The top 5 pitfalls to avoid when submitting deal packages to SC

Tax season sizzles for most dealerships.

That means getting through the funding process is going to be extremely important to keep business flowing smoothly through March and April.

Santander Consumer USA (SC) will be working hard to manage the flow of tens of thousands of contracts from dealers that will be needed to finance new and used vehicles during these busy months.

The goal at SC is to have complete contract packages funded within 24 hours. Yet, with so many contracts there are bound to be small hiccups here and there.

For example, calling about a contract before 48 hours has passed – 72 hours in the case of tax season – actually slows processing of contracts to all dealers, and will not move the caller’s funding package ahead of others that have been in house longer.

Otherwise, here are the top five pitfalls some dealerships encounter – and you can avoid – when submitting deals to SC funding that can slow down the process:

We can’t get in touch with the applicant

When funding receives a deal, chances are that some information will need to be verified before the deal is given the green light. If funding doesn’t have the correct contact information for your customer, the deal can’t be finalized. It’s critical that phone numbers and/or contact people are correct so that funding can reach them if necessary.

Submitting incomplete contract packages

Our funding team can’t complete your deals until all of the documents in the package are received. By using SC’s funding checklist, it’s easier to ensure your funding package is complete.

The approval terms don’t match the contract

If multiple approvals have been received for the same customer, double-check your documents to make sure the correct approval sheet is attached to the contract package. In addition, check with your buyer before making changes to the approval terms. These two steps can save a significant amount of time and confusion once the package hits funding.

Income is not verifiable

Reviewing the customer’s paystub prior to completing and submitting an application can save time down the road. A lot of customers will provide their net income versus gross, and some just take a wild guess when completing a credit application. Request a check stub from your customer, and review it with them to ensure the proper monthly income is entered on the application.

Vehicle value does not match the value on the approval

If a customer changes his/her mind about which vehicle to purchase, it’s critical to update the vehicle with your buyer. Send an update via Dealertrack or RouteOne alerting your buyer to the change, and get an updated approval so there won’t be issues that delay your funding. You also have the option of updating the vehicle in our Rehash Tool. Just log in to the Dealer Extranet to update your structure for a quick look at what the changes will mean.

Tax season presents a wealth of opportunities to boost your bottom line to the top of the charts. So don’t let small pitfalls keep your dealership from achieving your goals.

If you have questions, contact SC funding from 8 a.m. to 7 p.m. CT, Monday through Friday, at funding@santanderconsumerusa.com or 800-877-4696.

 

020719 IL Putting a premium on accurate paperwork can help deals flow smoothly (2)

Posted in Infographics, News

Written by

Enjoy this Post?

Remember to subscribe to our RSS Feed and if you would like, please share this post.

Comments are closed.