The Anaheim-California based auto lender Gateway One Lending & Finance, LLC has chosen RouteOne as its digital indirect and e-contracting service provider, for the company’s more than 12,500 U.S. dealer partners, the companies announced in a joint press release.
Gateway One has been working with RouteOne to rollout digital indirect and e-contracting for nearly two years, according to a previous Auto Finance News story.
During the 2015 Auto Finance Risk and Compliance Summit, Gateway One’s chief information officer Marty Crowley said the environment at the time was difficult for non-captive lenders. The company was “optimistic” and “anxious” to adopt such a platform, but held back due in part to concerns raised by dealer partners.
It took nearly two years, but the lender is now adopting RoutOne’s software.
“The platform enables our dealers to reduce the amount of time it takes to fund a loan with Gateway One to a single day,” said David MacInnis, president of Gateway One. “With RouteOne’s solution, dealers will be able to identify possible issues before the signing takes place, requiring fewer return calls or questions.”
Gateway One is a subsidiary of TCF National Bank, and while the parent company does not break out auto loan originations specifically, it did report $4.2 billion in overall loan and lease originations in the third quarter of 2016. That represents an 8.7% year over year increase, due, in large part, to auto loan originations, the company reported.