Dealer Indirect Lending and Leasing System

LEADING EDGE INDIRECT LENDING TECHNOLOGY

With sophisticated and efficient Internet systems now available to every franchise automobile dealer and the vast majority of independent dealers, finance managers at dealerships everywhere now expect to be able to submit auto loan applications to lenders over Internet based systems and to receive responses to those applications in minutes, if not seconds. They expect to have a summary of their lenders' programs, including rates and commissions, instantly displayed to them on those systems and to have built in management tools provided at little or no cost. Lenders that do not provide access to these tools face a significant competitive disadvantage.

On the lender's side of indirect lending, successful programs require systems that minimize response times and enable loan officers to be more efficient. Managers need systems that provide tools and reports to help them assess efficiency, minimize costs and provide the best service possible to their borrowers and dealers.

DILLS™ is the solution for both dealers and lenders. With the very latest technology, DILLS™ delivers the most comprehensive and cost effective Internet solution for indirect lending available. ILT makes its system available to credit unions and other lenders or groups (like CUSOs or Leagues) with a minimum of control or interference with the lender's own indirect lending program. In fact, ILT can authorize users to brand the system as their own and customize it for their unique situation.

THE DILLS™ DIFFERENCE

No program will improve indirect lending if dealers do not use it. DILLS™ was designed to encourage dealer use and to be a simple and complete solution for lenders as well.

First, the DILLS™ single page online loan application is the simplest and easiest to use in the auto lending industry. However, dealers now have the option of using either the RouteOne® application (normally used to submit applications to the dealer's captive finance company) or DealerTrack® to submit applications to a lender using the DILLS™ system.

The dealer also has other convenient tools. For example, if the vehicle is used, the dealer may use a link to NADA Values Online® to determine the wholesale and retail values of the vehicle. These calculations are passed through as part of the application to the lender for viewing and/or adjustment.

Once the application is completed, the dealer is presented with a lender selection screen. This screen allows the dealer to select up to three lenders to which the application can be submitted. If the applicant is a current member of a credit union or has an account at a lender participant, the system notifies the dealer, and indicates that the application is to be sent to the applicant's own credit union or bank.

As soon as the dealer completes the submission process, the application is run through each lender's automated underwriting criteria. If the applicant meets the auto approval criteria, the dealer receives an instant approval. If the applicant fails the automatic approval process, the lender underwriter is notified via email and in a popup window that a deal is pending that needs immediate manual review. DILLS™ provides the loan officer with powerful loan decision tools to enable a credit decision within minutes. As soon as the loan officer finishes the underwriting process, DILLS™ sends the offer to the dealer. Dealers can receive multiple offers for each application in far less time than is required with outdated fax technology or with competing systems. This process and the designed simplicity of DILLS™ encourage more submissions to participating lenders from every dealer.

After the application is submitted to one or more lenders, the dealer may use DILLS™ to pre-fill the membership application or other forms provided by the lender on the DILLS™ system. When the lender receives the loan documents from the dealer, the loan officer then uses DILLS™ to manage the audit of the documents and funding of the loan. Once funding is complete, all data regarding the loan can be down-loaded into the lender's core management system.

DILLS™ also provides an online link to CUNA Mutual Group's Lenders Protection system that automates the issuance of auto loan default insurance. Those credit unions participating in this program can approve loans and issue the insurance certificate attached to each loan in a matter of seconds with no manual data entry.

Lenders wanting to provide their dealers with prompt responses to submitted applications during times when the lenders' offices are closed may take advantage of the integration between DILLS™ and the call center services provided by Lending Solutions, Inc.