RouteOne LLC, the streamlined credit application management system being launched by DaimlerChrysler Services, Ford Motor Credit Co., General Motors Acceptance Corp. (GMAC), and Toyota Financial Services (TFS), took a huge leap Jan. 22 with the signing of Household Auto Finance as a prime (key) lending source.
Household Auto Finance is a business unit of Household International, the wholly owned subsidiary of HSBC Holdings plc. Currently the leading nonprime independent creditor, Household says it now covers the full spectrum of auto financing -- from subprime to prime -- for franchised dealers nationwide. Dealers will have access 24/7 through the web-based RouteOne system.
“RouteOne’s system will allow us to offer superior customer service and user-friendly processes to our dealers,” said Gannesh Bharadhwaj, Household Auto Finance’s executive vice president for marketing. “Ultimately, our customers will benefit from the increased efficiencies of the web-based system offered by RouteOne.”
“With the addition of Household, RouteOne’s service offering is that much stronger,” said Mike Jurecki, chief executive officer of RouteOne. “As always, we are committed to providing our dealer customers a fast, easy-to-use system that will save them time and money.”
RouteOne offers dealers a common platform for submitting credit application information to the multiple finance sources with which they do business. Automotive dealers and their finance sources can exchange credit application and decision information in real-time using RouteOne’s Web-based network, which acts as the central processing hub.
Finance source response time is dramatically improved from hours to minutes, and the status of pending credit applications can be determined with a click of a mouse, according to RouteOne.
"While the benefits RouteOne offers dealers and financial institutions are many, car and truck buyers will be the ultimate winners as they will enjoy a simpler and vastly improved car-buying experience," RouteOne said in a prepared statement.
About RouteOne
Established in April 2002, RouteOne LLC is a joint venture formed by DaimlerChrysler Services, Ford Motor Credit Co., General Motors Acceptance Corp,, and Toyota Financial Services to improve the credit application process for automobile dealers, their customers, and participating financial institutions.
The joint venture is developing a Web-based system designed to enable dealers and their finance sources, including captives, banks, and other financial institutions, to exchange credit application and decision information online.
More information is available at www.routeone.com.
About Household Auto Finance
Household Auto Finance purchases consumer contracts from more than 9,000 dealers nationwide and also serves consumers directly. Household says it has helped more than 700,000 people in 44 states with auto finance solutions.
For more information, visit www.household.com.
About Household International, Inc.
Household International, Inc., based in Prospect Heights, Ill., is a wholly owned subsidiary of HSBC Holdings plc, one of the largest banking and financial services organizations in the world.
Household’s businesses are providers of consumer loans, credit cards, auto finance and credit insurance products in the United States, United Kingdom and Canada. In the United States, Household companies operate under the two oldest and most recognized names in consumer finance - HFC and Beneficial. Additionally, Household’s businesses are some of the nation's largest issuers of private label and general-purpose credit cards, including The GM Card® and the AFL-CIO's Union Plus® card.
