RouteOne announces Toyota Financial Services (TFS) and Lexus Financial Services (LFS) have enabled their Remote eSigning feature for dealers. RouteOne and TFS/LFS were the industry’s first to remotely capture an electronic signature on an indirect finance contract in 2017 through the Toyota Team Member Lease program. This widespread launch now enables all Toyota and Lexus dealers with the ability to provide the remote execution of retail installment contracts and lease agreements through a secure portal. Dealers also have the ability to include Toyota-specific protection products within their eContract package that are available to be remotely eSigned by the customer – this includes products from Toyota Motor Insurance Services, Gulf States Financial Services, and Safe-Guard.
“RouteOne’s technology enhancements have been vital to helping us meet evolving dealer and consumer expectations,” said Joanna Dean, Toyota Financial Services Vice President of Sales. “Remote eSigning is the latest step in our efforts to make financing or leasing a new vehicle with TFS and LFS easier than ever.”
RouteOne has the industry’s largest network of eContracting finance sources with over 100 available, making three out of every four RouteOne credit applications eligible to be eContracted. Today, RouteOne’s Remote eSigning functionality has over 3,000 dealers subscribed and RouteOne has waived all dealer fees associated with use of the tool through May in support of its dealer customers during the COVID-19 pandemic.
Security and compliance are the highest priority at RouteOne and are built into every process and tool RouteOne delivers to the market. Dealers and their finance sources have the ability to provide their customers a secure online experience, while managing all compliance obligations. These digital retail tools are more important than ever for dealers in the current environment:
• Online Credit Application – Dealers can build in identity verification (OFAC and Red Flags) and Credit Score Disclosure Notices to help manage compliance as online deals are initiated by customers.
• eContracting – Finance source-specific validation rules can be executed prior to customer signature and submission – ensuring consistency and reducing held offerings.
• Remote eSign –
◦ Multi-factor authentication is required each time a consumer enters the virtual signing room and the consumer consents to eSign as the first step in the signing process.
◦ Consumers have the ability to review and download all documents prior to signing, and then sign exactly what they see.
◦ Customers have the option to apply an electronic signature by ‘typing it’ or ‘drawing it’ on any touch screen device.
◦ Customers must sign the electronic contract documents by midnight on the same calendar day to help ensure Truth-In-Lending Act compliance.
◦ Once signed by the customer, the dealer applies their signature and a final, fully executed copy of the electronic contract package is made available for the customer to download or print, helping dealers manage their Regulation Z and M obligations.
• Electronic distribution and storage – dealers enjoy a fully electronic, paper-free finance process and final contract packages are stored electronically; finance sources enjoy a robust and complete funding package.
“Toyota was the first in the industry to implement an innovative technology of this nature and support a dealer’s ability to conduct business in a non-traditional fashion,” stated Jason Bolduc, RouteOne’s Vice President, Strategy and Operations. “We are pleased Toyota Financial Services and Lexus Financial Services have broadened their reach amongst dealers and are supporting all of their dealers with progressive processes.”
Dealers or finance sources interested in optimizing their F&I experience by adding any of these remote features can contact RouteOne at 866.768.8301 or www.routeone.com.