MINNEAPOLIS – Wolters Kluwer Financial Services has launched RefundOne, a patent-pending, integrated credit application and tax preparation service. The new system was designed to give dealers the ability to help car buyers convert their tax returns into down payments for vehicle purchases.
The new system combines Wolters Kluwer's AppOne auto dealership portal and compliance and risk management expertise with tax preparation and electronic filing software. It was designed to offer dealers the ability to estimate the amount of a customer’s tax refund, 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.
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.
"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," Kopp said. "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."