FARMINGTON HILLS, Mich. — Dealers using both RouteOne and Toyota Financial Services (TFS) will now be able to book TFS electronic contracts through a completely automated process, according to a RouteOne announcement.
The technology — called Straight-Through Processing — will offer dealers faster funding by alleviating the need for a manual review of contracts. Dealers should also see a reduction of required documentation, the company added.
“As consumer 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 RouteOne CEO Justin Oesterle. “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.”
Straight-Through Processing is available for new, retail electronic contracts that originate from a RouteOne-generated credit application and meet TFS-specified contract and purchase criteria. The best deals to use Straight-Through Processing for, the company noted, are those involving well-qualified buyers.
“Our mission is to provide Always Better Service to consumers and to our dealer partners,” said Mike Wells, Toyota Financial Services Group vice president of sales and marketing. “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.”