Here’s your eleven question cheat sheet (there’s still more, but these are big).
If the answer to any of these is no, there’s a good chance they aren’t contract ready:
- Are Taxes determined based on Street Address?
- Do they support Registration Type and dynamically change Fees?
- Do they handle Department of Revenue Fees?
- Do they use actual credit decisions?
- Do they handle real-time F&I Rating?
- Can they adjust F&I product costs to fit within lender allowances?
- Do they manage F&I State Rules?
- Can they adjust the Trade-in Allowance on a singe deal?
- Do they utilize a real-time Trade-in Payoff value?
- Can they adjust calculations based on Days to First Payment?
- Do they handle contract-specific Rounding?
Use these as a cheat sheet when you look to review the platforms if your goal is to get that customer to be ready to sign on the dotted line.
In the auto retail world, this is what’s required to get to contracting, and why your DMS is still the home. For all of the frustration, they’ve made it possible for us to facilitate indirect lending, even if they aren’t the system we utilize to handle credit decisions.
If you’d like to learn more about how CreditIQ has made it possible for you to be credit intelligent on the front, and contract-ready on the back, please reach out to schedule an appointment.