FARMINGTON HILLS, Mich. — RouteOne LLC announced that Bank of America is the first non-captive lender to participate on its eContracting platform. Bank of America has rolled out the eContracting solution to select dealers in Texas and Florida, and will expand its rollout to additional dealers in 2009.
Current captive participants include Ford Motor Credit, Chrysler Financial, and Toyota Financial Services.
RouteOne's unique eContracting capability delivers many value and efficiency features and benefits and will enable the creation, execution, storage, and management of motor vehicle finance agreements and ancillary documents. The solution will also provide an imaging capability, eliminating the need for related paper documents to be sent separately from the eContract package and streamlining the vehicle financing process.
"We are pleased to welcome Bank of America as the first non-captive finance source to participate on our eContracting platform. They have always been a great supporter of RouteOne and are continuing their tradition of industry leadership - they were also the first independent finance source to integrate with our credit application management system," said Mike Jurecki, RouteOne CEO. "We look forward to working with Bank of America and our shared dealer customers to recognize the many benefits of eContracting, which include reduced chargebacks and faster funding."
"We are excited about this opportunity to leverage RouteOne's innovation and technology expertise to meet the preferred delivery needs of our clients," said Deborah Nunnally, senior vice president, credit and operations fulfillment for dealer financial services, Bank of America. "As a leading provider of financial solutions for auto dealers, we are committed to providing client solutions that promote efficiencies as well as ease of doing business. EContracting provides us with one more opportunity to surpass our clients’ expectations."
Bank of America is ranked within the top ten auto finance lending institutions nationally, according to the November CYTD AutoCount Data.