eCONTRACTING Mythconceptions

eContracting takes too long. It’s a hassle to set up. Lenders prefer paper contracts.

Truth, Lies and eContracting

Unpacking the myths around eContracting

Go Digital!
eContracting is not secure. It’s an expensive investment! Electronic signatures are not legally binding.
cover-img

“My paper contracting process is just as fast as eContracting.” Fact: Paper contracts average 5 days in transit – and for 1 in 4 paper deals, funding is delayed due to missing or incorrect information. Digital contracting helps ensure contracts are complete and accurate before submission, so they can be funded as fast as the same day. #TruthInContracting Go Digital! Read the Blog

“My paper contracting process is just as fast as eContracting.” Fact: Dealertrack enables lenders to adopt a digital process for ALL dealer contracts – whether the dealer is eContracting or still sending in paper. And this process consistently provides same-day turnaround for EVERY contract received, every day. #TruthInContracting Read the Blog

“eContracting will disrupt my current workflow.” Fact: With DMS integration to minimize data entry, lender requirements at your fingertips and built-in data verification to reduce errors - Digital Contracting takes your workflow to the next level! The technology is easy, the documents are part of the deal jacket, and it only takes a few clicks to submit a contract. #TruthInContracting Go Digital! Read the Blog

“The paper contract is still the only recognized authoritative copy.” False! As long as an electronic contract is securely archived, indexed, and can be retrieved on a timely basis, federal and state regulations consider it authoritative. #TruthInContracting Read the Blog

"eContracting is an expensive investment." Fact: When evaluating any investment, the real focus should be on ROI. Save money by cutting out printing and shipping costs and speed up your cash flow by reducing contract in transit time. Digital Contracting is also supported on multiple devices so there’s no proprietary expensive equipment to buy. #TruthInContracting Go Digital! Read the Blog

"eContracting is an expensive investment." Fact: Dealertrack offers varied paths to go digital – some may require IT time and resources, others do not. We help you map your best onboarding strategy to ensure your best ROI. #TruthInContracting Read the Blog

“Electronic signatures are not legally binding.” Fact: Federal law in the United States has ensured that electronic signatures are valid and legally binding since the passing of the E-Sign Act in June of 2000. Capturing signatures electronically with Digital Contracting on Dealertrack uniFI helps increase accuracy and eliminate missing signatures that can delay funding. #TruthInContracting Go Digital! Read the Blog

“Electronic signatures are not legally binding.” Fact: Federal law in the United States has ensured that electronic signatures are valid and legally binding since the passing of the E-Sign Act in June of 2000. Capturing signatures electronically with Digital Contracting on Dealertrack uniFI helps ensure that funding packages are complete and accurate. #TruthInContracting Read the Blog

“Lenders prefer paper contracts.” Fact: Lenders value the increased contract accuracy that eContracting delivers by flagging potential errors in real-time and catching missing signatures even before submission. Sending complete funding packages digitally expedites the lender’s review process so they can provide better service and faster funding. Go Digital! Read the Blog

“My dealers still prefer to contract on paper.” Fact: Dealers DO want the efficiencies and fast funding benefits of eContracting. According to a 2018 Cox Automotive survey, 54% of franchise dealers are eContracting — and more than HALF of those remaining are waiting for their lenders to offer it. #TruthInContracting Read the Blog