Working Deals and eContracting with Preferred Lenders

IN THIS ARTICLE:

1. How to work a deal with Preferred Lenders
2. What is eContracting
3. How to Signup for eContracting
4. After the eSigning is Complete: How to Transfer eSigned Documents to a lender
5. How to Upload Stips

 

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How to work a deal with Preferred Lenders

Below are the general steps to working a deal with a lender on the Preferred Lender Platform. Keep in mind that some steps may vary after submitting a deal depending on which Preferred Lender you're working with.

Here's how to get started:

1. Select 'Start a Deal' and choose 'Finance' as your deal type.
2. Add the vehicle and customer information.
3. Add the deal info such as price, service contact, gap and more.
4. Once you submit, check to see results on the Lender Offers tab.
5. Lenders with provide results with Offer details
6. Submit deal to the lender. You can further adjust numbers like price, down payment and so on.
7. Use the lender messaging section to communicate with the lender rep.
8. Once you get an Approval (meaning the structure now shown on the screen is approved) you can select ‘Accept Offer’ button and continue on to Print Paperwork or eContract.

 

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What is eContracting

DealerCenter’s eContracting lets you streamline your paperwork process and gives your customers the convivence of eSigning documents – even when they’re not at your dealership. You can choose the eContracting option when doing deals with many lenders from our Preferred Lender Platform.

Some lenders now even provide Vault to Vault transfer of eContracted documents to distribute the electronically signed documents to the lender’s vault. 

Check out the video below for a step-by-step walkthrough of eContracting start and signing cermony:

IN THIS VIDEO:

• Setting up eSign Funding Print Packs: 0:10
• Starting eContracting on a deal: 1:18
• Remote eContract signing vs in-person/at dealership: 1:50
• Completing Additional Info/Required fields screen: 2:20
• Reviewing and making adjustments to eSign documents: 2:30
• Dealer signing session: 2:52
• Customer signing session: 3:24
• Printing and completing process: 4:30

Once the eSignature session is complete you may have the option to directly transfer eSigned docs to the lender vault. See steps below.

 

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How to Sign-Up for eContracting

Make sure you've added the option for eContracting to your DealerCenter account.

To do this, select 'My Account' from the main menu, then choose "Products", and on the Products page make sure "DC eContracting" is added under "Pay-per-use":

 

 

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After the eSigning is Complete: How to Transfer eSigned Documents to a lender

Some lenders are capable of receiving a of transfer electronically signed documents. In this case, you will need to select "Distribute to Lender" to distribute the electronically signed documents to the lender’s vault. This process improves the eContracting experience by removing the need for you to Paper Out the physical copies at the completion of the signing.

You may see "eContract Completed, but the docs still need to be sent to the lender.

 

Once the eContracting signing is completed, the list of signed documents will be displayed. Select the "Distribute to Lender" button to begin the process of transferring the documents to the Lender.

The documents in the lender eSign pack will be selected for transfer and you can select additional documents to include in the transfer. Only transfer additional documents for which a lender will need the authoritative copy. You'll no longer be able to "Paper Out" documents once they have been transferred to the lender.

Upon completion of the transfer, the document status will be updated to "Distributed to Lender":

 

 

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Uploading Stips

DealerCenter lets you directly upload files and/or deal stips to many lenders. This functionality eliminates the need to mail copies of deal stips and supporting documents (copies of driver’s licenses, Copies of insurance, aftermarket contracts) to a lender.

Here's how it works:

Start by selecting the "Upload Stips" button on the deal screen:

Next, you'll be presented with a list of files that are currently attached to the deal. You can select the files to be uploaded, set the stip type, and then select the "Upload" button. You can also dd Files not yet attached selecting the "Browse your PC" tab and dragging the files into the window.