Toyota Financial Services will use RouteOne LLC’s contract processing platform, Straight-Through Processing, to automatically book TFS electronic contracts “with no human interaction,” the company announced yesterday in a joint press release.
Previously, even contracts that were submitted through the RouteOne portal had to be reviewed manually. Now, retail electronic contracts that originate from a RouteOne-generated credit application, and meet the contract criteria established by TFS, will receive the benefits of Straight-Through Processing. Along with faster funding, those benefits include “reduction of required documentation, ability to provide customers with account numbers at the dealership, and possible reduction in held offerings,” according to the release.
“Straight-Through Processing streamlines and expedites key aspects of funding, leading to a better experience for consumers and dealers while freeing our team members to work on other critical functions,” Mike Wells, Toyota Financial Services’ group vice president of sales and marketing, said in the release.
RouteOne was formed in 2002 by Ally Financial Inc., Ford Motor Credit Co. LLC, TD Auto Finance LLC, and TFS in order to develop technological solutions just like this and streamline the F&I process.
“As consumers’ expectations and e-contracting adoption both continue to rise, we are dedicated to delivering enhancements to our product line that ensure the utmost efficiency for our dealers, finance source partners, and most importantly their consumer,” said Justin Oesterle, RouteOne’s chief executive officer, in the release. “We are pleased to partner with TFS to bring Toyota dealers the technology powering Straight-Through Processing, which accomplishes these goals with the automation of previously manual processes.”