Get Funded Fast
Get Funded Fast
Published Feb. 2018
With tax return season in full swing, is your dealership prepared for the flood of seasonal business? Help your F&I office prepare to get funded fast with these five tips from Ben Dunlap, Vice President of Loan Services Operations, and his team of GM Financial funding experts.
- Use the GM Financial Program Rate Verification Form – Found on GMF Connect, Global Connect, Dealertrack, RouteOne and the GM Financial Digital Marketing Book, this recently updated checklist helps dealers ensure details are accurate when submitting a funding package.
- Always include the callback sheet – “When dealers get an approval through Dealertrack or RouteOne, there’s an option to print the callback sheet. It’s beneficial for dealers to include that sheet with every funding package submitted because it helps us to quickly identify those deals in our system,” Dunlap said. He added that contracts without a callback sheet can sometimes experience delays before being appended to an application.
- When it comes to contact information, ask for the employer not employee – If you are working with a nonprime customer, or are asked for employment verification as a stipulation, ensure that the phone number provided is for the employer, not the employee’s direct line or desk phone.
- Double-check that the contract is correctly assigned or that a separate assignment is present – Ensure you are using the correct state- and product-specific version of “GM Financial” in the “Assigned to” box when completing a lease or retail contract to ensure it is routed properly.
“If dealers don’t assign the contract to us, then we have to wait until we capture that assignment or get a separate assignment,” Dunlap said. This may add additional time to the funding process.
- Pay attention to additional stipulations – Don’t let requests for additional verification information slow you down. Before you submit your deal, check for any stipulations that may be required for funding.
Questions about submitting a cleaner funding package or getting funded fast? Ask your Dealer Account Representative for more information today.