Indirect Auto Lending Made Faster, More Efficient With APPRO DealerTrack eContracting Interface

Equifax today announced at the Consumer Bankers Association's National Automobile Finance Conference & Tradeshow, the successful integration of the APPRO DealerTrack™ eContracting interface to streamline the indirect auto lending process for financial institutions and credit unions such as San Antonio Federal Credit Union. The interface demonstrates the combined strength of DealerTrack, a leading provider of on-demand software solutions for the automotive retail industry, and the automated credit risk management and financial technologies of Equifax Enabling Technologies.

The eContracting interface leverages APPRO LoanCenter Consumer™, a loan automation and credit risk decisioning system designed specifically for consumer lending. Using this technology, what used to take up to five days with paper-based processes now can be completed in a day. With eSignatures supported by this interface, borrowers' contract signatures can be captured and sent electronically, resulting in faster or even same-day funding to the dealership.

"Since the integration of the interface, the dealers we work with have reported improved control over their contracts-in-transit, resulting in increased cash flow," said Chuck Smith, first vice president, director of lending for San Antonio Federal Credit Union. "The interface allows us to accept eContracts from our dealers, which improves the overall efficiency of our department."

Dealers working with lenders who take advantage of the APPRO interface gain access to the eContracting technology to streamline their indirect auto lending practices. Users can minimize the time required to fund a loan, reduce contracts-in-transit and decrease errors. With the interface, a process that once involved a series of overnight shipments, faxes and phone calls now can be done quickly and securely online.

"Partnering with Equifax to develop this interface enables us to provide eContracting to more financing sources and increase the value proposition for dealers," said Richard McLeer, vice president of DealerTrack. "With eContracting, every step of the indirect auto lending process is automated, from data entry to signing funding documents. This streamlined process allows lenders to focus on the next loan and dealers to concentrate on enhancing sales."

The indirect auto lending market is vital to the operations of many financial institutions trying to meet today's customer demands for faster and more convenient service. Working together, Equifax and DealerTrack have addressed this need by providing an integrated solution that accelerates the indirect auto lending process, resulting in increased efficiencies and contract volume.

"For more than 20 years, we have been working with industry partners such as DealerTrack to deliver lending solutions that redefine consumer lending," said Steve Uffman, group executive, Enabling Technologies, Equifax. "Working with DealerTrack enables us to deliver a valuable tool to customers through the eContracting interface."

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