The technology provider explained that this enhancement to CreditPlus can give dealers an online instant prequalification lending solution to elevate the online automotive retail financing process from basic prescreening to full prequalification.
Officials insisted the new CreditPlus features can bring a “revolutionary” instant prequalification program to retail automotive for the first time through Credit Bureau Connection, the exclusive credit reseller for eLEND Solutions.
Until now, eLEND Solutions emphasized dealers only had access to prescreening products, which offered limited credit information and were initiated without consumer consent or hard inquiry credit report products that impact consumers’ credit scores and have the burden and costs of additional compliance requirements.CreditPlus’ “Get Prequalified in Seconds” can deliver a full credit report and exact real-time credit score, and, importantly, is consumer-initiated so it can greatly reduce compliance costs by eliminating the requirement for a firm offer of credit and the risk-based pricing notice.
Now dealerships can prequalify consumers with a soft pull credit report in real time, instantly delivering a variety of finance options, driving up qualified leads and enabling them to match consumers with the right lending options early in the buying process.
“There is a huge difference between prequalification and prescreening or traditional hard inquiry credit reports. We are thrilled to offer CreditPlus users this game changing prequalification product and to have worked with our credit reseller partner Credit Bureau Connection to insure we have delivered a secure and 100 percent compliant process to our dealers,” eLEND Solutions chief executive officer Pete MacInnis said.
“The addition of prequalification to our suite of products enhances our mission of creating a connected car buying experience that seamlessly transitions online car shoppers to in-store buyers,” MacInnis added.
CreditPlus instantly can prequalify customers based on dealer-defined credit criteria, giving buyers direct, upfront access to dealership financing sources and real near-final terms from multiple finance companies, all of which are controlled by the dealer.
With CreditPlus, dealers are able to match a buyer with the right vehicle and the right financing program before the customer has even started the test drive. This process can facilitate a more equal exchange of information between consumer and dealer and the structuring of a more profitable deal.
“With the addition of PreQual to CreditPlus, eLEND Solutions is enabling the auto dealer to take a huge step forward in providing instant, real-time automotive financing options.” Credit Bureau Connection CEO Mike Green said.