Farmington Hills, MI – RouteOne and Toyota Financial Services (TFS) bring Toyota dealers the ability to automatically book TFS electronic contracts with no human interaction. This technology, called Straight-Through Processing, will offer dealers faster funding by alleviating the need for manual review of contracts.
Straight-Through Processing is available for new, retail electronic contracts that originate from a RouteOne-generated credit application and meet TFS specified contract and purchase criteria. Deals with well-qualified buyers are among the best candidates to receive the benefits of Straight-Through Processing, which include faster funding, reduction of required documentation, ability to provide customers with account numbers at the dealership, and possible reduction in held offerings.
“As consumer’s expectations and eContracting adoption both continue to rise, we are dedicated to delivering enhancements to our product line that ensure the utmost efficiency for our dealers, finance source partners, and most importantly their consumer” stated Justin Oesterle, RouteOne Chief Executive Officer. “We are pleased to partner with TFS to bring Toyota dealers the technology powering Straight-Through Processing, which accomplishes these goals with the automation of previously manual processes.”
“Our mission is to provide Always Better Service to consumers and to our dealer partners,” said Mike Wells, Toyota Financial Services Group Vice President of Sales and Marketing. “Straight-Through Processing streamlines and expedites key aspects of funding, leading to a better experience for consumers and dealers while freeing our team members to work on other critical functions.”
RouteOne was formed in 2002 by Ally Financial, Ford Motor Credit Company, TD Auto Finance, and Toyota Financial Services to improve the F&I process for automobile dealers and their customers. Connecting thousands of dealers and finance sources in North America for vehicle financing, RouteOne’s platform delivers a comprehensive suite of F&I solutions across multiple channels: in-store, online, mobile and via third-party solutions. Its flagship products include credit applications, eContracting, compliance, and digital retail services. In addition, RouteOne enables dealer choice across a wide variety of best-in-class providers through open integrations with over 130 DSPs. More information is available at www.routeone.com.
Toyota Financial Services (TFS) is the finance and insurance brand for Toyota in the United States, offering retail auto financing and leasing through Toyota Motor Credit Corporation (TMCC) and Toyota Lease Trust. TFS also offers extended service contracts through Toyota Motor Insurance Services (TMIS). TFS is part of a worldwide network of comprehensive financial services offered by Toyota Financial Services Corporation, a wholly-owned subsidiary of Toyota Motor Corporation. We announce material financial information using the investor relations section of our website (www.toyotafinancial.com) and SEC filings. We use these channels, press releases, and social media to communicate about our company, our services and other issues. While not all information we post on social media is of a material nature, some information could be material. Therefore, we encourage those interested in our company to review our posts on Twitter at www.twitter.com/toyotafinancial.