National Automobile Dealers Association
 

eContracting Vendor Questions

  1. What additional equipment and computer applications would be needed for the F&I office?
  2. What types of equipment will the lender or network vendor require to support their eContracting service?
  3. If a third party vendor will be providing eContracting services, how many and which lenders are actively participating with the third party vendor?
  4. Is the lender providing new vehicle loans only?
  5. How long (days, weeks) will be necessary for the dealership F&I team to become proficient with the eContracting process?
  6. When eContracting has been implemented what is the anticipated business impact on and associated metrics related to?
  7. Did the third party vendor and the lender certify that their services (applications and network) satisfy all (state and federal) confidentiality and security requirements for non-public personal information (NPPI)?
  8. What is the initial contract term of the service?  Monthly? Annual? What are the cancellation options to end the contract.
  9. Does the Dealer have any liability or other legal exposure when using eContracting at any stage of the eContracting process? Does the dealer’s agreement with the third party vendor or lender impose additional obligations or restrictions on the dealer related to eContracting?

1. What additional equipment and computer applications would be needed for the F&I office?

  1. Will their use/operation be intuitive or is it a complicated process to understand?
  2. Will training be provided? If so what is the format?  Is it classroom, webinar, conference call, chat room or recorded training sessions?
  3. What initial and ongoing training fees are included with the agreement?


2. What types of equipment will the lender or network vendor require to support their eContracting service?

  1. A signature pad to capture the consumer’s signature?
  2. A digital scanner to capture the content of manually completed forms not available in a digital format?
  3. Is the required equipment rented, leased, or purchased? Are there any equipment maintenance fees?
  4. Will the Dealer have future access to a digital image of the approved credit application? Will they be able to print it or copy and store it?
  5. Access to all other forms and supporting documents in the deal jacket?
  6. Are there transaction fees based on loan categories, volume, or other criteria?


3. If a third party vendor will be providing eContracting services, how many and which lenders are actively participating with the third party vendor?


4. Is the lender providing new vehicle loans only?

  1. Will leasing, CPO and used vehicle loans be available via eContracting?


5. How long (days, weeks) will be necessary for the dealership F&I team to become proficient with the eContracting process?

  1. What remedial training is available for new hires? Is it extensive?


6. When eContracting has been implemented what is the anticipated business impact on and associated metrics related to:

  1. Customer Satisfaction/Retention
  2. Departmental Productivity
  3. Sales Cash Flow
  4. Operating Expense Avoidance


7. Did the third party vendor and the lender certify that their services (applications and network) satisfy all (state and federal) confidentiality and security requirements for non-public personal information (NPPI)?

  1. Did any third-party vendor or other service provider that has access to NPPI about dealership customers agree by contract (i) not to disclose the NPPI other than for the purposes for which it was received, (ii) to implement and maintain appropriate physical, electronic, and procedural safeguards to protect the NPPI, and (iii) to implement and maintain appropriate policies and procedures to perform Red Flags Rule functions that it agrees to perform for the dealership?
  2. Which dealerships in the local area are using the eContracting service and would be references?


8. What is the initial contract term of the service?  Monthly? Annual? What are the cancellation options to end the contract.


9. Does the Dealer have any liability or other legal exposure when using eContracting at any stage of the eContracting process? Does the dealer’s agreement with the third party vendor or lender impose additional obligations or restrictions on the dealer related to eContracting?