SCOTTSDALE, Ariz. — DriveTime Automotive Group is in the final phase of prepping a paperless loan modification system, to be introduced in the first quarter of 2016, Chief Financial Officer Kurt Wood told Auto Finance News at the Used Car Week conference.
The company is currently conducting compliance checks to the new system, which will allow dealers to modify consumer loan terms without the need for written forms, Wood said.
“We switched to go nationwide with 100% electronic contracting offered at our dealerships, for customers that elect that process,” he said. “And going into the future, it will be electronic loan modifications.” As part of the process, Phoenix-based DriveTime will also upgrade its loan servicing software to “more proactively” integrate the company’s lease portfolio into the existing system.
“We want to make it as easy as possible for the consumers, and less paper helps them,” Wood said. Of DriveTime’s 134 dealerships, “north of 85%” of customers have elected to use electronic documentation so far, Wood said.
