The future of e-contracting is a big and bright one. E-contracting is modernizing and refreshing the finance departments of the past and bringing them into the 21st century.
As more and more dealers transition to electronic contracting it’s becoming clear that the “e” in e-contracting may just stand for efficiency. The efficiency of the e-contracting process is undeniable. Saving a tremendous amount of time, finance managers can access, process and submit most contracts if not the entire deal jacket online. E-contracting shortens the F & I process tremendously, all while increasing accuracy.
Lenders that accept e-contracting are funding deals much quicker than those that still process via paper contracts. Typically, before e-contracting it could take two to three days to fund a deal. Now thanks to e-contracting, dealers are typically funded within a few hours, 24 hours usually being the longest.
In a landscape of ever increasing compliance regulation e-contracting is another way to eliminate common compliance issues by streamlining and standardizing the process.
Contact Automotive Assurance Group today to learn how we can help bring your F & I department up to date.