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eCore™ Enterprise eSignature and eVaulting for Auto Finance

The automotive industry has taken a leadership position in adopting paperless retail installment sales agreements known as eContracts. eContracting extends existing loan origination systems, dealer management systems and portfolio management systems to complete the automation of the financing process for consumers, dealers, lenders and investors.

eOriginal technology addresses legal compliance and investor market requirements for eSignatures and “electronic chattel paper” (eContract) management while delivering real benefits such as reduced operating costs, fewer errors and faster processing time.

eOriginal participated in the development of the ANSI X-9 eContracting and TOLEC standards sponsored by the American Financial Services Association (AFSA). We ensure that eOriginal technology provides our customers with compliance to the standards as well as UETA, ESign and UCC Revised Article 9-105 for transferable electronic record compliance.

The annual U.S. automotive finance market is approximately $550 billion including new and used vehicles. Over 40 million financing agreements are executed by consumers and car dealers each year. eCore software is used by major U.S. automotive loan origination portals and the nation’s auto finance companies to create, execute and manage eContracts throughout their lifecycle.

How it works

At automobile dealerships, Finance & Insurance managers access secure finance portals or lender web sites to generate finance documents in electronic form.

Using a signature pad, the consumer electronically signs their documents. eOriginal SmartSign® eSignature software encrypts and sends the electronic signatures to the finance portal where each is placed in the appropriate signature block and digitally bound to the eContract.

eCore applies a tamper-evident seal around the entire loan package, and copies are then printed for the consumer.  The original, “Authoritative Copy” of the finance package is deposited in eCore's electronic vault. 

Once vaulted, control is transferred to the Finance Source and access rights and permissions are granted to authorized users as the eContracts are authenticated and assigned. eCore’s Certified Print® process generates legally admissible paper copies for use in court. The Paper Out® process provides the means to permanently transfer the Electronic Original® to paper.

eCore solves the IT “how to” question, making it possible for dealers and financial institutions to execute, authenticate, transfer, vault, pool, securitize, and sell, legally admissible and enforceable electronic contracts with confidence, compliance, and reliability.