Featuring AVP/Lender Strategist Andy Mayers with insights from the latest Cox Automotive Research
In our last Lender Insights blog, we introduced Structured Stips—a simple enhancement that helps lenders clearly communicate document requirements at the time of credit application. Now, let’s talk about the next step in the process: Stip Upload & Delivery.
This future-proofing functionality enables the consumer—or dealer, depending on where the financing step is taking place—to digitally submit those clearly identified documents. These documents travel through Dealertrack straight to the lender’s LOS, well before the contracting step, which expedites deal finalization, contracting, and funding.
Why This Matters, Starting Now
According to recent Cox Automotive industry studies, more consumers are starting their financing journey online—and that trend continues to grow year over year. As the digital-first trajectory accelerates, lenders’ processes must evolve to keep pace. The ability to receive stip documents earlier in the process is no longer a nice-to-have—it’s a need-to-have. Lenders implementing this functionality now are gaining a competitive advantage.
In a recent podcast episode, Lender Strategist and AVP of Lender F&I Operations Andy Mayers emphasized the value of this enhancement:
- Operational Efficiency: Replacing manual tasks with digital automation saves time and expense.
- Competitive Advantage: Dealers want to close more deals—and faster. Lenders who help them do so gain favor.
- Faster Contracting: With stips cleared and out of the way, dealers can move faster to contracting—and lenders can move faster to booking and funding.
- Time Savings for All: Consumers, dealers, and lenders benefit from spending less time on financing steps and signing paperwork—still consumers’ #1 source of friction.
- Better Experiences Win Business: Creating a smoother process and being known as “easy to work with” goes a long way toward building relationships and brand loyalty.
How It Works
Once the required documents are clearly defined and communicated back with the credit decision, the consumer or dealer can scan or snap a picture of these documents, upload, and submit them. These digital documents are automatically delivered straight to your LOS.
That means:
- No more confusion about what’s needed and when.
- No more chasing documents to satisfy funding requirements.
Everyone Benefits
- Lenders receive the ancillary required documents prior to contracting—enabling them to fund deals faster.
- Dealers spend less time organizing and juggling paperwork and more time closing deals.
- Consumers enjoy a transparent and streamlined experience that meets their online transaction expectations.
As market conditions continue to shift consumer mindset toward “what can I afford?” and behavior toward digital-first financing, lenders who adopt Stip Upload & Delivery are better positioned to capture more business opportunity and strengthen relationships with dealer partners.
If you’re ready to future-proof your originations strategy and deliver a better experience for everyone involved, it’s time to explore Stip Upload & Delivery.
