AUSTIN, Texas -- Teres Solutions, Inc. announced Aug. 10, that it will incorporate its SAIL Indirect lending software solution with DealerTrack’s eContracting product.

The integration will allow credit unions to electronically process and fund auto loan contracts submitted through the DealerTrack network. The process looks to reduce loan risk, while increasing efficiency.

Many credit unions find discrepancies between loan application pre-approvals and actual loan contracts, which runs a risk for the credit union. The idea is to allow credit unions the ability to automatically validate and verify auto loan contracts before they’re ever signed. Credit unions might also appear more attractive to dealerships given the efficiency of such a system.

The system integration eliminates the need for data re-entry of contract information by electronically bringing the information into the core system.

Teres Solutions also allows credit unions to electronically store their copy of authoritative e-contract in existing imaging systems, such as OnBase.

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