Toyota Financial Services last week announced a new technological addition to its existing RouteOne LLC electronic contract processing platform called “straight through processing.” TFS National Sales Planning Manager Gary Rainey told Auto Finance News, the technology will reduce e-contracting time.
“It’s gone from minutes to seconds,” Rainey said. “You multiply that with a company like us that does a million contracts a year, and the time saved really adds up.”
Previously, even contracts that were submitted through the RouteOne portal had to be reviewed manually. The new technology, which can process contracts electronically without any human review, will only service a small pool of new-car buyers without outstanding items on their loan or lease applications, such as proof of residency issues.
Not many consumers will meet that threshold to begin with, Rainey said, but he likens it to the beginning of e-contracting and where the industry is today.
“We’re really in the infancy of this like we were three and a half years ago,” Rainey said adding TFS wants to “achieve the fastest lending process possible.”
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