MINNEAPOLIS — To meet the growing demand for paperless finance transactions within the auto finance industry, Wolters Kluwer Financial Services is offering auto dealers, workflow aggregators and lenders new standardized and easily customizable motor vehicle lease agreements in an electronic format.
The new lease documents, which are also available in paper format, are offered for all 51 jurisdictions across the U.S., and are protected by Wolters Kluwer Financial Services’ compliance warranty. The documents are designed to meet the Federal Reserve Board’s Regulation M, which implemented the Consumer Leasing Act to require more detailed pricing information and terms in consumer leases, as well as other state and federal regulations on auto leasing. The documents can also be easily tailored to meet a lender’s specific leasing business practices and policies. By using these compliant solutions in an e-format, dealers and lenders not only mitigate risk, but also increase efficiency and reduce costs.
“The new lease agreements are yet another example of how Wolters Kluwer Financial Services excels at recognizing market needs and providing solutions that address lender compliance and dealership usability,” said Kevin Kopp, director of Indirect Lending for Wolters Kluwer Financial Services. “We are facilitating e-contracting by offering the new lease agreements in an electronic format or via our Web-based DocOne document engine, which ultimately helps ease the burden of both compliance and document maintenance.”