RouteOne Processes Industry's First Remotely Executed Finance Contract
December 14, 2017
FARMINGTON HILLS, Mich. — RouteOne announced this week it has processed the industry’s first remotely captured, electronic customer signature on an indirect finance contract. The executed contract was booked with Toyota Financial Services (TFS).
The milestone is the result of RouteOne’s Remote eSign technology, which enables dealers to grant electronic access to a “signable” finance contract package to a customer, including credit application and all RouteOne-generated ancillary documents.
“Consumer expectations are justifiably higher than ever,” said Pete Carey, group vice president of sales, marketing, and product development for TFS. “This exciting technology is an important step in allowing us to make financing even more convenient for customers while maintaining data security.”
With Remote eSign, car buyers can choose to remotely eSign the documents and provide them to the dealer for completion of the contract esigning ceremony and consummation process. Or the consumer may simply choose to review the document package in advance.
As for security, a two-step authentication process that generates a secure URL link to the virtual “singing room” is engaged when a dealer chooses to enable Remote eSign. The signing room requires a PIN each time the customer enters and presents the documents to the customer to “sign what they see,” according to RouteOne officials.
“As a technology company, RouteOne is continuously evolving so we can deliver tools to our customers that solve their market challenges,” said RouteOne CEO Justin Oesterle. “Remote eSign technology is an integral element of the fully online transaction that consumers are demanding of the auto finance industry. It also creates a new market opportunity for dealers to expand and increase sales by offering a more efficient means of executing contract packages.”