VFC Joins RouteOne Canadas Credit Application Management System

Friday 28 January 2005 11:22 CET | News

VFC Inc., one of the largest Canadian-owned indirect non-prime consumer finance companies in Canada, has signed an agreement with RouteOne Canada, enabling VFC to participate in the joint ventures credit application management system.

DaimlerChrysler Services, Ford Motor Credit Company and General Motors Acceptance Corporation formed RouteOne Canada to create a more streamlined credit application process for automobile dealers and their customers. The RouteOne system benefits financial institutions by eliminating errors and saving time and resources. VFC focuses on the financing of automobile installment contracts to non- prime customers. The loans are originated over a state-of-the-art Internet-based technology through pre-qualified automobile dealers across Canada. VFC actively receives applications from over 1,500 automotive dealers across Canada. As of September 30, 2004, VFCs managed portfolio was $250 million. RouteOnes web-based system enables automobile dealers and their finance sources to exchange credit application and decision information in real-time, dramatically improving finance source response time from hours to minutes, and in some cases, seconds. Consumers will benefit from the RouteOne system as well, due to decreased time spent in the financing office. The delivery of VFC products through RouteOne strengthens our goal of allowing qualified dealers to submit specialty finance applications through their own choice of channel, said Charlie Stewart, President of VFC. VFCs products and services complement captive finance company and bank lending products and meet the dealers desire to finance vehicles for a larger segment of the Canadian population. We believe availability of our products through RouteOne is a win for the consumers, dealers and for VFC, said Stewart.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: ,
Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce