as the first non-captive finance source to participate on our eContracting platform. They have always been a great supporter of RouteOne and are continuing their tradition of industry leadership - they were also the first independent finance source to integrate with our credit application management system,” said Mike Jurecki, RouteOne CEO. “We look forward to working with Bank of America and our shared dealer customers to recognize the many benefits of eContracting, which include reduced chargebacks and faster funding.”
“We are excited about this opportunity to leverage RouteOne’s innovation and technology expertise to meet the preferred delivery needs of our clients, “said Deborah Nunnally, Senior Vice President, Credit and Operations Fulfillment for Dealer Financial Services, Bank of America. “As a leading provider of financial solutions for auto dealers, we are committed to providing client solutions that promote efficiencies as well as ease of doing business. eContracting provides us with one more opportunity to surpass our clients’ expectations.”
The Bottom Line
Electronic contracting enables dealers to streamline the sign-up process and allows for more accurate and efficient vehicle deliveries. Here at Auto Credit Express, we applaud RouteOne’s eContracting process, as well as the lenders involved, as a much-needed improvement in the sales process.