Indirect auto lender harnesses Lightico to fund loans faster with digital document collection and ACH processes
The Problem
Disjointed Originations Journeys
Quality Acceptance is a well-established auto finance company based on the West Coast that specializes in the acquisition and servicing of pre-owned and non-prime retail installment contracts. The company works with a network of franchised and independent automobile dealers throughout the USA and prides itself on its flexible contracts, and the exceptional service they provide to dealers and customers.
Yet as an indirect lender, it struggled to collect customer information from the dealership. Information would arrive in a disjointed way, and Quality Acceptance employees found themselves wasting time chasing dealerships for missing customer information, stips, and documents. Getting customers to sign up for ACH was also a struggle. Quality Acceptance knew it needed to start streamlining its customer-facing journeys.
Lightico filled a critical vacuum for us. Finally, we can interact directly with customers and collect documents, signatures and consent in one session. It’s really easy for our employees to use, too.
Ofer Alon, CEO
The Solution
Digital eSignature and Stip Collection
Quality Acceptance partnered with Lightico to boost its efficiencies and eliminate lengthy back-and-forth interactions with dealerships. Lightico’s Digital Completion platform allowed Quality Acceptance to start collecting information and stips directly from customers instead of going through the dealer.
The lender immediately saw a positive impact. Borrowers digitally and easily submitted stips, documents, and eSignatures through the Lightico system, which requires nothing more than a mobile phone or desktop computer. Borrowers could instantly provide consent to terms and conditions, take out gap insurance, and fill out ACH forms.
Quality Acceptance was delighted by how easy the product was for all company employees to use. With quick and painless training, the Lightico platform soon became a favorite and significantly eased the paperwork burden. Thanks to the digital, real-time sessions and reminders feature, chasing borrowers for stips and signatures became a thing of the past.
The Results
High Session and eSignature Completion Rates
With Lightico, Quality Acceptance managed to turbocharge its efficiency while maintaining the strictest compliance standards. It achieved an 82% session completion rate, meaning the vast majority of sessions were completed without any additional follow up. The eSignature rates were impressive, with 95% of borrowers providing their consent. These positive changes have also led to an improved relationship with dealers: being able to fund loans faster means dealers get paid faster.
Quality Acceptance is so pleased with the efficiency gains for originations that it is considering using Lightico for loan extensions as well.