Online credit applications deliver GM Financial leads to GM dealers
Published Nov. 2015
In November, GM Financial began providing leads to GM dealers through an online credit application powered by GM Financial and hosted on gmfinancial.com.
An online credit application is a convenient way for consumers to source financing for the purchase of a GM vehicle using a GM Dealer and GM Financial as their preferred financing sources. Consumers complete a credit application online, and the lead is sent to the applicant's preferred GM dealership.
Here's how it works
Applicants complete a short credit application where they select the GM vehicle they are interested in financing — including a year, make, model and trim — as well as their preferred dealership. GM Financial provides this information to the applicant's preferred GM dealership as a lead.
"GM Financial's online credit application is significantly shorter than a traditional credit application. With fewer fields to complete, we've made the process simpler for applicants, which means they're more likely to apply for credit," said Mike Urrutia, Senior Vice President Dealer Services. "With more applicants completing online credit applications, dealers' volume of leads should increase and impact their business by providing them with pre-qualified leads."
After completing the online credit application, the applicant receives in the mail either a pre-qualification letter or an Adverse Action letter, based on the credit decision.
Meanwhile, applicants are directed to wait for their preferred dealership to contact them. The applicant and dealer connect, and hopefully a deal is made. All a dealer has to do is copy the original application he or she received through Dealertrack or RouteOne and re-submit it with the consumer's vehicle information, trade-in details, etc.
The next phase
While this rollout will capture leads from potential customers who visit gmfinancial.com, over the next several months GM Financial's online credit application will expand to find a home on GMFamilyFirst.com, Buick.com, Cadillac.com, Chevrolet.com and GMC.com.
"We're excited about being on the front lines of providing dealers with highly qualified leads," Urrutia said. "As a lender, we're often brought in towards the end of the buying process, but with the ability to drive prequalified customers, GM Financial can move to the front of the process and add incremental value like only a true captive can."