Leasing is an attractive option for car buyers who enjoy the bells-and-whistles of a new car but seek to keep their payments in check. Data from IHS Markit Polk Insight shows that as of Q3 2019, the overall lease penetration rate was 29.6% – and the rate is much higher for many top brands. So, handling lease deals is a task every dealership’s back office faces regularly.
The problem is that lease contracts are not as standardized as their retail counterparts and preparing them manually can be a complex and difficult process. Fortunately, lease contracts from many major lease providers can be handled electronically.
Here’s what to look for in an eContracting provider for lease deals:
- Forms and Calculations – Choose an eContracting solution that provides the specific lease forms and custom calculations for each lender, to help ensure that each lease deal is includes all of the correct forms and is calculated accurately.
- Lender Certification and Verification – Each lease deal needs to be certified by the lender on the eContracting platform before signing to ensure that the contract is handled properly and that every calculation is correct. Doing so helps avoid errors that could lead to re-contracting.
- Accuracy and Completeness – Real-time error display working in sync with lenders can help improve accuracy in funding, while close collaboration with each lender makes it possible to have a live funding checklist to further take the legwork and guesswork out of the process.
- DMS Integration – DMS integration helps minimize data re-entry required for lease deals.
The right eContracting solution should align the dealership’s workflow for retail and lease contracts and create a more efficient process across the board. Going digital with the lease contracting process can help make those transactions faster and more efficient for dealership staff and lease customers.
Digital Contracting with Dealertrack uniFI has DMS integration for lease available across all three major DMS providers. Click to learn more!