LAS VEGAS — ThunderRoad Financial has joined the ranks of lenders moving away from paper contracts, inking a deal to use vendor DocuSign’s electronic-signature product, President and Chief Executive Donal Hummer told Powersports Finance at AIMExpo.
“We just rolled out eSignature [with] DocuSign,” Hummer said. “The dealers were asking for it, and the dealerships are very excited about it because they don’t have to overnight packages to us anymore. The customer just confirms on the screen at their dealership, [the dealer] sends all their electronic images to us, and then we can fund. That’s what some of the big boys have been doing.”
The Reno, Nev.-based lender’s 500 dealer partners will now be able to electronically sign loan packages and upload them to the lender. Dealers could still print documents for applicants to sign, then fax or upload the executed funding packets to ThunderRoad.
Handling the paperwork on the digital highway speeds the financing process, and several lenders have been putting more emphasis on taking the technological approach. For example, MB Financial utilizes DocuSign, and leasing startup Fuel Captial Group offers an entirely paperless financing program.
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