MINNEAPOLIS – Wolters Kluwer Financial Services has launched RefundOne, a patent-pending, integrated credit application and tax preparation service tailored to meet the needs of the automotive dealership market.
RefundOne combines Wolters Kluwer Financial Services' AppOne auto dealership portal and trusted compliance and risk management expertise with expert tax preparation and electronic filing software.
With the average federal income tax refund at more than $2,300, auto dealers routinely encounter customers who anticipate using tax-refund proceeds as a down payment source. With the Web-based, seamless RefundOne solution, dealers can quickly and easily estimate a customer’s tax-refund amount, have the customer’s tax return prepared and filed by a tax professional, and apply for a refund anticipation loan (RAL) on the customer’s behalf. When the loan is approved, the dealer is able to print a check for the amount of the loan and deliver it to the customer.
By integrating and streamlining the credit application and electronic tax filing processes, RefundOne provides dealers with significant time and cost efficiencies. RefundOne reduces the re-entry of duplicate information and the overhead expense of using multiple, non-integrated solutions.
Now is the perfect time for dealers to prepare to offer their customers this service, according to Kevin Kopp, director of Indirect Lending at Wolters Kluwer Financial Services.
"By implementing the RefundOne solution at their dealership this year, dealers can better serve their customers in January and February when they typically start seeing a spike in tax-related sales and finance activity," said Kopp. "RefundOne not only allows dealers to help their customers file taxes, but it also helps them secure financing with a lender. Additionally, RefundOne can help dealers improve closing ratios—a major benefit in this tough market."
"With lenders tightening credit standards, we are seeing a reduction in loan-to-value ratio on the vehicles financed," said Lee Domingue, CEO of AppOne. "Lenders are pulling back on the maximum amounts financed that exceed the collateral value, thus creating a need for customer down payment to qualify for the financing terms. RefundOne provides a way for the customer to obtain a refund anticipation loan instead of waiting until the refund check arrives weeks later."
Dealerships interested in participating in the RefundOne program can find more information at www.AppOne.net/refundone or call 1-877-APPONE1.