econtracting Faster funding. Fewer hassles. Improved cash flow. Higher CSI. A Quick Reference User Guide

Transcription

1 Faster funding. Fewer hassles. Improved cash flow. Higher CSI. econtracting A Quick Reference User Guide For additional questions, contact DealerTrack at

2 What is econtracting? What does econtracting do? The premiere end-to-end electronic contracting solution on the market today A proven way to reduce floorplan expense, eliminate errors, improve cash flow and increase CSI Create econtracts directly from approved applications or by importing data from Dealer Management Systems (DMS) greatly reducing data entry time. A difference maker and competitive edge for your business The best way to receive faster funding Verify econtract data automatically checking paperwork for errors before submitting to financing sources. econtracting makes the contracting and funding process faster, easier, more accurate and more profitable for dealers. How? By minimizing the time it takes to create, verify and submit contracts, connect with financing sources, correct errors, deliver documents and receive funding. Sign econtracts electronically creating a permanent audit trail. Fund econtracts faster accelerating cash flow. fast fact The industry s first ever econtract was created and funded via DealerTrack May Funding time was only two hours. 2 For additional questions, contact DealerTrack at

3 Creating econtracts: From an Approved Application Once you finalize the terms and structure of a deal with your customer, you re ready to create an econtract. To create an econtract from an approved application or counteroffer from an eligible econtracting financing source: 1. Click on the approved application or counteroffer. 2. Click Begin econtract Data Entry. Note: Most fields will be pre-filled with data from the approval. 3. On the new contract form screen that appears, enter data into required fields. 4. Click Submit To Lender for Verification to validate contract data with your financing source. You can click Submit To Lender for Verification at any time and a pop-up window will list the fields that need to be completed. For additional questions, contact DealerTrack at

4 Creating econtracts: Importing Data from DMS Select dealers* can create econtracts by importing DMS data directly into DealerTrack econtracting, eliminating double data entry. To create an econtract by importing data from your DMS: 1. Build a deal in your DMS. 2. Once you ve created a form within your DMS, click Import Contract Data within DealerTrack to transfer the data to DealerTrack. 3. All data fields will load to the data entry screen in DealerTrack. 4. Click Submit To Lender for Verification to validate contract data with your financing source. Note: *Contact DealerTrack to find out if your DMS is eligible for integration with DealerTrack. By comparing the contract and application, DealerTrack validates and verifies all information to ensure you have imported the correct deal. For additional questions, contact DealerTrack at

5 Verifying econtracts econtracting automatically verifies all contract data as part of the submission process, allowing you to identify and correct errors before the customer signs the contract. To verify an econtract: After you have completed all the required fields, click Submit To Lender for Verification. Your contract is reviewed for missing data and calculation errors. a. If all data and calculations are correct, the contract is automatically submitted to the financing source for verification. b. If there are data or calculation errors, a pop-up window will appear listing them. Once you ve corrected those errors, click Submit To Lender for Verification. Once everified, you are now ready to print a review copy of the contract for your customer to sign. (Note: Validation and required fields vary by lender. All contracts must meet programs in order to be funded.) Note: Clicking on the error will bring you to the location of the error. If a lender returns an eerror, the contract status detail page will list what needs to be corrected simply modify and re-submit the econtract for verification. 8 For additional questions, contact DealerTrack at

6 Signing econtracts econtracting uses electronic signature pads (like those used by many large retailers) to capture customer signatures electronically, ensuring that all appropriate sections of the econtract are signed properly. To sign an econtract: 1. Once a contract is listed as everified, you will be forced to print a review copy for your customer. Click Print Review Copy. 2. You will be prompted to have the customer sign an electronic pad for each signature required in the contract. On the pad, click Accept after each signature. 3. You, or another authorized dealership representative, sign for the dealership to complete the transaction and finalize the contract. 4. PRINT a copy of the final signed contract for your customer. Since DealerTrack determines all signatures required, for each signature, a unique disclosure statement is displayed on the pad. Therefore, econtracted deals will never be returned for missing signatures For additional questions, contact DealerTrack at

7 Funding econtracts The funding process is the final step in econtracting. Submit finalized contracts and receive funding usually as fast as the same day. To fund an econtract: 1. After printing the final contract for the customer, click Submit for Funding. 2. Click Additional Documents to print the fax cover 3. sheet to send to the financing source. Place the cover sheet on top and FAX all additional documents to the financing source. Note: The fax cover sheet informs you of additional documents necessary on a deal-by-deal basis. 4. RECEIVE funding as fast as the same day in accordance with your agreement with the financing source. If documents are missing, the financing source will notify you with an epending Docs message on the contracts status detail page For additional questions, contact DealerTrack at

8 Spot Deliveries: Creating a Spot Deal econtracting was designed to fit any dealer s workflow. econtracting supports spot deliveries, so you can create contracts before submitting applications or gaining approvals. To use econtracting on spot deals, simply: 1. Create a spot deal in DealerTrack, starting a deal either from a pending application, a credit bureau or from scratch. 2. Select Sign Contract to validate data and capture customer signatures. 3. Click Prefill App and send to the funding source to secure credit approval. Note: econtracting support for spot selling is available through participating financing sources in certain states. DealerTrack is continuously releasing spot functionality in additional states. In the event that both signers are not available, econtracts may be partially signed by one customer on the same day as verification. The second signature must be obtained within 5 days For additional questions, contact DealerTrack at

9 Spot Deliveries: Getting Funded (Continued) After obtaining the approval on a spot delivery, the last step, like a non-spot deal, would be to submit the contract and send required docs. After receipt of credit approval on spot deals simply: 4. Click Print Signed Copy/ Submit for Funding from the approval. Receive funding as fast as the same day in accordance with your agreement with the financing source. 5. If the first financing source does not accept the contract, you can easily shop it with other financing sources. The alerts are designed to tell the user if there are any issues with getting contracts funded For additional questions, contact DealerTrack at

10 econtracting Terms and FAQ Support How do I contact customer support if I have questions about econtracting? Call us at , Monday - Friday 9am to 5pm EST. What do I do when my deal goes to ereview? ereview status represents that the financing source is reviewing the contract terms to ensure that the contract is within the lenders funding parameters. If you have questions about why a deal is in ereview, please contact your financing source. Who at the dealership can sign an econtract? This is up to the dealership s discretion, but typically the same people who can sign a paper contract will sign an econtract. Since most contracts are non-recourse, typically the F&I managers are signing contracts. What is the purpose of the review copy? The review copy is required by law. Since the customer is electronically signing the contract, it is the dealership s responsibility to present the consumer with a copy of what they are about to sign electronically. What do I do with a deal that is ereturned? What do I do if the customer wants to modify the contract (for example, add or remove an insurance product)? Prior to having the contract signed, simply modify the contract and re-submit the data for verification. If you have signed the contract and not submitted it for funding, simply create a new contract, resubmit for verification and re-sign. Once a signed contract is sent to a financing source for funding, you will need to have the financing source return the contract in order to create a new (substitute) contract and resubmit it. An ereturned contract occurs when a financing source is unable to fund a signed contract. Should you receive an ereturned contract, you have the option to create a new (substitute) contract re-signed by the consumer or send the original contract to another econtracting finance source. How do I know that the financing source is processing my econtract for funding? The statuses of econtract Received (financing source has received contract) and ependingdocs (one or more documents are required) indicate that the contract is in the final review for funding. To determine what is needed to get the contract funded, either check the comments on Contract Status Details or contact your financing source For additional questions, contact DealerTrack at

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