MAINTAINING COMPLIANCE FROM CREDIT APPS TO CONTRACTS - Andy Mayers Sr. Director of Business Operations Lender Solutions Strategist
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MAINTAINING COMPLIANCE FROM CREDIT APPS TO CONTRACTS SPEAKERS Andy Mayers Sr. Director of Business Operations Lender Solutions Strategist Robert Newman Director of Product Consulting Dealertrack Retail Solutions
The contents of this presentation are not meant as
legal advice, and we do not purport to provide any
legal or regulatory analysis.
Consult with your attorney for any legal, regulatory,
or compliance questions you may have.
IDENTITY THEFT MORE THAN
DOUBLED IN THE PAST YEAR
In 2020 alone:
2,184,531 fraud reports1
1,387,615 identity theft reports1
$7.3 billion+ in auto loan fraud
exposure for top US auto lenders2
Sources: 1FTC Consumer Sentinel Network Data Book CY 2020, 2020 CSN Number of Reports by Type
2 Point Predictive 2020 Annual Auto Fraud Report
DIGITAL RETAILING
GROWTH CONTINUES
76%
of shoppers are open to the idea
of buying completely online
80%
of franchise dealers plan to offer
more parts of the purchase process
online in the next 1-2 years
Source: 2020 Cox Automotive Digitization of End-to-End Retail Study
MAKE COMPLIANCE PART OF YOUR DEALS Create a compliance policy Continually train your staff to your policy Monitor overall compliance
KNOW YOUR CUSTOMER Integrated ID verification and alerts from first contact to delivery from in-store or remote: OFAC checks Red Flags Rule Out-of-wallet questions
SEND ALL MANDATORY CONSUMER NOTICES Automate Adverse Action Notices Risk Based Pricing Notices Privacy Notices
STAY COMPLIANT DURING REMOTE CONTRACTING AND DELIVERY Re-confirm the customer’s identity Provide the proper documentation Do not negotiate terms and conditions at the consumer’s home
PROTECT AND STORE CUSTOMER AND DEAL DATA Create and follow policies to safeguard customer information Use eSigning to keep all documents in one place Securely store all deal documents for the state-mandated term
INTEGRATE COMPLIANCE FROM CREDIT TO CONTRACT WITH DEALERTRACK: ü Digital checklist ü Real-time proactive alerts ü ID verification ü Automated adverse action notices ü On-demand reports and dashboards ü Secure, long-term storage
DEMO
Customer can securely submit their information with an encrypted connection to the dealer with Finance Driver or within Cox Digital Retailing &
All Customer and Vehicle information appears in the deal jacket Pull Credit and review OFAC and Red Flags Automatically stored with Compliance and Documents
Dealertrack assess the Fraud Risk and alerts you Review Red Flags Check OFAC on every deal Use Out of Wallet Questions to confirm identify or clear Red Flags
Now with the customers’
answers you
can
feel confident
in moving forward with the
deal.
Clear additional
Red Flags or record how
you cleared Red
Flags on the
Compliance Checklist.The Compliance Checklist has been enhanced design to help identify issues quickly Mark the Vehicle SOLD Create a Customer Investigation Report Print Adverse Action Notices Create a Dealer Participation Form
When Compliance
Documents are ready to be
signed you can start
eSigning anytime, anywhere
Flexible ways to capture
signatures digitally:
§ Current Device
§ Digital Showroom URL
§ Assisted Remote Signing
with Digital ContractingPair dealer’s
What is on the device
devices during pairing
to have process
(dealer’s or consumer’s)
customer sign
instore or on
the lot
Connect to the consumer’s device using assisted
Remote Signing with Digital Contracting with a unique
pairing codeName the device and you are ready to send documents
Select the customer(s) that need to sign You can create separate signing sessions for the Buyer and Co-Buyer, or they can sign in the same session
The signing ceremony begins, and customers can now apply signatures. The Customer cannot skip or miss a signature.
Name the device and you are ready to send documents
eSign Disclosure
for all 50 states.
• Agreement by customer
to move forwardCustomers can sign once and tap to auto-fill all remaining signature fields – reducing the chance of missing a signature.
Signed documents are securely stored in the customer’s deal jacket automatically With the correct permissions the dealer can retrieve these in a PDF
Review compliance status with the Compliance Dashboard. Summarize by current month, last month, last quarter and more.
Enterprise Reporting. Compliance summary by dealer and user. Enterprise Reporting can also be seen in: § Operational reports § Digital Contracting § Lender reports
Credit Bureau Dashboard. Summarize data with a dealer and enterprise view. Compare: • Credit Pulls to Applications • View your Average Fico Score • Custom Date Ranges
Adverse Action Management in one location. Manage Adverse Action Letters with easy batch processing And / or allow Dealertrack to process and mail them for you.
Adverse action can be managed by grouping by date or by individual customers. Once the Adverse Action letter is printed, Dealertrack Compliance will time and date stamp and store the adverse action letter in the customer’s deal jacket.
Dealertrack and Your Dealership’s Compliance
Compliance with Dealertrack
• Collect documents with Point-of-Sale Capture on Digital Showroom
• Digital Signatures for Applications and Privacy Notices, eliminating
the need for Dead Deal Files and Paper sign credit applications
• Document storage for:
o Applications
o Credit Bureaus: Never print them again
o Risk Based Pricing notices
o Adverse Action Letters
o Credit decisions from lenders
o Remote Point of Capture Document, like Driver Licenses and Insurance
Cards etc….
o Digital Contracts, when you use Digital Contracting
o Storage for up to 7 years of all internal Dealertrack documents
Dealertrack Compliance also includes:
• Compliance Dashboard for daily views into compliance status
• Reporting by Dealer, Users and Enterprise
• Availability to Adverse Action Management with auto mailing
• Integration with key DMS providers for Adverse Action ClearingQ&A
THANK YOU Andy Mayers Sr. Director of Business Operations Lender Solutions Strategist Andrew.Mayers@coxautoinc.com Robert Newman Director of Product Consulting Dealertrack Retail Solutions Robert.Newman@coxautoinc.com Follow us at @DealertrackTechnologies
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