Ally Financial’s new online loan origination platform Clearlane will add e-contracting capabilities by July, which will allow consumers to electronically sign and submit financial contracts online, or via a mobile device, the lender announced in a press release today.
Clearlane was launched in April after Ally bought BlueYield last year, and today focuses mainly on refinancing and direct lending. However, Ally is building up Clearlane’s capabilities and adding lenders in order to be a full-service online lending platform, Tim Russi, president of auto finance, previously told Auto Finance News.
“A digital signing capability is a strong addition to Clearlane that will add efficiencies and time savings for both our customers and our network of lenders,” Russi said in the release. “Being able to sign and submit financing documents online will help alleviate stress and increase customer satisfaction, especially with millennial customers — a large consumer demographic in the automotive market.”
The SmartSign [e-signature] technology is provided by eOriginal, which has worked with Nissan Motor Acceptance Corp and Chrysler Financial in the past to implement their e-contracting solutions. Specifically, eOriginal claims in two case studies posted on its website that it’s work with Chrysler resulted in 35% to 40% adoption of the technology among dealer partners, accounting for 12,000 contracts signed electronically per month.
Nisssan’s partnership with eOriginal focused more on securitizations and ensuring that contracts signed online were eligible to receive an optimum rating during secondary market securitization.
“Taking paper out of the vehicle buying process improves the customer experience, reduces dealer overhead costs and expedites funding cycles,” said Stephen Bisbee, eOriginal’s president. “We are excited to work with Ally to integrate our platform into Clearlane’s lending marketplace, and help to ensure accurate, fast, and secure transactions on the site, which all contribute to a great user experience.”
