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Timely funding is critical to our business

Timely funding is critical to our business

Published November 14, 2012

When dealers submit a contract to a financial services company, speed of funding is important. That's why during the past year, GM Financial's Funding team has gone through many changes in an effort to reduce funding times and provide consistency to the dealerships.

As noted earlier this year at GM Financial's Advisory Board meeting with dealer principals from around the country, funding turn time is an important factor to dealers. With that in mind, GM Financial has placed increased emphasis on getting contracts reviewed and funded as quickly as possible.

"Funding times have been at a very consistent level over the past year," said Grant Helmer, senior vice president of Loan Services. "At the longest, our turnaround time from receipt of a contract to funding was between three and three and a half days. Now, that time has been cut down to between two and two and a half days. That's what our dealers expect for the contracts we fund, and we work hard to meet and exceed those expectations if we can, funding contracts on the same day they're received in some cases. Policy execution is the most important metric we review within Loan Services, and to see positive results in speed and accuracy is a testament to our teams' commitment to the dealer and GM Financial."

The secret to speeding up funding time comes from a combination of sources, Helmer said. "Our success is due in large part to the hard work of our team members and the practical processes in place that help streamline the procedure. At the same time, many of our team members within the Funding department have lengthy tenures with the company, and that experience has been a tremendous help. When unforeseen issues arise regarding a contract or specific scenario, these seasoned employees can often address and resolve the manner very quickly, getting the process back on track and completing it with little or no delay at all."

The Funding team rightfully deserves praise for their quick turnaround efforts, but recognition should also be given to the dealers themselves and our Sales team that supports them, Helmer said. "Clean packages have the biggest impact on funding times. As our team members have improved their processing efficiency, many dealers submitting these contract packages have likewise improved, and in the end, everyone benefits as a result."

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