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AUSTIN, Texas – Teres Solutions has integrated its SAIL indirect lending software solution with DealerTrackT platform’s eContracting product, providing credit unions the ability to electronically process and fund auto loan contracts submitted through the DealerTrack network, while reducing loan risk and increasing efficiencies. According to Teres Solutions, one of the biggest challenges credit unions face when funding auto loans is risk resulting from discrepancies between loan application pre-approvals and actual loan contracts. Until now, such risk was considered part of the process. But with Teres Solutions’ support of DealerTrack’s eContracting product, CUs will be able to automatically validate and verify auto loan contracts before they’re ever signed, minimizing much of the risk associated with the auto loan contracting process. In addition, Teres says using SAIL Indirect lending software with eContracting support makes the credit union relationship more attractive to dealerships, as it significantly expedites the financial aspect of the transactions – sometimes getting the dealerships their money in the same day. In addition to minimizing auto loan risk, Teres Solutions’ integration with the DealerTrack platform’s eContracting product eliminates the need for data re-entry of contract information by electronically bringing the information into the core system. Teres Solutions also allows credit unions to electronically store their e-contracts in existing imaging systems, such as OnBase, making the entire loan process smooth and efficient.

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