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CRIF Lending Solutions Blog

Expert Insight. Forward thinking. Trusted perspective.

Spring Forward for Indirect lending Success with the Help of RouteOne

Did you remember to turn your clocks ahead yesterday? If you forgot, don’t worry since you certainly aren’t the only one. On the other hand, if you were late to work this morning as a result, good luck explaining that to your boss. Several people, including myself, need helpful reminders for things like daylight savings time (personally and professionally) to avoid embarrassment or stay productive – unless you’re in one of the three states like Florida trying to do away with daylight savings.

Speaking of helpful reminders and insight, we recently hosted a complimentary webinar with our good partners at RouteOne to discuss ways to accelerate indirect lending success. Our experts and the team from RouteOne shared insight on market trends within the auto industry as well as research from a recently conducted dealer survey. Following the presentation, the presenters from RouteOne fielded questions from attendees.

Here are a few of the questions from that webinar:

Q: Is it difficult and/or expensive for the lender to enable payoff quotes for their dealers using the RouteOne portal?

A: No and no. From a dealer’s perspective, it’s free of charge. Also, from the finance source’s perspective, it’s a relatively simple and straight-forward process to get payoff quote features set up and enabled. There’s no cost, and, again it’s something that with the batch process, it allows for the finance source to put together a report. We receive and batch that report so when a dealer attempts to obtain a payoff quote through the RouteOne portal, it sees the finance source’s name listed in the payoff quote list, selects the finance source, chooses the transaction type and then able to search for that consumer’s payoff information through a few different criteria such as account number, social security number or VIN. RouteOne allows for the finance source to choose how the dealer can search for that payoff.

Q: How, exactly, does the RouteOne text messaging feature work?

A: Not to be confused with conventional text messaging on mobile devices, it allows for a chat communication inside of a credit decision. If I’m a dealer who’s submitted a credit application to a finance source in RouteOne and that source supports the text messaging feature, I’d have the ability to open a chat within that decision as soon as it’s returned from the source. The chat is very straight-forward and located below the portion of the screen where our dealers are used to seeing a decision that was returned and slightly below where the stipulations are listed.

Q: How is the text messaging feature different from the dealer comments tool?

A: This is a great question. The dealer comments feature is something that can be sent as a one-time distribution with a credit application being submitted or a credit application decision being sent by the finance source. This tool is something that all finance sources and dealers on RouteOne have the ability to utilize. It’s a lot like putting a note on something you’d send via snail mail as opposed to a real-time conversation within the decision that you’d get by using the text messaging feature.

This is simply a snapshot of the questions answered following the presentation, which also contained a great deal of insight for financial institutions looking to keep up with the latest indirect lending trends and best practices. If you missed our webinar and are looking for more information on how RouteOne and CRIF Select can help accelerate your indirect lending success, then click the button below to request a link to our complimentary webinar recording.

Request Our Webinar Recording Today

Photo Credit: Alan Cleaver

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