Westlake Financial Achieves eContracting Goal

On average, eContracts have funded a half day faster than traditional deals

Requirements

Westlake Financial Services is a privately held auto finance company that specializes in the acquisition and servicing of prime to sub-prime automotive retail installment contracts for customers across the FICO spectrum. Headquartered in Southern California, the company originates indirect retail installment contracts through a network of over 30,000 new and used car dealers throughout the United States.

Westlake was looking to provide customers with a more efficient, accurate and faster experience by enabling eContracting through its proprietary dealer management system, DealerCenter.  

In addition to a better customer experience, eContracting reduces human error, improving operational efficiencies.

Solution

Westlake looked to eOriginal to provide a single platform that enabled eSignature, secure electronic vaulting and transfer to the secondary market.

eOriginal’s eAsset® Management technology  was  integrated  with  DealerCenter  to  allow  independent and franchise dealers to sign contracts electronically, upload supporting documentations and instantaneously push loan information.

Results

Westlake utilized eOriginal to maximize the benefits of digital transformation to become a front-runner and   a true innovator in the auto lending  industry:

  • Westlake reached their goal of completing eContracting solutions nationwide while accelerating the process to a half-day faster than traditional
  • Westlake is expected to fund more than 45,000 eContracts using the solution by the end of 2017
  • eContracting deals now make-up about 20 percent of Westlake DealerCenter originations, with a prediction to see an increase in the number for the future

“Our goal was to launch eContracting in all 50 states by the end of 2017. We have achieved that goal two months early.”This rewarding project involved many employees from various business units, Nowcom and our partner, eOriginal. eContracting has been a huge success for Westlake and our Dealers.”

– Jack Ratusnik, Westlake’s Senior Product Manager

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