Self-Service Paper Out FOR FINANCE SOURCES This ebook discusses what Self-Service Paper Out is, why it is important, and how it can be used.
TABLE OF CONTENTS 3 Traditional Contract versus econtract Assignment 4 Manual econtract Reassignment Automated econtract Reassignment What is contained in a Paper Out contract package? 5 What happens when a dealer hits the Paper Out button? What should I expect from dealers? 6 Win-Win
You know that econtracting is quickly becoming the way of the future. But what happens when a deal starts in econtracting but can t finish there? The only option is to start over or make a support call, right? Not with. provides you with another, better, option for contract assignment. Traditional Contract versus econtract Assignment Paper contracts are designed to facilitate finance source assignment by simply typing in the finance source s name in the assignment section of the contract. This can be done at any time after the contract has been signed. In the paper world flexible contract assignment is a common practice where any one of a number of finance sources may accept an unfunded, signed contract. While econtracting doesn t change the need for contract assignment, it does change your process. In an electronic contract system the selection of the finance source for econtract assignment may be required before the econtract can be created; thus locking in, so to speak, the finance source for assignment. This practice of locking in the finance source may limit the use of the econtracting system for spot delivery transactions by limiting the flexibility of contract assignment to only one of a number of available finance sources.
Manual econtract Reassignment Due to locking in a finance source, if the dealer wished to assign an econtract to another (different) finance source, the ec system required the econtract to be converted into a paper original copy of the contract. This is done when an otherwise fundable econtract cannot be successfully assigned to the locked in finance source. A dealer could initiate a Convert to Paper Original in the RouteOne ec system or make a call to the RouteOne Service Desk to initiate the process. A RouteOne Business Operations Analyst would print the original copy of the contract, all supporting documents and send it via FedEx to the requesting dealer. The dealer would typically receive these documents within 1-2 business days from the time they made the request. Once the dealer received the paper original copy of the contract, it became available for assignment to another finance source. Automated econtract Reassignment The new and improved form of the process is called Self-Service Paper Out. It enables dealers to convert and print an econtract to a paper original copy of the contract instantly with a few mouse clicks. As a result, dealers can now start every deal as an econtract. Traditionally, if dealers were unsure whether a contract would be accepted by the econtracting finance source they originally selected, they probably skipped econtracting and started with paper. Going forward, dealers can now start their deals with an econtract and then simply convert to paper if it s rejected. If you accept econtracts, this gives you the opportunity to potentially look at more contracts since there will be no hesitation by the dealer in starting an econtracting. What is contained in a Paper Out Contract Package? When an econtract is converted to a paper original copy, several documents are generated as part of the Paper Out contract package: Certificate of Original Document: a form that outlines the details of the terms of the Paper Out request and how the request was made within the system. Contract Package: the documents that are part of the contract, including the paper original copy of the contract, credit app, and all other ancillary documents. Contract Package Inventory: a list of the documents included in the contract package and the user that initiated the conversion. Document Activity History: a full audit history for the econtract, including date/time stamps of every action taken on the documents, as well as the user performing the action.
What happens when a dealer hits the Paper Out button? After making the request, the dealer will be presented with two pop-up Are-You-Sure screens that they must take action on in order to complete the Paper Out request. The dealer user also has to review the Certificate of Original Document and check a box indicating they have reviewed the document. Once the dealer completes the 2 pop-up screens, the Paper Out request is sent to the econtracting System and the Paper Out process cannot be reversed; the Dealer can no longer go back to the econtract or assign the econtract electronically. At this point, the dealer user will be able to open a PDF of the contract package and print all of the necessary documents. These printed documents are now considered the Paper Out contract package and now can be assigned to another finance source. What should I expect from dealers? Since this functionality is merely an enhancement to the process that already exists in RouteOne today, you should not expect to see any differences in the contract package you receive from dealerships. If you have previously accepted a Paper Out contract package from RouteOne, the same documents will be sent as a result of the process. RouteOne has simply created a more efficient workflow for dealers by giving them this Self-Service Paper-Out functionality. We encourage you to communicate with your dealers if you accept Paper Out contracts.
Win-Win benefits both dealers and finance sources! For dealers, there is no longer a lag time after requesting a paper conversion of a contract package. We ve also taken away the uncertainty of whether to begin an electronic or paper contract. With the ease of, there is no longer the inconvenience of re-contracting if an econtract is rejected. If you currently participate in econtracting, you should see an increase in econtracting volumes from dealerships whose primary finance source participates in RouteOne econtracting. We are encouraging all dealers to start all contracts as econtracts and convert to paper if and when necessary. If you accept paper conversions of RouteOne econtracts you also win because you will get organized, auditable documentation as part of the contract package. RouteOne is continually making improvements to our platform to enhance the user experience and streamline the daily workflow for both dealers and finance sources. If you have any questions on the functionality, please contact your RouteOne Business Development Representative or the RouteOne Support Team at 866.768.8301. Paper Out is a registered trademark of eoriginal.