Many lenders are concerned about committing IT resources to enable the Digital Deal. We've designed the Digital Deal to be implemented in stages, some with little or no IT involvement. With significant benefits available immediately, lenders can add components or features in a logical sequence, finally culminating in the entire process becoming fully operational.
It is possible to implement the entire Digital Deal in one step and this will provide the most benefit in the shortest amount of time.
The following sequence is our recommended course of action, but you may find that your needs require a different implementation strategy. Our expert sales and solutioning team can sit down with you, review your requirements and work together to define an implementation plan that’s right for you.
- Silver: The first step, and the easiest to implement, pays big dividends. For most lenders, this step requires no IT resources, while for a few lenders, limited system modifications are required.
- Contract Validation “Lite”: Open Dealer Exchange hosts your lender tolerances, state and federal rules in our validation rules engine, catching the most common contract errors which cause re-work between your funding staff and dealers and delay funding. The dealer receives verification that the data is valid, and a list of all required forms and stips to close the deal.
- Required Forms List/Compliance Checklist: Compliance is on everyone’s mind and the Digital Deal pitches in with gusto. Every required form is available from our extensive library and dealers submit their loan packages with the forms needed. ODE eliminates the guesswork for managing disclosures and makes it easy to ensure that dealers are compliant.
- F&I Product Validation: Using ODE’s Provider Exchange Network, dealers get the right F&I product priced correctly for their vehicle. When validated, the F&I products are verified within load program guidelines.
- Gold: The next step in the Digital Deal, with little or no IT investment on the part of Lenders, includes and augments the Silver package.
- eSigning & eVault: Signatures of all forms are performed on a tablet or signature device. UCC-compliant storage of the Retail Installment Agreement or Lease Agreement loan agreement (chattel paper) with secure transfer, storage and contract printing capability, hosted by ODE.
- Forms Images: Lenders can choose to make a minimal IT investment to receive the entire funding packet electronically into their LOS or image viewing tool, or use ODE's hosted DocuView portal. When funding a loan deal with the dealer, the lender is looking at the same deal documents as the dealer.
- Contract Data: ODE will send the final contract data to pre-fill the lender's LOS. IT resources may be required.
- Platinum: We’re nearly there! With Platinum-level implementation, you’re working with a fast loan process.
- Full Contract Validation: Contract Validation is integrated with your servers, with you either hosting the validation process or receiving the validation response simultaneous with the dealer.
- Transfer of All Form Images: The entire electronic funding packet is integrated into your back end systems.
- Data Delivery: Contract Data is integrated into your LOS and Funding System. ODE's DealSync ensures that the contract data in your LOS matches the data closed in the dealer's accounting system.
- Perfection: The Digital Deal is transmitted in real time to the lender, complete with all required forms fully executed and indexed, along with fully validated contract data. It's the complete Digital Deal jacket ready to be booked and funded.