Toyota Financial Tests At-Home E-Contracting in Pilot
Toyota Financial Services is running a pilot in which consumers can electronically sign all financial and ancillary product documentation before going into the dealership to pick up their vehicle, according to the technology provider RouteOne.
The pilot is currently active at just one Toyota dealership, as well as across the company’s employee-leasing program, according to a RouteOne spokeswoman.
“This new technology is the latest evolution of our e-contracting abilities with RouteOne,” a TFS spokesman told Auto Finance News. “It doesn’t change the fact that we are an indirect lender, tied closely to our dealer partners. This is an evolution in customer convenience and isn’t designed for direct lending.”
RouteOne’s technology promises that consumers can get their car originated at a dealer and securely sign the documents remotely. The technology company launched electronic document delivery in early 2017 and now allows for a fully electronic signing process, including an authoritative electronic document rather than an e-signed contract that must be subsequently printed out.
RouteOne plans to launch the remote-sign solution with another OEM, potentially by the end of this month, the spokeswoman said. This latest pilot is one of several announcements from the captive that underscores its efforts in digital lending.
In late December, Toyota Financial Services U.K. launched a similar point-of-sale system that allows consumers to e-sign from home using a different technology provider than RouteOne.
Separately, the U.S. captive previously told AFN that it is “in production” with a customer-facing “self-service channel” that will give borrowers more control over their account data and auto loans.
