U.S. patent application number 15/168926 was filed with the patent office on 2016-11-24 for integrated electronic credit application, contracting and securitization system and method.
The applicant listed for this patent is Dealertrack, Inc.. Invention is credited to Charles J. Giglia, William R. Kennedy.
Application Number | 20160343076 15/168926 |
Document ID | / |
Family ID | 34103023 |
Filed Date | 2016-11-24 |
United States Patent
Application |
20160343076 |
Kind Code |
A1 |
Kennedy; William R. ; et
al. |
November 24, 2016 |
Integrated Electronic Credit Application, Contracting and
Securitization System and Method
Abstract
The present invention is an integrated electronic credit
application, contracting and securitization system and method. In
one embodiment, the present invention comprises the following
integrated components: a Credit Application Module, an eContracting
Module and an eDocument Storage Module. Together the components
enable "paper-less" commercial transactions.
Inventors: |
Kennedy; William R.;
(Melville, NY) ; Giglia; Charles J.; (Howard
Beach, NY) |
|
Applicant: |
Name |
City |
State |
Country |
Type |
Dealertrack, Inc. |
Lake Success |
NY |
US |
|
|
Family ID: |
34103023 |
Appl. No.: |
15/168926 |
Filed: |
May 31, 2016 |
Related U.S. Patent Documents
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Application
Number |
Filing Date |
Patent Number |
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10559066 |
May 3, 2006 |
9378525 |
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PCT/US2004/025866 |
Jul 31, 2004 |
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15168926 |
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60491621 |
Jul 31, 2003 |
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Current U.S.
Class: |
1/1 |
Current CPC
Class: |
G06Q 20/10 20130101;
G06Q 40/025 20130101; G06Q 40/00 20130101; G06Q 40/02 20130101;
G06Q 20/401 20130101 |
International
Class: |
G06Q 40/02 20060101
G06Q040/02; G06Q 20/10 20060101 G06Q020/10; G06Q 20/40 20060101
G06Q020/40 |
Claims
1. An integrated electronic credit application, contracting and
securitization system comprising: a network device for receiving a
credit application from an applicant utilizing at least one remote
application input and display device; a processor configured for
selectively forwarding said credit application to a plurality of
funding sources and for receiving a credit decision from the
plurality of funding sources; a server for providing an electronic
contract between at least said applicant and a selected one of said
plurality of funding sources using at least some information from
said credit application; and a hosted vault for storing, retrieving
and maintaining the integrity of said electronic contract by
digitally signing, encrypting and programmatically embedding an
approval token in said electronic contract, thereby providing
irrevocable proof of the authenticity of said electronic contract,
wherein the approval token comprises audit information and other
data related to the applicant.
2. The system of claim 1, wherein said server for providing an
electronic contract provides on said at least one application input
and display device an electronic contract form having at least one
first data field containing at least a portion of said credit
application information and at least one second data field for
entry of electronic contract information by said applicant.
3. The system of claim 2, wherein said server for providing an
electronic contract stores in a storage medium at least a partially
completed electronic contract.
4. The system of claim 2, wherein said server for providing an
electronic contract forwards at least said electronic contract
information to said selected funding source for verification
purposes and receives a funding source verification message from
said selected funding source.
5. The system of claim 4, wherein said server for providing an
electronic contract prevents access by said applicant to said
electronic contract information until receipt of said funding
source verification message.
6. The system of claim 2, wherein said server for providing an
electronic contract receives an electronic signature of at least
said applicant for said electronic contract.
7. The system of claim 1, wherein said hosted vault for storing,
retrieving, and maintaining the integrity of said electronic
contract receives and stores said electronic contract in a second
storage medium for a predefined period of time.
8. The system of claim 7, wherein said hosted vault for storing,
retrieving, and maintaining the integrity of said electronic
contract retrieves said stored electronic contract from said second
storage medium and displays said stored electronic contract having
an "original" or "copy" designation on said at least one
application input and display device.
9. The system of claim 7, wherein said hosted vault for storing,
retrieving, and maintaining the integrity of said electronic
contract maintains in said second storage medium user permissions
data of at least one authorized user.
10. The system of claim 7, further comprising a registry and
wherein said hosted vault for storing, retrieving, and maintaining
the integrity of said electronic contract stores electronic
contract ownership information in said registry.
11. A method in an integrated electronic credit application,
contracting and securitization system, comprising the steps of:
receiving a credit application from an applicant utilizing at least
one remote application input and display device; selectively
forwarding said credit application to a plurality of funding
sources utilizing a transmitting apparatus; receiving a credit
decision from at least one of the plurality of funding sources
using a receiving apparatus; providing an electronic contract
between at least said applicant and a selected one of said
plurality of funding sources using a processor configured to
process at least some information from said credit application; and
storing, retrieving and maintaining the integrity of said
electronic contract using a storage medium by digitally signing,
encrypting and programmatically embedding an approval token in said
electronic contract, thereby providing irrevocable proof of the
authenticity of said electronic contract; wherein the approval
token comprises audit information and other data related to the
applicant.
12. The method of claim 11, further comprising providing on said at
least one remote application input and display device an electronic
contract form having at least one first data field containing at
least a portion of said credit application information and at least
one second data field for entry of electronic contract information
by said applicant.
13. The method of claim 11, further comprising forwarding at least
said electronic contract information to said selected funding
source for verification purposes and receiving a funding source
verification message from said selected funding source.
14. The method of claim 13, further comprising preventing access to
said electronic contract information by said applicant until
receipt of said funding source verification message.
15. The method of claim 11, further comprising capturing an
electronic signature of at least said applicant for said electronic
contract using an electronic signature device.
16. The method of claim 11, further comprising selectively
forwarding said electronic contract information to another of said
one or more funding sources for funding.
17. The method of claim 11, further comprising receiving and
storing in a second storage medium said electronic contract for a
predefined period of time.
18. The method of claim 17, further comprising monitoring access to
said electronic contract stored in said storage medium.
19. The method of claim 17, further comprising providing and
storing electronic contract ownership information in a
registry.
20. A program storage device readable by a machine, tangibly
embodying a program of instructions executable by the machine to
perform method steps for electronic credit application processing,
contracting and securitizing, said method steps comprising:
receiving credit application information of an applicant;
selectively forwarding said credit application to one or more
funding sources; receiving an approved credit application credit
decision from at least one of the funding sources; processing
electronic contract information and at least some of said
application information from said approved credit application to
provide an electronic contract between at least said applicant and
a selected one of said funding sources; and storing and retrieving
said electronic contract and maintaining the integrity of at least
some of said application information contained therein by digitally
signing, encrypting and programmatically embedding an approval
token in said electronic contract, thereby providing irrevocable
proof of the authenticity of said electronic contract; wherein the
approval token comprises audit information and other data related
to the applicant.
21. The program storage device of claim 20, wherein the method
steps further comprise providing on at least one application entry
and display device an electronic contract form having at least one
first data field containing at least a portion of said application
information and at least one second data field for entry of
electronic contract information by said applicant.
22. The program storage device of claim 20, wherein the method
steps further comprise forwarding at least said electronic contract
information to said selected funding source for verification
purposes and receiving a funding source verification message from
said selected funding source.
23. The program storage device of claim 22, further comprising
preventing access to said electronic contract information by said
applicant until receipt of said funding source verification
message.
24. The program storage device of claim 20, wherein the method
steps further comprise providing for at least one authorized user
of said system and maintaining in said second storage medium user
permissions data of said at least one authorized user.
25. The program storage device of claim 20, wherein the method
steps further comprise capturing an electronic signature of at
least said applicant of said electronic contract using an
electronic signature device.
26. The program storage device of claim 20, wherein the method
steps further comprise receiving and storing in a second storage
medium said electronic contract for a predefined period of
time.
27. The program storage device of claim 26, wherein the method
steps further comprise the steps of retrieving said stored
electronic contract from said second storage medium and displaying
said stored electronic contract having an "original" or "copy"
designation on said at least one application entry and display
device.
Description
CROSS-REFERENCE TO RELATED APPLICATIONS
[0001] This application claims the benefit of priority to U.S.
Application No. 60/491,621, filed Jul. 31, 2003, the entire
disclosure of which is hereby incorporated by reference as if set
forth at length herein.
FIELD OF THE INVENTION
[0002] The present invention (also referred to as DealerTrack.TM.,
or the DealerTrack.TM. system/method/product) generally relates to
credit application processing and more specifically to an
integrated electronic credit application, contracting and
securitization system, process, apparatus and article of
manufacture, particularly suitable for the automotive industry.
COPYRIGHT/TRADEMARK STATEMENT
[0003] At least a portion of the disclosure of this document may
contain material, which is subject to copyright/trademark
protection. The copyright/trademark owner has no objection to the
facsimile reproduction by anyone of the patent document or the
patent disclosure, as it appears in the Patent and Trademark Office
patent file or records, but otherwise reserves all
copyright/trademark rights whatsoever.
BRIEF DESCRIPTION OF THE DRAWINGS
[0004] The FIGS. 1-59 herein depict exemplary embodiments of the
present invention constructed in accordance with the teachings
expressed herein.
DESCRIPTION OF THE INVENTION
[0005] Aspects, features and advantages of the present invention
will become better understood with regard to the accompanying
description with reference to the drawing figures. What follows are
one or more embodiments of the present invention. It should be
apparent to those skilled in the art that those embodiments
provided herein are illustrative only and not limiting, having been
presented by way of example only. All the features disclosed in
this description may be replaced by alternative features serving
the same purpose, and equivalents or similar purpose, unless
expressly stated otherwise. Therefore, numerous other embodiments
of the modifications thereof are contemplated as falling within the
scope of the present invention as defined herein and equivalents
thereto. Use of absolute terms, such as "will not," "will,"
"shall," "shall not," "must," and "must not," are not meant to
limit the present invention as the embodiments disclosed herein are
merely exemplary.
[0006] The present invention is an integrated electronic credit
application, contracting and securitization system, process,
apparatus and article of manufacture, suitable for the automotive
industry. In one embodiment, the present invention comprises the
following integrated components: a Credit Application Module, an
eContracting Module and an eDocument Storage Module.
Credit Application Module--Overview
[0007] The Credit Application Module is "a centralized credit
application entry and routing system which accepts applications
from, for example, automotive dealerships, electronically and
selectively forwards them to funding sources, including funding
sources having computerized credit application systems." Exemplary
embodiments of the Credit Application Module are set forth in U.S.
Pat. No. 5,878,403, which is incorporated herein by reference.
Selected information acquired and generated by the Credit
Application Module, including for example, customer information,
lending/funding decision, etc., is then used as input to the
eContracting Module.
eContracting Module--Overview
[0008] The eContracting Module is an electronic contracting and
same day funding system which electronically transmits contract
information to financing sources. Details of exemplary embodiments
of the eContracting Module are provided in the section entitled:
"eContracting Functional Requirements".
eDocument Storage Module--Overview
[0009] The eDocument Storage Module "implements digital encryption
for the electronic transmission, storage and retrieval of
authenticated documents and that enables the establishment of the
identity of the originator of an electronic document and of the
integrity of the information contained in such a document. Together
these provide irrevocable proof of authenticity of the document.
The system and method of the present invention provides for
"paper-less" commercial transactions.
[0010] After an eContract is created and signed it is deposited,
along with any other ancillary documents/information, into a
"Vault" and an authoritative copy of the eContract is designated.
An "Ownership Record" is created listing the dealer and/or the
financing source as the owner/control party.
[0011] Details of exemplary embodiments of the eDocument Storage
Module are provided in the section entitled: "Securitization Vault,
Functional Requirements".
[0012] Additional details of exemplary embodiments of the eDocument
Storage Module are set forth in U.S. Pat. Nos. 5,615,268,
5,748,738, 6,237,096 and 6,367,013, Publication Nos. 2001/00002485
and 2002/0184217, each of which is incorporated herein by
reference.
Operational Flow
[0013] Exemplary operational flows of the overall system and method
in accordance with the present invention are shown by FIGS. 34-39
entitled "Master eContracting Flow Chart".
Appendix--Additional Information
[0014] Additional aspects, features and advantages of the present
invention is provided in the section entitled: "Electronic
Contracting and Securitization for the Automotive Finance Industry,
Overview" supplanted with FIGS. 40-59.
eContracting Functional Requirements eContracting Functional
Overview
[0015] DealerTrack will provide the dealers approved for
eContracting:
[0016] An eContract data entry screen prefilled with customer,
vehicle and financial data from lender approved or counter-offered
retail applications.
[0017] Spot Delivery Phase I:
[0018] The Data Entry Screen will be prefilled with available data
from a pending application.
[0019] Spot Delivery Phase II:
[0020] The Data Entry Screen will be prefilled with available data
from a pulled Credit Bureau in the Spot Delivery process.
[0021] The Data Entry Screen will not be pre-filled if the dealer
accesses the screen from the "Submit Application/eContract" submenu
in the Spot Delivery process.
[0022] An electronic version of standardized retail installment
contracts approved by the lender and completely filled out with the
applicable contract data.
[0023] In those states that require a Spanish language version of
the Retail Installment contract, DealerTrack will provide this
onsite within Docs & Forms and onscreen within the eContracting
function.
[0024] The contract PDF will contain a DealerTrack created
reference number in the footer of the document which will tie into
the reference number used on the Signature Pad LCD screen
verbiage.
[0025] A bar-coded fax cover sheet itemizing ancillary
documentation to be faxed to the lender for matching purposes.
[0026] The bar-code will be created using the lender APS #. The
bar-code criteria will be sent to the lender within the XML data
stream when the signed eContract is sent for funding review.
[0027] The fax cover sheet will be separate from the eContract PDF
for printing purposes.
[0028] Signature pads and related software to obtain
eSignatures.
[0029] Via DealerTrack, the lender will provide:
[0030] Their dealers with verified contract data including a lender
calculated APR, Monthly Payment, Total of Payments, and Finance
Charge (applicable if the lender participates in data
verification).
[0031] DealerTrack with bar code criteria (APS #) at the time of
application submittal that will be used on the DealerTrack fax
cover sheet to match the imaged eContract residing on the lenders
imaging system to dealer faxed ancillary documentation.
[0032] Required ancillary documentation requirements, including
stipulations, for the fax cover sheet at the time of Credit
Approval or Counter-offer.
[0033] DealerTrack will provide the lender:
[0034] The ability to confirm contract data prior to receipt of the
signed retail installment eContract (applicable if the lender
participates in data verification and the dealer has not elected to
spot deliver the customer).
[0035] A signature bound PDF version of the completed retail
installment eContract to be saved in the lenders imaging
system.
[0036] The ability to match dealer faxed ancillary documentation
with the eContract residing on the lenders imaging system by
referencing the bar-coded fax cover sheet. [0037] eContracting
Functional Detail [0038] Accessing the eContract Data Entry
Screen
[0039] Access to the Data Entry Screen will be available in the
following 4 manners
[0040] 1. Approved/Counter Offered Applications.
[0041] 2. Spot Phase I--Pending Applications.
[0042] 3. Spot Phase II--Credit Bureau Summary/Detail.
[0043] 4. Spot Phase II--Submit Application/eContract
Approved/Counter-Offered Applications
[0044] Dealers will access the eContract Data Entry screen via an
Approved or Counter-offered Application Status Detail screen. The
Application Status Detail screen will present the dealer with the
option to "Begin eContract Data Entry" (FIG. 1). The button, along
with all other functional buttons ("Comments to Credit Analyst",
"Add Co-Applicant", "Submit to Other Lenders") will be removed once
an eContract Data Entry screen has been saved or submitted to any
eContract participating lender for verification (if applicable) or
a paper contract is in house. In place of these buttons will be a
notice indicating that there is an existing eContract in progress;
"The eContracting process for this customer has already begun.
Select `Continue` to access this deal". DealerTrack will provide
the dealer with a link that will take the dealer to the appropriate
eContract location relating to that deal. "Begin eContract Data
Entry", along with all other functional buttons ("Comments to
Credit Analyst", "Add Co-Applicant", "Submit to Other Lenders"),
will reappear if the dealer chooses to cancel the eContracting
process. "Begin eContracting Data Entry" will only be available
until the credit approval expires (Lender to send indicator of
expiration). Note: Lenders will have the ability to indicate if a
customer is not eligible for eContracting, DealerTrack will display
the following message in place of the "Begin eContract Data Entry";
"This credit approval/counter-offer is not eligible for the
eContracting process. Please follow (lender's name) standard paper
process to contract this deal" (FIG. 2).
Button Functionality:
[0045] Begin eContract Data Entry: DealerTrack will present the
dealer with the eContract Data Entry screen prefilled with
available application data.
Accessing the eContract Data Entry Screen--Spot Delivery
[0046] Approved dealer users will have the ability to access the
eContract Data entry screen through the Spot Delivery process in
three ways:
[0047] 1. Phase I--Pending Applications.
[0048] 2. Phase II--Using DealerTrack's credit bureau
functionality.
[0049] 3. Phase II--From Submit An Application/eContract
screen.
Pending Applications (Spot Delivery Phase I)
[0050] Dealers will access the eContract Data Entry screen via a
Pending (FIG. 3) or Approved/Counter-offered (FIG. 4) Application
Status Detail screen. The Pending Application Status Detail screen
will present the dealer with the option to "Spot This Vehicle", and
the Approved/Counter-offered Application Status Detail screen will
present the dealer with option II "Bypass Verification". The
button, along with all other functional buttons ("Comments to
Credit Analyst", "Add Co-Applicant", "Submit to Other Lenders")
will be removed once an eContract Data Entry screen has been saved
or submitted to any eContract participating lender for verification
(if applicable) or a contract for that customer is in any contract
status, eContracting or paper. In place of these buttons will be a
notice indicating that there is an existing eContract in progress;
"The eContracting process for this customer has already begun.
Select `Continue` to access this deal. "DealerTrack will provide
the dealer with a link that will take the dealer to the appropriate
eContract location relating to that deal. "Begin eContract Data
Entry", along with all other functional buttons ("Comments to
Credit Analyst", "Add Co-Applicant", "Submit to Other Lenders"),
will reappear if the dealer chooses to cancel the eContracting
process.
Button Functionality:
[0051] Spot This Vehicle: DealerTrack will present the dealer with
the eContract Data Entry screen prefilled with available
application data.
Button Functionality:
[0052] Bypass Verification: DealerTrack will present the dealer
with the eContract Data Entry screen prefilled with available
application data.
Credit Bureau Summary/Detail (Spot Delivery--Phase II)
[0053] Dealers will access the Submit An Application/eContract
screen from the Credit Bureau Summary (FIG. 5) or Credit Bureau
Detail screens. Once the selection has been made, the dealer will
be presented with the Submit Appli-cation/eContract screen. Note
that the button "Prefill Application/eContract" will only appear
for those dealers enrolled in eContracting and users who have Spot
permission.
Radio Button Functionality:
[0054] Equifax: Will prefill the Application/eContract Data Entry
screen with Equifax data if "Prefill Application/eContract" button
selected.
[0055] Experian: Will prefill the Application/eContract Data Entry
screen with Experian data if "Prefill Application/eContract" button
selected.
[0056] TransUnion: Will prefill the Application/eContract Data
Entry screen with TransUnion data if "Prefill
Application/eContract" button selected.
[0057] Update Application/eContract with customer data only: Will
prefill the Application/eContract Data Entry screen with customer
data only if "Prefill Application/eContract" button selected.
Action Button Functionality:
[0058] Prefill Application/eContract: Will present the dealer with
the Submit Application/eContract screen (FIG. 6).
Submit Application/eContract (Spot Delivery--Phase II)
[0059] Dealers will access the eContract Data Entry screen via the
Submit Application/eContract submenu (FIG. 6). This option will
only appear for those dealers active in eContracting and users that
have Spot Delivery permission. The Submit Application/eContract
screen will give the dealer the ability to provide vehicle,
product, trade-in, and deal type data. Note: this screen is also
accessed from a pulled Credit Bureau where the dealer has selected
the "Prefill Application/eContract" button.
Radio Button Functionality:
[0060] Select a Vehicle Type: Will enable DealerTrack to present
the Dealer with the required Contract Data Entry screen.
[0061] New Vehicle
[0062] Used Vehicle
[0063] Demo
[0064] Select a Product Type: Will enable DealerTrack to present
the dealer with the required Contract Data Entry screen.
[0065] Retail
[0066] Lease--not currently available. DealerTrack will present the
dealer with a pop-up indicating "eContracting is not currently
available for Lease products".
[0067] Balloon--not currently available. DealerTrack will present
the dealer with a pop-up indicating "eContracting is not currently
available for Balloon products".
[0068] Trade-in: Will enable DealerTrack to present the dealer with
the required Contract Data Entry screen.
[0069] Yes
[0070] No
[0071] Request Application or eContract: Will enable DealerTrack to
present the dealer with the required Application or Contract Data
Entry screen.
[0072] Application--Will bring the dealer to the Application Data
Entry screen.
[0073] eContract--Will bring the dealer to the eContract Data Entry
screen.
Button Functionality:
[0074] Individual: DealerTrack will present an Application or
Contract Data Entry screen applicable to an individual.
[0075] Joint: DealerTrack will present an Application or Contract
Data Entry screen applicable to a buyer and co-buyer.
[0076] Business: DealerTrack will present an Application or
Contract Data Entry screen applicable to a business.
[0077] Business with Co-Applicant: DealerTrack will present an
Application or Contract Data Entry screen applicable to a business
with co-applicant.
eContracting Data Entry Screen Functionality
[0078] Access to the eContract Data Entry screen will be given in
the following manners (previously described):
[0079] Approved/Counter-offered applications
[0080] Pending applications (Spot Phase I)
[0081] Credit Bureau Summary/Detail (Spot Phase II)
[0082] Submit Application/eContract) (Spot Phase II)
[0083] DealerTrack will present the eContract Data Entry screen.
The appropriate contract data fields will be displayed. Available
data from the Approved, Counter-offered or Pending application (if
applicable) will prefill the appropriate data fields.
[0084] Note: If the dealer has accessed the Data Entry screen from
a pulled Credit Bureau, the applicable data will be prefilled. If
the dealer is accessing the Data Entry Screen without any previous
data being obtained (Submit Application/eContract) the screen will
be empty of data.
[0085] DealerTrack will place the cursor at the first required data
entry field in which data has not yet been obtained.
[0086] The dealer will complete the remaining required data entry
fields along with any customer requested options using the tab
function or clicking in the appropriate field.
[0087] Upon completion of the eContract Data Entry screen, the
dealer will submit this data to DealerTrack in the following
manners:
[0088] If the lender participates in data verification, the dealer
will click "Submit to Lender for Verification" (FIG. 7).
[0089] If the lender does not participate in data verification or
the dealer has elected to use Spot Delivery functionality, the
dealer will click "Continue" (FIG. 11d).
[0090] *Note: The dealer will have the following additional options
available on the eContract Data Entry screen:
[0091] Save the data and return to the contract status screen. When
the dealer reenters the deal via the Contract Status Detail screen,
he will be returned to the eContracting Data Entry screen via the
button "Continue eContract". The eContract Data Entry screen will
retain the saved data.
[0092] Cancel--Pop-up box: "Canceling will delete all eContract
information and return you to Application Status. Are you sure this
is what you want to do? Yes/No". If the dealer accepts, return to
the Application Status screen. Begin eContract Data Entry
functional button, along with all other functional buttons
("Comments to Credit Analyst", "Add Co-Applicant", "Submit to Other
Lenders"), will reappear in the Application Status Detail screen.
DealerTrack will message the lender advising that the dealer wishes
to cancel the eContracting process.
[0093] Reset the data to the most current approved, counter-offered
or data entered (Spot Delivery) application information.
[0094] DealerTrack will scan the data for "web edit" errors.
DealerTrack Web Edits/Standard Edits
[0095] "Web edits" or "Standard Edits" reside on the DealerTrack
system and will alert the dealer to specific errors identified by
the system.
[0096] DealerTrack web edits:
[0097] Required Co-Signor Notice input from the dealer:
[0098] "Lender requires any Buyer that is not going to be listed as
an owner on the vehicle's title to sign a Co-Signor Notice. Are
both individuals on the retail installment contract listed as
owners of the vehicle on the title?"
[0099] Yes
[0100] In the case of an individual or business loan with a
personal guarantor the answer will be defaulted to "Yes" and all
other options will be locked.
[0101] No, Buyer not listed.
[0102] Will require the Buyer to sign the Co-Signor Notice.
[0103] No, Co-Buyer not listed.
[0104] Will require the Co-Buyer to sign the Co-Signor Notice.
[0105] Confirmations that all required data entry fields have been
completed.
[0106] The First Payment Date is between 19-51 days of the Note
Date.
[0107] MSRP will be required on new vehicles.
[0108] States in which GAP is offered:
[0109] GAP will be hard-coded in the second "For" field.
[0110] The "To" field will incorporate a drop-down box that is
prefilled with the following:
[0111] "(Lender Name)--Paid in Financing" (if applicable)--Will
require the dealer to complete a GAP Waiver Form.
[0112] The dealer will be required to enter the purchase amount of
GAP in the Financing Information section.
[0113] Provider (Lender Name--if applicable) and cost will prefill
in "Provider" and "Cost" fields within the Warranty/Credit
Insurance section.
[0114] The "Term" field of the GAP within the Warranty/Credit
Insurance section will pre-fill with the term of the contract. It
will be editable to the dealer.
[0115] "(Lender Name)--Paid in Cash" Will require the dealer the
complete a GAP Waiver form.
[0116] The purchase amount in the Financing Information section
will be locked.
[0117] Provider (Lender Name--if applicable) will prefill in the
"Provider" field within the Warranty/Credit Insurance section.
[0118] The "Term" field will prefill with the term of the contract.
It will be editable to the dealer. The dealer will be required to
complete the "Cost" field of the GAP within the Warranty/Credit
Insurance section.
[0119] "Other--Included in Financing"
[0120] The dealer will be required to enter the purchase amount of
GAP in the Financing Information section.
[0121] The dealer will be required to complete the "Provider" field
and DealerTrack will prefill the "Term" field with the term of the
contract within the Warranty/Credit Insurance section. This field
will be editable to the dealer.
[0122] "Other--Paid in Cash"
[0123] The purchase amount in the Financing Information section
will be locked.
[0124] The dealer will be required to enter the "Provider" and
"Cost" fields of the GAP within the Warranty/Credit Insurance
section. DealerTrack will prefill the "Term" field with the term of
the contract. This field will be editable to the dealer.
[0125] Negative Equity will be reflected in the 4th To/For field in
the financing section.
[0126] The dealer will be required to enter the lenders name in the
"To" field.
[0127] "For" will prefill with "Prior Lease/Loan Balance"
calculated by DealerTrack.
[0128] The amount will prefill with the negative equity amount
figured in the "Trade-in" section of "Vehicle Information".
[0129] Origination Fee--If a state allows for an origination fee,
and the lender charges this fee, the dealer will be required to
indicate the following via a radio button in the data entry
screen:
[0130] "Included in Financing"
[0131] This will require the dealer to enter the amount of the
origination fee.
[0132] "Paid in Cash"
[0133] This will require the dealer to enter the amount of the
origination fee. DealerTrack will subtract this amount from the
Total Amount Financed.
[0134] "Bump Rate"
[0135] "Not Required (reason)"
[0136] DealerTrack will display the Approved Amount from an
Approved or Countered Credit Application on the data entry screen
for the dealer to review.
[0137] DealerTrack will validate the following dealer entered
amounts by using a Reg-Z Calculator to ensure compliance with legal
limits:
[0138] Finance Charge
[0139] Monthly Payment
[0140] Total of Payments
[0141] APR
[0142] If the "web edits" identify errors:
[0143] DealerTrack will return the dealer to the eContract Data
Entry screen.
[0144] DealerTrack will present the errors on the eContract Data
Entry screen for dealer correction.
[0145] Dealer will make corrections and click:
[0146] "Submit to Lender for Verification" if lender participates
in verification.
[0147] NOTE: Comment to appear above but-ton that reads: "This
Lender Supports Contract Data Verification"
[0148] "Continue" if the lender does not participate in data
verification or the dealer has elected to use Spot Delivery
functionality.
[0149] Once passed DealerTrack web edits, the status reflected in
Contract Status will be "eDTVerified" (FIG. 10).
[0150] NOTE: Comment to appear above button:
[0151] Bypass--This Lender Does Not Support Contract Data
Verification. A lender will not verify this contract data prior to
you obtaining customer signatures. Press `Continue` to
proceed".
[0152] Spot--"You have elected to Spot Deliver this deal. A lender
will not verify this contract data prior to you obtaining customer
signatures. Press `Continue` to proceed".
Lender Verification of eContract Data (Note: Not applicable for
Bypass Verification or Spot Delivery Processes).
[0153] After submitting the data to the lender for
verification:
[0154] The dealer will not have the ability to change the eContract
data until an eError or eLender Verified response has been
received.
[0155] DealerTrack will notify the dealer of submission via a
change in contract status (eSubmitted).
[0156] The lender will message DealerTrack informing of
receipt.
[0157] Should there be an error in transmission, DealerTrack will
alert the dealer via a change in Contract Status (eSubmit Error).
DealerTrack will provide an 800# for the dealer to contact for
assistance.
[0158] DealerTrack will alert the dealer of the successful
submission via a change is Contract Status, eReceived (FIG. 8).
[0159] DealerTrack will submit the data to the lender's system for
verification.
[0160] The lender will scan the data for errors based upon backend
system "lender edits".
[0161] "Lender edits" are created by the lender, reside on the
lenders backend system and will identify specific errors. Example:
Amount financed outside program parameters.
[0162] If "lender edits" identify errors:
[0163] Lender will forward DealerTrack a listing of errors.
[0164] DealerTrack will alert the dealer of errors via a change in
contract status (eError).
[0165] The dealer will enter the eContract Data Entry screen via
the Contract Status Detail screen by clicking "Continue eContract"
button.
[0166] DealerTrack will present the itemized errors and lender
comments on the eContract Data Entry screen for dealer
correction.
[0167] Dealer will make corrections and click "Submit to Lender for
Verification".
[0168] OPTIONAL: If the lenders backend processing system finds
errors, the lender has the option to reroute the deal to their
credit or funding analyst for review.
[0169] Lender will forward DealerTrack a message indicating the
deal is under review along with reasons for review.
[0170] DealerTrack will alert the dealer that the deal is under
review via a change in the contract status (eReview) and display
reasons for review to the dealer (FIG. 9).
[0171] If the lender finds that the new contract data is
unacceptable:
[0172] The credit or funding analyst has the option to send
comments itemizing the errors to the dealer.
[0173] The lender will send DealerTrack a message indicating an
error in contract data.
[0174] DealerTrack will alert the dealer of change in status via a
change in contract status (eError).
[0175] The dealer will enter the Contract Data Entry Screen to view
the error(s) identified by the lender.
[0176] The dealer can make corrections and resubmit to the lender
for verification, or cancel the eContracting process.
[0177] If the lender finds that the new contract data is
acceptable:
[0178] The credit or funding analyst has the option to send
comments to the dealer.
[0179] DealerTrack will alert the dealer of change in status via a
change in contract status (eLender Verified).
[0180] Once the information is verified via the lenders backend
processing system the lender will forward the lender calculated
APR, Monthly Payment, and Finance Charge along with the bar-code
criteria (sent at the time of application approval/counter-offer)
to be referenced on the fax cover sheet.
[0181] Dealer Track will alert the dealer of change in status via a
change in the contract status, eLender Verified (FIG. 10).
Button Functionality
[0182] Save--Saves the dealer entered data and returns the dealer
to the Contract Status screen. Dealer may reenter the deal via the
Contract Status screen link indicating a status of eSaved.
[0183] Cancel--Pop-up box: "Canceling will delete all eContract
information and return you to Application Status. Are you sure this
is what you want to do? Yes/No". If the dealer accepts, return to
the Application Status Detail screen. Begin eContract Data Entry
Screen functional button, along with all other functional buttons
("Comments to Credit Analyst", "Add Co-Applicant", "Submit to Other
Lenders"), will reappear in the Application Status Detail screen.
DealerTrack will message the lender advising that the dealer wishes
to cancel the eContracting process.
[0184] Reset--Will reset the data to the most current approved
application information.
[0185] Submit to Lender for Verification--Submit info to lender.
Return dealer to Contract Status screen.
[0186] Link: Wilson, Vincent--Will take the dealer to the Contract
Status Detail Screen.
[0187] Link: Banks, John--Will take the dealer to the Contract
Status Detail screen in the Spot Delivery Process. The dealer will
be able to generate the eContract from this point.
[0188] Wilson, Vincent--Will take the dealer to the Contract Status
Detail screen in the Data Verification Process. The dealer will be
able to generate the eContract from this point.
Button Functionality
[0189] Save--Saves the dealer entered data and returns the dealer
to the Contract Status screen. Dealer may reenter the deal via the
Contract Status screen link indicating a status of eSaved.
[0190] Cancel--Pop-up box: "Canceling will delete all eContract
information and return you to Application Status. Are you sure this
is what you want to do? Yes/No". If the dealer accepts, return to
the Application Status Detail screen. Begin eContract Data Entry
Screen functional button, along with all other functional buttons
("Comments to Credit Analyst", "Add Co-Applicant", "Submit to Other
Lenders"), will reappear in the Application Status Detail screen.
Dealer-Track will message the lender advising that the dealer
wishes to cancel the eContracting process.
[0191] Reset--Will reset the data to the available
customer/collateral data if accessed from a pulled credit bureau or
pending application. If accessed through Submit an
Application/eContract, and no data is avail-able, this will clear
the screen.
[0192] Continue--Submit the contract data to DealerTrack to pass
through web-edits. Return dealer to the contract status screen.
Printing for Customer Review
[0193] A print event must be detected prior to the dealer having
the ability to capture signatures. DealerTrack provides a
forced-print that will print the review copy of the contract for
the customer(s) (excluding the fax cover sheet). The printed copies
will contain a watermark indicating "Copy" on each page.
[0194] NOTE: An eSigned contract is good for 19 days from the Note
Date. If an eContract has not been submitted to the lender within
this time period:
[0195] DealerTrack will delete all eContracting data, and indicate
an eCancelled status on the Contract Status Detail Page to the
dealer.
[0196] A message will appear within the Contract Status Details
page indicating; "The eLender Verified/eDT Verified (whichever is
applicable) status for this customer has expired. Please select
`Continue` to return to the Data Entry Screen".
[0197] NOTE: The following state requirements for printing:
[0198] CA--Must be printed front/back of legal size paper in
color.
[0199] MI--Must be printed in color.
Functionality
[0200] The dealer will select "Print Review Copy" and Dealer dealer
with the unsigned, data merged, eContract PDF cover sheet) in a
separate browser window.
[0201] The Silanis "Forced Print" will send the print request to
the printer for printing.
[0202] In addition, "Print Review Copy" will constitute a hand-off
from DealerTrack server to the ApproveIT Web Server (AWS).
[0203] The dealer will have the ability to Modify or Cancel the
eContracting process using the functional buttons ("Modify" and
"Cancel") provided within the AWS Overview Page.
[0204] Note: If dealer has accessed the eContract Data Entry screen
via an Approved Application, message will appear indicating (FIG.
12):
[0205] "(Lender's name) supports same day funding if all contract
data, including faxed ancillary documentation, is in house and
verifiable by X:XX PM Local time Monday through Friday. If received
after this time, funds will be remitted the following business
day."
Action Buttons:
[0206] "Print Review Copy":
[0207] Constitutes the handoff to ApproveIT Web Server (AWS).
[0208] The Silanis "Forced Print" will send the print request to
the dealers' default printer for printing.
[0209] Printed copies will include a "Copy" water-mark on all
pages.
[0210] Open the Overview Page in AWS
[0211] "Cancel"--Pop-up box indicating: "Canceling will delete all
eContract information and return you to Application Status. Are you
sure this is what you want to do? Yes/No". If the dealer clicks
"Yes" then return dealer to the Application Status screen. "Begin
eContract Data Entry" functional button, along with all other
functional buttons ("Comments to Credit Analyst", "Add
Co-Applicant", "Submit to Other Lenders"), will reappear in the
Application Status Detail screen. DealerTrack will message the
lender advising that the dealer wishes to cancel the eContracting
process. If the dealer clicks "No" then return the dealer to the
current page.
[0212] "Modify"--If lender participates in data verification,
pop-up box indicating; "Data will have to be resubmitted to Lender
for verification Are you sure this is what you want to do? Yes/No".
If the dealer clicks "Yes" then return the dealer to the Data Entry
screen retaining dealer entered/Lender approved data. PDF version
of eContract, and fax cover sheet (if applicable) will be deleted.
If the dealer clicks "No" then return the dealer to the current
page.
[0213] If lender does not participate in data verification or
dealer has elected to spot deliver the vehicle, pop-up box
indicating; "Do you wish to Modify Contract Data? Yes/No". If the
dealer clicks "Yes" then return the dealer to the Data Entry Screen
retaining dealer-entered data. PDF version of eContract, and fax
cover sheet (if applicable) will be deleted. If the dealer clicks
"No" then return dealer to the current page.
Hyperlinks:
[0214] "Back to Contract Summary"--Return the dealer to the
Contract Summary page.
AWS Overview Page
[0215] Once the dealer has printed the review copy of the contract,
the contract-viewing window will close and the AWS Overview Page
will be displayed (FIG. 13). This page will contain next step
instructions for the dealer, indicate status' of signature capture,
and provide the dealer with Cancel and Modify functionality as well
as allowing the dealer to print additional Review Copies or return
to the DealerTrack Contract Details page.
Functionality
[0216] Once the review copy of the contract has been printed, the
contract-viewing window will close.
[0217] The AWS Overview Page will be displayed.
[0218] The dealer will review the next step instructions.
[0219] Step 1 will default to Complete as print event has
occurred.
[0220] Step 2 will indicate a status of Incomplete as no signatures
have been captured.
[0221] The dealer will select "Obtain Signatures".
[0222] AWS will present the dealer with the Signature Capture
page.
[0223] The dealer will have additional options to Cancel or Modify
the eContract. In addition, the dealer may obtain another review
copy of the contract by selecting "View & Print Review Copy" or
return to the Contract Detail page by selecting "Back to Contract
Details".
Hyperlinks:
[0224] "Obtain Signatures"--Brings the dealer to the Signature
Page.
[0225] "Cancel"13 Pop-up box indicating: "Canceling will delete all
eContract information and return you to Application Status. Are you
sure this is what you want to do? Yes/No". If the dealer clicks
"Yes" then return dealer to the Application Status screen. "Begin
eContract Data Entry" functional button, along with all other
functional buttons ("Comments to Credit Analyst", "Add
Co-Applicant", "Submit to Other Lenders"), will reappear in the
Application Status Detail screen. DealerTrack will message the
lender advising that the dealer wishes to cancel the eContracting
process. If the dealer clicks "No" then return the dealer to the
current page.
[0226] "Modify"--If lender participates in data verification,
pop-up box indicating; "Data will have to be resubmitted to Lender
for verification Are you sure this is what you want to do? Yes/No".
If the dealer clicks "Yes" then return the dealer to the Data Entry
screen retaining dealer entered/Lender approved data. PDF version
of eContract, and fax cover sheet (if applicable) will be deleted.
If the dealer clicks "No" then return the dealer to the current
page.
[0227] If lender does not participate in data verification or
dealer has elected to spot deliver the vehicle, pop-up box
indicating; "Do you wish to Modify Contract Data? Yes/No". If the
dealer clicks "Yes" then return the dealer to the Data Entry Screen
retaining dealer-entered data. PDF version of eContract, and fax
cover sheet (if applicable) will be deleted. If the dealer clicks
"No" then return dealer to the current page.
[0228] "View & Print Review Copy"--Opens the PDF file in a
separate browser and allows the dealer to print additional review
copies of the contract. NOTE: This action does not bring up the
print dialogue box. Printing will occur using the standard Adobe
print functionality.
[0229] "Back to Contract Details"--Returns the dealer to the
Contract Status Detail page.
Obtaining Signatures
[0230] DealerTrack will provide the dealer with a signature page to
capture the required signatures. DealerTrack will identify the
signature fields requiring signatures based upon previous
information obtained (Buyer, Co-Buyer, Dealer, Warranty,
Accident/Health, GAP). Signature fields will be organized into
blocks of Buyer, Co-Buyer (if applicable), and Dealer. Each
signature field will contain verbiage relevant to the contractual
requirements. This text will also appear within the LCD screen of
the Signature Pad for the customer to review. Note: If a date is
required for the signature, the AWS will note the date of the
signature capture to be captured on the Contract PDF.
Functionality:
[0231] Once the dealer selects "Obtain Signatures" DealerTrack will
provide the dealer with an HTML Signature Page outlining all
signatures required for the Buyer, Co-Buyer (if applicable), and
Dealer.
[0232] The Signature Page will include on screen descriptions for
each required signature field for the dealer to refer the customer
to the appropriate field on the printed review copy (FIG. 14).
[0233] The descriptions will also appear within the LCD screen of
the signature pad referring the customer to the appropriate field
on the printed review copy.
[0234] Both the on-screen and LCD descriptions will reference the
DealerTrack created reference number that will match that on the
printed review copy of the contract (within the footer of each
page) and the customers approval or counter-offer.
[0235] The signer will have the ability to recapture signatures as
many times as desired before securing to the eContract, however,
once secured, the signature cannot be deleted.
[0236] The dealer will click on each signature field and capture
the appropriate signature.
[0237] The dealer will repeat this process until all customer
signatures have been captured.
[0238] The Dealer will have the ability to save a partially signed
eContract once each signature section has been completed (Buyer
Section, Co-Buyer Section--if applicable). If there is a Co-Buyer
and either the full Buyer, or Co-Buyer sections have been saved,
the ePartially signed status is good for 5 days from the Note Date
(until ALL CUSTOMER signatures are obtained). See page 28, Saving
Signatures, for further explanation.
[0239] The dealer will have the ability to Print a signed
customer's copy of the eContract once all customer signatures have
been obtained. The dealer will not be able to submit the eContract
to the lender until the dealers signature has been obtained (see
page 30, Partially Signed Contracts, for further explanation).
[0240] Once all the required signatures have been obtained, the
dealer will click "Continue" which will do the following:
[0241] All signatures obtained within the HTML eSignature Page are
uploaded to DealerTrack where they are securely bound to the
eContract to generate the signature bound original.
[0242] Return the dealer to the Contract Status Detail screen
indicating a status of eSigned.
Action Buttons:
[0243] "Save"
[0244] Dynamic--Only available after a complete block of signatures
has been captured (e.g. all the Buyers signatures boxes have been
signed, 2 of 2).
[0245] Will bind the available signatures and date fields (if
applicable) to the PDF.
[0246] Return the dealer to the Overview Page.
[0247] "Cancel"--Pop-up box indicating: "Canceling will delete all
eContract information and return you to Application Status. Are you
sure this is what you want to do? Yes/No". If the dealer clicks
"Yes" then return dealer to the Application Status screen. "Begin
eContract Data Entry" functional button, along with all other
functional buttons ("Comments to Credit Analyst", "Add
Co-Applicant", "Submit to Other Lenders"), will reappear in the
Application Status Detail screen. DealerTrack will message the
lender advising that the dealer wishes to cancel the eContracting
process. If the dealer clicks "No" then return the dealer to the
current page.
[0248] "Modify"--If lender participates in data verification,
pop-up box indicating; "Data will have to be resubmitted to Lender
for verification Are you sure this is what you want to do? Yes/No".
If the dealer clicks "Yes" then return the dealer to the Data Entry
screen retaining dealer entered/Lender approved data. PDF version
of eContract, and fax cover sheet (if applicable) will be deleted.
If the dealer clicks "No" then return the dealer to the current
page.
[0249] If lender does not participate in data verification or
dealer has elected to spot deliver the vehicle, pop-up box
indicating; "Do you wish to Modify Contract Data? Yes/No". If the
dealer clicks "Yes" then return the dealer to the Data Entry Screen
retaining dealer-entered data. PDF version of eContract, and fax
cover sheet (if applicable) will be deleted. If the dealer clicks
"No" then return dealer to the current page.
Hyperlinks:
[0250] "Back to Contract Details"--Returns the dealer to the
Contract Status Detail page. Pop-up will appear if signatures
captured, but not saved (FIG. 15).
[0251] "OK"--Return the dealer to the Contract Detail page. Do not
save/bind signatures and dates.
[0252] "Cancel"--Close the pop-up.
Saving Signatures
[0253] The dealer will have the ability to save blocks of captured
signatures without submitting to the lender. Saved signatures will
be indicated on both the AWS Overview page and the Contract Status
Detail page itemizing additional signatures required. If no
signatures have been obtained, and the dealer has exited the AWS
Overview page or Signature Capture page (without saving), the
forced review print will not be required from Contract Status
Details, and the dealer will return to the AWS Overview page by
selecting "Continue" from the Contract Status Details page (FIG.
16).
[0254] NOTE: Signatures may be saved for 5 days from the Note Date.
If ALL Signatures, including the dealers, have not been obtained
within this time period:
[0255] DealerTrack will delete all eContracting data, and indicate
an eCancelled status on the Contract Status Detail Page to the
dealer.
[0256] A message will appear within the Contract Status Details
page indicating; "The e(DT/Lender) Verified status for this
customer has expired. Please select `Continue` to return to the
Data Entry Screen."
Functionality:
[0257] The Contract Status Detail screen will be dynamic in that
the statement appearing in the "Continue" box will change based
upon missing signatures:
[0258] Contract Signatures Required--No signatures obtained.
[0259] Buyer Signatures Required--Co-Buyer (if applicable) and/or
Dealer have signed.
[0260] Co-Buyer Signatures Required (if applicable)--Buyer and
Dealer have signed.
[0261] Dealer Signature(s) Required--Buyer and Co-Buyer (if
applicable) have signed.
[0262] Buyer and Co-Buyer (if applicable) Signatures
Required--Dealer has signed.
[0263] Buyer and Dealer Signatures Required--Co-Buyer has
signed.
[0264] Co-Buyer and Dealer Signatures Required. Buyer has signed.
Only applicable if deal has a Co-Buyer.
Action Buttons:
[0265] "Continue"--Brings the dealer to the AWS "Overview
Page".
[0266] "Print Review Copy"--Will open the Review copy of the PDF in
a separate browser. The dealer can print copies using Adobe print
functionality.
[0267] This function will be available to the dealer until ALL
customer signatures (Buyer and Co-Buyer--if applicable) have been
captured. It will then be replaced by "View and Print Copy"
functionality.
[0268] Printed copy will contain the watermark "Copy" on each
page.
[0269] "Cancel"--Pop-up box indicating: "Canceling will delete all
eContract information and return you to Application Status. Are you
sure this is what you want to do? Yes/No". If the dealer clicks
"Yes" then return dealer to the Application Status screen. "Begin
eContract Data Entry" functional button, along with all other
functional buttons ("Comments to Credit Analyst", "Add
Co-Applicant", "Submit to Other Lenders"), will reappear in the
Application Status Detail screen. DealerTrack will message the
lender advising that the dealer wishes to cancel the eContracting
process. If the dealer clicks "No" then return the dealer to the
current page.
[0270] "Modify"--If lender participates in data verification,
pop-up box indicating; "Data will have to be resubmitted to Lender
for verification Are you sure this is what you want to do? Yes/No".
If the dealer clicks "Yes" then return the dealer to the Data Entry
screen retaining dealer entered/Lender approved data. PDF version
of eContract, and fax cover sheet (if applicable) will be deleted.
If the dealer clicks "No" then return the dealer to the current
page.
[0271] If lender does not participate in data verification or
dealer has elected to spot deliver the vehicle, pop-up box
indicating; "Do you wish to Modify Contract Data? Yes/No". If the
dealer clicks "Yes" then return the dealer to the Data Entry Screen
retaining dealer-entered data. PDF version of eContract, and fax
cover sheet (if applicable) will be deleted. If the dealer clicks
"No" then return dealer to the current page.
Hyperlinks:
[0272] "Back to Contract Summary"--Return the dealer to the
Contract Summary page.
Partially Signed Contracts
[0273] The dealer will have the ability to present the Buyer, and
Co-Buyer (if applicable) a printed copy of the contract containing
ALL customer signatures without the dealers' signature. If the
dealer chooses to use this option, the dealer will be responsible
for mailing a fully signed contract containing the dealers'
signature once available. This option will only be available if ALL
customer signatures have been obtained.
Functionality:
[0274] Once ALL Customer signatures have been obtained (Buyer and
Co-Buyer--if applicable), the dealer will select "Save" on the
Signature Page.
[0275] The dealer will be presented with the AWS Overview Page
indicating Buyer signatures as Complete and Co-Buyer signatures as
Complete (if applicable).
[0276] Note: Additional instructions to print a customer copy
without dealer signature will appear in the AWS overview page to
the left (FIG. 17).
[0277] The dealer will follow the instructions and select "Back to
Contract Details".
[0278] The Contract Status Details page will require the dealer to
select "Refresh" which will allow the AWS system to update the
contract PDF with the obtained eSignatures (FIG. 18).
[0279] Enhancement: The `Refresh` button will be replaced by a
`Processing`. This will be available along with the Spot delivery
process and coding.
[0280] Once AWS has completed processing the signatures, the dealer
will select "View & Print Copy" (FIG. 19) which will open the
eContract PDF in a separate browser. The dealer will use the Print
functionality provided within Adobe Acrobat and print copies for
the Buyer, and Co-Buyer (if applicable).
[0281] Once the dealer has completed printing copies, the dealer
will close the viewing window.
Hyperlinks:
[0282] "Obtain Signatures"--opens the Signature Page.
[0283] "Cancel"--Pop-up box indicating: "Canceling will delete all
eContract information and return you to Application Status. Are you
sure this is what you want to do? Yes/No". If the dealer clicks
"Yes" then return dealer to the Application Status screen. "Begin
eContract Data Entry" functional button, along with all other
functional buttons ("Comments to Credit Analyst", "Add
Co-Applicant", "Submit to Other Lenders"), will reappear in the
Application Status Detail screen. DealerTrack will message the
lender advising that the dealer wishes to cancel the eContracting
process. If the dealer clicks "No" then return the dealer to the
current page.
[0284] "Modify"--If lender participates in data verification,
pop-up box indicating; "Data will have to be resubmitted to Lender
for verification Are you sure this is what you want to do? Yes/No".
If the dealer clicks "Yes" then return the dealer to the Data Entry
screen retaining dealer entered/Lender approved data. PDF version
of eContract, and fax cover sheet (if applicable) will be deleted.
If the dealer clicks "No" then return the dealer to the current
page.
[0285] If lender does not participate in data verification or
dealer has elected to spot deliver the vehicle, pop-up box
indicating; "Do you wish to Modify Contract Data? Yes/No". If the
dealer clicks "Yes" then return the dealer to the Data Entry Screen
retaining dealer-entered data. PDF version of eContract, and fax
cover sheet (if applicable) will be deleted. If the dealer clicks
"No" then return dealer to the current page.
[0286] "Back to Contract Details"--will return the dealer to the
Contract Status Detail Page indicating additional instructions to
print a Partially signed contract for the Buyer, and Co-Buyer (if
applicable).
Action Buttons:
[0287] "Refresh"--will refresh the page. Once the AWS has completed
processing and binding the available signatures to the contract the
dealer will be returned to the Contract Status Detail screen
reflecting a status of ePartially Signed (see below).
[0288] NOTE: Enhancement; The `Refresh` button will be replaced by
a `Processing` screen. This will be available along with the Spot
delivery process and coding.
[0289] "Comments to Funding Analyst"--Will allow the dealer to send
comments to the analyst.
[0290] Print Review Copy"--Will allow the dealer to print another
version of the contract WITHOUT signatures.
Hyperlinks:
[0291] "Back to Contract Summary"--Will return the user to the
Contract Summary screen.
Action Buttons:
[0292] "View and Print Copy"--Opens the contract containing ALL
customer signatures in a separate browser for the dealer to print
and provide to the Buyer and Co-Buyer (if applicable).
[0293] Note: This is OPTIONAL.
[0294] "Continue"--Brings the dealer back to the overview page,
indicating that the dealer's signatures are required.
[0295] "Cancel"--Pop-up box indicating: "Canceling will delete all
eContract information and return you to Application Status. Are you
sure this is what you want to do? Yes/No". If the dealer clicks
"Yes" then return dealer to the Application Status screen. "Begin
eContract Data Entry" functional button, along with all other
functional buttons ("Comments to Credit Analyst", "Add
Co-Applicant", "Submit to Other Lenders"), will reappear in the
Application Status Detail screen. DealerTrack will message the
lender advising that the dealer wishes to cancel the eContracting
process. If the dealer clicks "No" then return the dealer to the
current page.
[0296] "Modify"--If lender participates in data verification,
pop-up box indicating; "Data will have to be resubmitted to Lender
for verification Are you sure this is what you want to do? Yes/No".
If the dealer clicks "Yes" then return the dealer to the Data Entry
screen retaining dealer entered/Lender approved data. PDF version
of eContract, and fax cover sheet (if applicable) will be deleted.
If the dealer clicks "No" then return the dealer to the current
page.
[0297] If lender does not participate in data verification or
dealer has elected to spot deliver the vehicle, pop-up box
indicating; "Do you wish to Modify Contract Data? Yes/No". If the
dealer clicks "Yes" then return the dealer to the Data Entry Screen
retaining dealer-entered data. PDF version of eContract, and fax
cover sheet (if applicable) will be deleted. If the dealer clicks
"No" then return dealer to the current page.
Hyperlinks:
[0298] "Back to Contract Summary"--Return the dealer to the
Contract Summary page.
Printing the Signed PDF and Submitting for Funding (Verified/Bypass
Verification Processes)
[0299] Once ALL signatures have been obtained, including the
dealers', the dealer will print a copy for the customer(s) and
dealer records and submit the contract to the lender for funding.
The dealer will review the printed Fax Cover Sheet, obtain all
ancillary documentation, and fax to the lender.
Functionality
[0300] Once ALL required signatures, including the dealers', have
been obtained via the Signature Page, the dealer will select
"Continue" (FIG. 20).
[0301] The Dealer will be returned to the Contract Status Detail
screen indicating a required "Refresh" button (FIG. 21).
[0302] Enhancement: a `Processing` screen will replace the
`Refresh` button. This will be available along with the Spot
delivery process and coding.
[0303] Once the dealer has selected refresh and the AWS has
completed processing and binding the signatures, the dealer will be
presented with the "Print Signed Copy and Submit For Funding
Button" (FIG. 22). When this button is selected the following will
occur:
[0304] The eContract PDF and fax cover sheet will be presented to
the dealer in a separate browser window and a Print Dialogue box
will appear.
[0305] The fax cover sheet will be a separate Document merged with
the Contract PDF.
[0306] The dealer will select the number of copies to print and
destination.
[0307] The fully signed, flattened copy of the eContract will be
forwarded to the lender's imaging system referencing the APS #.
[0308] The dealer will be returned to the Contract Status screen
with the status indicating "eContract Submitted". Once the
eContract (Co-Signor Notice and Gap Waiver Form if applicable) has
been successfully submitted to the lender the dealer will be
notified via a change in Contract Status (eContract Received).
[0309] Should an error in submission occur, the dealer will be
notified via a change in Contract Status (eContract Submit Error).
DealerTrack will provide an 800# for the dealer to call for
assistance.
[0310] NOTE: The dealer will have the option to print additional
copies of the contract by selecting "Print Signed Copies" on the
Contract Status Detail screen.
[0311] The dealer will review the Bar-Coded Fax Cover Sheet, obtain
all required ancillary documentation and fax to the lender.
[0312] Lender's fax server will forward the documentation to the
lender imaging system referencing the bar code and match to the
eContract.
[0313] The Buyer will review all ancillary documentation and if all
documents have been received, the lender will send DealerTrack an
indicator stating the lender's acceptance of the eContract PDF and
ancillary documentation. Once the lender's decision to purchase the
contract package has been received, DealerTrack will forward the
Original contract PDF to the lender.
[0314] If all ancillary documentation is not received, the lender
will notify DealerTrack. The Lender can send comments to the dealer
itemizing the missing documentation through DealerTrack.
[0315] DealerTrack will display to the dealer a change in Contract
Status (ePending Docs).
[0316] DealerTrack will display the missing documentation comments
within the Contract Status Detail Screen.
[0317] The dealer will obtain the missing documentation and fax to
the lender along with the Fax Cover Sheet.
[0318] Should the dealer require an additional copy of the fax
cover sheet or contract, this can be obtained on the DealerTrack
site for 7 days after initial submittal.
[0319] Should the Lender review the contract package and find that
the contract package will not be accepted, the lender will forward
an indicator stating the lender's decision to not purchase this
deal.
[0320] Once received by DealerTrack, a status of "eRejected" will
be displayed to the dealer.
[0321] The dealer will have the ability to "Select Lender(s)" from
the eContract Select lenders screen. Please see page 44 regarding
Submitting eContract to Other Lender.
Action Buttons:
[0322] "Continue"
[0323] Dynamic. This is button will replace the "Save" button only
after ALL signatures, including the dealers', have been
obtained.
[0324] When selected the following will occur:
[0325] The signatures will be bound to the contract PDF.
[0326] The dealer will be returned to the Contract Status Detail
page.
[0327] "Cancel"--Pop-up box indicating: "Canceling will delete all
eContract information and return you to Application Status. Are you
sure this is what you want to do? Yes/No". If the dealer clicks
"Yes" then return dealer to the Application Status screen. "Begin
eContract Data Entry" functional button, along with all other
functional buttons ("Comments to Credit Analyst", "Add
Co-Applicant", "Submit to Other Lenders"), will reappear in the
Application Status Detail screen. DealerTrack will message the
lender advising that the dealer wishes to cancel the eContracting
process. If the dealer clicks "No" then return the dealer to the
current page.
[0328] "Modify"--If lender participates in data verification,
pop-up box indicating; "Data will have to be resubmitted to Lender
for verification Are you sure this is what you want to do? Yes/No".
If the dealer clicks "Yes" then return the dealer to the Data Entry
screen retaining dealer entered/Lender approved data. PDF version
of eContract, and fax cover sheet (if applicable) will be deleted.
If the dealer clicks "No" then return the dealer to the current
page.
[0329] If lender does not participate in data verification or
dealer has elected to spot deliver the vehicle, pop-up box
indicating; "Do you wish to Modify Contract Data? Yes/No". If the
dealer clicks "Yes" then return the dealer to the Data Entry Screen
retaining dealer-entered data. PDF version of eContract, and fax
cover sheet (if applicable) will be deleted. If the dealer clicks
"No" then return dealer to the current page.
Hyperlink:
[0330] "Back to Contract Summary"--Return the dealer to the
Contract Summary page.
Action Buttons:
[0331] "Refresh"--will refresh the page. Once the AWS has completed
processing and binding the available signatures to the contract the
dealer will be returned to the Contract Status Detail screen
reflecting a status of ePartially Signed (see below).
[0332] NOTE: Enhancement; The `Refresh` button will be replaced by
a `Processing` screen. This will be available along with the Spot
delivery process and coding.
[0333] "Comments to Funding Analyst"--Will allow the dealer to send
comments to the analyst.
[0334] "Print Review Copy"--Will allow the dealer to print another
version of the contract WITHOUT signatures.
Hyperlinks:
[0335] "Back to Contract Summary"--Will return the user to the
Contract Summary screen.
Action Buttons:
[0336] "Print Signed Copy and Submit For Funding"
[0337] Presents the dealer with the fully signed PDF in a separate
browser to view and print as needed. Once this function has been
selected, the following occurs:
[0338] Opens the contract containing ALL signatures in a separate
browser for the dealer to print for the Buyer, Co-Buyer (if
applicable) and Dealer records.
[0339] Opens Print Dialogue Box.
[0340] Printed copies will contain a watermark "Copy" on all
pages.
[0341] DealerTrack will submit the flattened eContract PDF to the
lender.
[0342] Dealer will be brought to the Contract Summary page
indicating a status of "eContract Submitted" and message to appear
indicating eContract is being submitted to the lender.
[0343] "Print Signed Copy"--Presents the dealer with the fully
signed PDF in a separate browser to view and print as needed.
[0344] "Cancel"--Pop-up box indicating: "Canceling will delete all
eContract information and return you to Application Status. Are you
sure this is what you want to do? Yes/No". If the dealer clicks
"Yes" then return dealer to the Application Status screen. "Begin
eContract Data Entry" functional button, along with all other
functional buttons ("Comments to Credit Analyst", "Add
Co-Applicant", "Submit to Other Lenders"), will reappear in the
Application Status Detail screen. DealerTrack will message the
lender advising that the dealer wishes to cancel the eContracting
process. If the dealer clicks "No" then return the dealer to the
current page.
[0345] "Modify"--If lender participates in data verification,
pop-up box indicating; "Data will have to be resubmitted to Lender
for verification Are you sure this is what you want to do? Yes/No".
If the dealer clicks "Yes" then return the dealer to the Data Entry
screen retaining dealer entered/Lender approved data. PDF version
of eContract, and fax cover sheet (if applicable) will be deleted.
If the dealer clicks "No" then return the dealer to the current
page.
[0346] If lender does not participate in data verification or
dealer has elected to spot deliver the vehicle, pop-up box
indicating; "Do you wish to Modify Contract Data? Yes/No". If the
dealer clicks "Yes" then return the dealer to the Data Entry Screen
retaining dealer-entered data. PDF version of eContract, and fax
cover sheet (if applicable) will be deleted. If the dealer clicks
"No" then return dealer to the current page.
Hyperlinks:
[0347] "Back to Contract Summary"--Return the dealer to the
Contract Summary page.
Printing the Signed PDF and Submitting for Funding (Spot Delivery
Process)
[0348] Once ALL signatures have been obtained, including the
dealers', the dealer will print a copy for the customer(s) and
dealer records and submit the contract to the lender for funding
ONLY UPON RECEIPT of a Credit Approval or Counter-offer from the
lender. The dealer will review the printed Fax Cover Sheet, obtain
all ancillary documentation, and fax to the lender.
Functionality
[0349] Once ALL required signatures, including the dealers', have
been obtained via the Signature Page, the dealer will select
"Continue" (FIG. 20).
[0350] DealerTrack will present the dealer with a page indicating
"Processing" while the signature binding is taking place.
[0351] Once AWS has completed processing and binding the
signatures, the dealer will be presented with the Contract Status
Detail screen (FIG. 23) and complete Step 1 "Print Signed Copy".
When selected the following will occur:
[0352] The eContract PDF will be presented to the dealer in a
separate browser window and a Print Dialogue box will appear.
[0353] The dealer will select the number of copies to print and
destination.
[0354] Once completed, the dealer will close the viewing window,
and the Contract Status Detail page will be open.
[0355] DealerTrack will restrict the dealer from submitting the
contract for funding until a credit decision has been made.
[0356] If a Credit Application has been previously sent to an
eContract participating lender, the dealer will have the option to
"Select Lenders" (FIG. 23, step 2).
[0357] The dealer will be presented with the eContract Select
Lenders screen (FIG. 25) which will indicate the status of
submitted applications to eContract participating lenders.
[0358] The dealer will have the option of selecting an eContract
participating lender that has approved the customer's credit to
submit the contract to by using the Radio Button function.
[0359] The dealer will be required to select "Compare Application
& Contract" (FIG. 26) which will open the Compare Application
& Contract screen.
[0360] The Compare Application & Contract screen will be
segmented to show the chosen lenders approved data and compare it
to the completed eContract data.
[0361] A Blue Background in the differing field will indicate any
differences between the data to the dealer.
[0362] The comparison requirement will allow the dealer to make
sure the completed contract is within the selected lenders program
criteria.
[0363] The dealer will Click "Print Fax Cover & Submit for
Funding" which will do the following:
[0364] The selected lenders Fax Cover sheet will be printed for the
dealer.
[0365] NOTE: Lenders will be required to supply all stipulations
required at the time of application approval or counter-offer to
ensure the dealer has all required documentation listed.
[0366] The fully signed, flattened copy of the eContract will be
forwarded to the lender along with the contract data XML for the
lender to review.
[0367] The dealer will be returned to the Contract Status screen
with the status indicating "eContract Submitted". Once the
eContract (Co-Signor Notice and Gap Waiver Form if applicable) has
been successfully submitted to the lender, the dealer will be
notified via a change in Contract Status (eContract Received).
[0368] Should an error in submission occur, the dealer will be
notified via a change in Contract Status (eContract Submit Error).
DealerTrack will provide an 800# for the dealer to call for
assistance.
[0369] NOTE: The dealer will have the option to print additional
copies of the contract by selecting "Print Signed Copy" on the
Contract Status Detail screen.
[0370] The dealer will review the Bar-Coded Fax Cover Sheet, obtain
all required ancillary documentation and fax to the lender.
[0371] Lender's fax server will forward the documentation to the
lender imaging system referencing the bar code and match to the
eContract.
[0372] The Buyer will review all ancillary documentation and if all
documents have been received, the lender will send DealerTrack an
indicator stating the lender's acceptance of the eContract PDF and
ancillary documentation. Once the lender's decision to purchase the
contract package has been received, DealerTrack will forward the
Original contract PDF to the lender.
[0373] If all ancillary documentation is not received, the lender
will notify DealerTrack. The Buyer can send comments to the dealer
itemizing the missing documentation through DealerTrack.
[0374] DealerTrack will display to the dealer a change in Contract
Status (ePending Docs).
[0375] DealerTrack will display the missing documentation comments
within the Contract Status Detail Screen.
[0376] The dealer will obtain the missing documentation and fax to
the lender along with the Fax Cover Sheet.
[0377] Should the dealer require an additional copy of the fax
cover sheet, it will be obtained on the DealerTrack site for 7 days
after initial submittal.
[0378] Should the Buyer review the contract package and find that
the contract package will not be accepted, the lender will forward
an indicator stating the lender's decision.
[0379] Once received by DealerTrack, a status of "eRejected" will
be displayed to the dealer.
[0380] The dealer will have the ability to "Submit eContract to
Additional Lender". Please see page 22 regarding Submitting
eContract to Other Lender.
[0381] If a Credit Application has not been submitted to an
eContract participating lender, the user will be required to
"Prefill Application" (FIG. 24).
[0382] Once selected, DealerTrack will present the user with the
Application Data Entry screen pre-filled with all available
contract data.
[0383] The Prefilled contract data will be non-editable to the
dealer.
[0384] The dealer will complete the remaining required fields in
the Application Data Entry screen and follow the Submit an
Application procedure.
[0385] The dealer will have the option of checking Contract Status
Detail/Select Lenders for application status or accessing
Application Status.
[0386] The dealer will have the ability to "Print Fax Cover" sheet
and "Submit for Funding" in both locations.
Action Buttons:
[0387] Step 1 "Print Signed Copy"--Will open the signed PDF version
of the contract in Adobe for the dealer to print the desired number
of copies.
[0388] Step 2 "Select Lenders"--this button will only be active
after Print Final Copies has been selected. Once selected, the
dealer will be presented with the eContract Select Lenders
screen.
[0389] "Cancel"--Pop-up box indicating: "Canceling will delete all
eContract information and return you to Application Status. Are you
sure this is what you want to do? Yes/No". If the dealer clicks
"Yes" then return dealer to the Application Status screen. "Begin
eContract Data Entry" functional button, along with all other
functional buttons ("Comments to Credit Analyst", "Add
Co-Applicant", "Submit to Other Lenders"), will reappear in the
Application Status Detail screen. If the dealer clicks "No" then
return the dealer to the current page.
[0390] "Modify"--Pop-up box indicating; "Do you wish to Modify
Contract Data? Yes/No". If the dealer clicks "Yes" then return the
dealer to the Data Entry Screen retaining dealer-entered data. PDF
version of eContract, and fax cover sheet (if applicable) will be
deleted. If the dealer clicks "No" then return dealer to the
current page.
Hyperlinks:
[0391] "Back to Contract Summary"--Return the dealer to the
Contract Summary page.
Select Lenders
[0392] The dealer will have the option to "Select Lenders" if a
prior Credit Approval or Counter-offer has been received from an
eContract Participating lender and the dealer has decided to Spot
Deliver the vehicle. If no credit application has been submitted to
a lender, the dealer will be given the opportunity to submit a
credit application prefilled with contractual data to the lenders
of their choice. This same screen is utilized if the dealer decides
to "Submit the Contract to Another Lender" (eRejected scenario).
The Select Lenders page will require the dealer to Compare the
Application & Contract or Submit Application to Other
Lenders.
Submitting the eContract to Other Lender
[0393] The dealer will have the option to Submit the eContract to
Other Lender if the first lender of choice has decided not to
purchase the contract. This functionality will allow the dealer to
submit the eContract to another eContracting participating lender
who has approved the customers' credit. If the dealer has not
submitted the customers' credit application to the next
eContracting participating lender or his choice, DealerTrack will
provide the dealer with an option to submit the customers' credit
application to other lenders. Once an Approval has been received,
the dealer will have the ability to submit the contract to that
lender for review.
Functionality
[0394] In the Spot Delivery process, upon receipt of a Credit
Approval from an eContract participating lender, DealerTrack will
present the dealer with the option to "Select Lender(s)".
[0395] The dealer will click "Select Lender(s)" and DealerTrack
will present the eContract Select Lender screen.
[0396] eContract Participating Lenders who have approved this
customers' credit will be listed.
[0397] Any lender who has rejected the contract package or
turn-downed the customers' application will be displayed, but will
show as unable to submit.
[0398] The dealer will be able to select ONE lender from this list
to submit the contract package to.
[0399] Upon selecting this lender, the dealer will select "Compare
Application & Contract" which will open the Compare Application
& Contract screen.
[0400] The Compare Application & Contract data screen will
display the Approved/Counter-offered application data and the
Contract data side-by-side for the dealer to review.
[0401] Any differences between the approved/counter-offered
application will be highlighted to the dealer by displaying the
differing field in with a blue background.
[0402] Once the dealer has completed comparing the data, the will
select "Print Fax Cover & Submit for Funding".
[0403] The DealerTrack created Fax Coversheet, complete with all
lender stipulations and itemized ancillary documentation, will open
in a separate window. The dealer will print the fax cover sheet and
close the window.
[0404] The flattened version of the eContract will be sent to the
lender for funding review purposes. Please refer to page 34 for
additional information regarding the funding process.
[0405] Optional: the dealer will have the ability to "Submit
Application to Other Lenders":
[0406] Once selected, DealerTrack will present the deal with the
Application Select Lender page.
[0407] The dealer will select the lenders which they wish to submit
this application to.
[0408] The dealer will check Application Status for approval,
counter-offer or turn-down from the lender.
[0409] If an eContracting lender approves the application, the
dealer will access the Contract Status Detail for this customer and
select "Select Lender(s)".
[0410] DealerTrack will present the eContract Select Lender(s)
screen and reflect this lender in the "eContract Participating
Lenders who have approved this customers' credit" section. Please
see page 43 for additional information regarding the Select Lenders
page.
Action Buttons:
[0411] "Prefill Application"--DealerTrack will prefill the
Application Data Entry screen with all available contract data
(credit bureau data if applicable).
[0412] "Print Signed Copy"--Presents the dealer with the fully
signed PDF in a separate browser to view and print as needed.
[0413] "Cancel"--Pop-up box indicating: "Canceling will delete all
eContract information and return you to Application Status. Are you
sure this is what you want to do? Yes/No". If the dealer clicks
"Yes" then return dealer to the Application Status screen. "Begin
eContract Data Entry" functional button, along with all other
functional buttons ("Comments to Credit Analyst", "Add
Co-Applicant", "Submit to Other Lenders"), will reappear in the
Application Status Detail screen. DealerTrack will message the
lender advising that the dealer wishes to cancel the eContracting
process. If the dealer clicks "No" then return the dealer to the
current page.
[0414] "Modify"--If lender participates in data verification,
pop-up box indicating; "Data will have to be resubmitted to Lender
for verification Are you sure this is what you want to do? Yes/No".
If the dealer clicks "Yes" then return the dealer to the Data Entry
screen retaining dealer entered/Lender approved data. PDF version
of eContract, and fax cover sheet (if applicable) will be deleted.
If the dealer clicks "No" then return the dealer to the current
page.
[0415] If lender does not participate in data verification or
dealer has elected to spot deliver the vehicle, pop-up box
indicating; "Do you wish to Modify Contract Data? Yes/No". If the
dealer clicks "Yes" then return the dealer to the Data Entry Screen
retaining dealer-entered data. PDF version of eContract, and fax
cover sheet (if applicable) will be deleted. If the dealer clicks
"No" then return dealer to the current page.
Hyperlinks:
[0416] "Back to Contract Summary"--Return the dealer to the
Contract Summary page.
Select eContract Lender:
[0417] Note: The dealer will only be able to select ONE lender from
this list.
[0418] Each eContracting participating lender who has approved the
customer's credit will appear in this sec-tion.
[0419] The lender who did not approve the customer's credit or
rejected the contract package will be crossed out and the dealer
will be unable to select that lender.
[0420] The Non-Eligible lenders will be listed below indicating a
reason for ineligibility.
Action Buttons:
[0421] "Compare Application & Contract"
[0422] Will open the Compare Application & Contract screen.
[0423] "Submit Application to Other Lenders"
[0424] DealerTrack will present the dealer with the Application
Select Lenders page.
Link:
[0425] "Back to Contract Status Details"--Return the dealer to the
Contract Status Detail for this customer.
Compare Application & Contract Screen
[0426] The dealer will be required to review the
approved/counter-offered application data to the completed
eContract to ensure it meets all lenders program perimeters.
[0427] Any differences between the application and contract data
will be indicated to the dealer by displaying a blue background in
the differing field.
Action Buttons
[0428] "Comments to Credit Analyst"
[0429] Will allow the dealer to send comments directly to the
lenders analyst (if available with the lender).
[0430] "Print Fax Cover & Submit for Funding"
[0431] The fax cover sheet will open in a separate window for
dealer printing purposes. The flattened version of the eContract
will be sent to the lender for funding review purposes.
[0432] The dealer will be returned to the Contract Status Detail
page indicating a status of eContract Submitted.
Fax Cover Sheet Requirements
[0433] The fax cover sheet will be created separately from the
contract PDF and at the time the dealer chooses the lender to
submit the completed (fully signed) contract to. DealerTrack will
create a generic template separated into four sections:
[0434] 1. Customer/Dealer/Lender data to be completed by DT:
[0435] To be displayed on the top of each page:
[0436] Bar-code created by DT using the lenders supplied Ref#
(placement must be in accordance with lenders' fax server
settings)
[0437] Customer(s) Name(s)
[0438] Lender Name
[0439] Dealer Name
[0440] Reference Number
[0441] To be displayed on the bottom of each page:
[0442] Bar-code created by DT using lenders supplied Ref#
(placement must be in accordance with lenders' fax server
settings)
[0443] Lender Fax Number
[0444] Lender statement of funding commitment
[0445] 2. Standard required supporting documentation completed by
DT (unless lender decides to send at time of credit
approval--Chase?)
[0446] Signed Credit Application
[0447] New Car Invoice or Used Car Book-out
[0448] Title Application
[0449] Agreement to provide insurance or proof of insurance
[0450] Assignment
[0451] 3. DT completed supporting documentation identified by
fields completed on the data entry screen.
[0452] Copy of Service Contract
[0453] Copy of Warranty Contract
[0454] Copy of GAP Contract
[0455] Copy of Credit/Life/Disability Contract
[0456] 4. Stipulations/comments supplied by the lender. Lenders
will be required to supply ALL stipulations upfront at the time of
application approval/counter-offer.
[0457] This section will be completed using the lenders freeform
text from stipulations and comments.
[0458] The fax cover sheet will contain a bar code created using
the lenders unique application identifier. This bar code will
appear both on the top and bottom of the sheet to allow the fax
server to identify the bar-code regardless of way faxed by dealer
(top up/down).
Accessing the eContract via Contract Status
[0459] The dealer will be able to drill down into the contract
detail. The functions available to the dealer will depend upon the
eContracting status of the given customer. DealerTrack will provide
the dealer with the option of printing additional customer or
dealer copies of the eContract as well as the bar-coded fax cover
sheet after submitting to the lender for funding. In addition,
DealerTrack will save the eContracting data and documentation as
follows:
[0460] Saved Contract data will be saved until the Credit Approval
has become inactive.
[0461] An eSigned Contract will be good for 19 days from the Note
Date.
[0462] eLender Verified and DTVerified statuses will be good for 5
days from the note date.
[0463] Booked/Funded Contract data will be saved in Contract Status
for 60 days. The PDF version of eContract, fax cover sheet and
Co-Signor Notice (if applicable) will be available for 7 days.
TABLE-US-00001 Contract Status Detail Field Description eContract
Status See below for eContract Status Indicators
TABLE-US-00002 *eContract Status Indicators APS Indicator Web
Translation eSaved eSubmitted eReceived eSubmit Error eLender
Verified eDT Verified eReview eCancel eError ePartially Signed
eSigned eContract Submitted eContract Received eContract Submit
Error ePending Docs cBooked eFunded eRejected *Note: The lender
will be required to code their respective indicators to the generic
translations supplied.
[0464] Each link will bring the dealer to the Contract Status
Detail Screen. Functional buttons will differ based upon contract
Status:
[0465] eSubmitted/eReceived/eReview Contract Status Detail screen
will allow the dealer to go back to the Contract Status screen via
a "Back to Contract Summary" link. The dealer will not have access
to the Contract Data Entry screen after submitting to the lender
for verification until an eError or eLender Verified status is
received.
[0466] eSaved Contract Status Detail screen will allow to the
dealer to enter the eContract Data Entry screen retaining
dealer-entered data via the button "Continue eContract Data
Entry".
[0467] eError Contract Status Detail screen will allow the dealer
to enter the Contract Data Entry Screen displaying the error.
[0468] eLender Verified/eDT Verified Contract Status Detail
screen:
[0469] Will allow the dealer to print review copies (forced print)
and access to the AWS Overview page which will guide the dealer
through signature capture, print of final copies, and submittal of
final documentation.
[0470] ePartially Signed Contract Status Detail screen will allow
the dealer to reenter the Silanis Overview Page to obtain the
remaining signatures via the button "Continue".
[0471] eSigned Contract Status Detail screen will allow the dealer
to "Submit eContract for Funding":
[0472] If the vehicle has been spot delivered and the credit
application for the customer has been Declined or Counter-offered,
the dealer WILL NOT have the opportunity to submit the contract for
funding. Please refer to the section "Submitting the eContract to
Other Lender".
[0473] eContract Submitted/eContract Received/ePending
Docs--Contract Status Detail screen will allow the dealer to view
lender comments indicating missing ancillary documentation, return
back to Contract Status via a "Back to Contract Summary" link or
view the eContract PDF via the "Generate Final eContract"
button.
[0474] eBooked/eFunded Contract Status Detail screen will allow the
dealer to return back to Contract Status via a "Back to Contract
Summary" link or view the eContract PDF via the "Generate Final
eContract" button.
[0475] eSubmit Error/eContract Submit Error--Will present the
dealer with the Contract Status Detail screen including the 800#
for DealerTrack Customer Service.
[0476] eCancel--Will present the dealer with the Contract Status
Detail screen along with comments from the lender. DealerTrack will
present the dealer with a button to "Return to Application
Status".
[0477] If the dealer chooses to "Return to Application Status",
DealerTrack will remove the customer from Contract Status and
return the dealer to Application Status.
[0478] Application Status will reflect a counteroffer or turndown
status on the customer.
[0479] The dealer will be required to rehash the deal with the
lender and receive an approval or counter-offer in order to begin
the eContract process again.
[0480] eRejected Contract Status Detail screen will allow the
dealer to "Select Lender(s)".
[0481] Note:
[0482] Message will appear in Contract Status Detail screen, under
financing information, for all e(status'), other than those in the
spot process where a lender has not yet been identified,
indicating:
[0483] "(Lender name) supports same day funding if all contract
data, including faxed ancillary documentation, is in house and
verifiable by X:XX PM Local time Monday thru Friday. If received
after this time, funds will be remitted the following business
day."
[0484] Should an Approved or Counter-offered application become
inactive prior to achieving the Contract Status of eDocs Received,
the customer and relating data will be removed from Contract
Status.
Printing Additional Copies
[0485] DealerTrack will save the Contract and Fax Cover Sheet for
seven days after submittal to the lender. The dealer will have the
ability to access the PDF files and print additional copies. The
Contract PDF and Fax Cover Sheet will be separate, but can be
printed at the same time.
Securitization Vault Functional Requirements Functional
Description
[0486] The Securitization Vault product provides member dealers,
member lenders and special access users with access to the
DealerTrack hosted vault. The vault is designed to allow users
access to the electronic contracts that they either originated or
purchased. Dealer users will only have access to the vault for
viewing and printing of copies of the electronic contracts they
have originated. Lender users will have the same functionality but
will also have administrative rights over the electronic contracts
they have purchased.
Securitization Vault Functionality
[0487] The vault will be housed on the DealerTrack servers and will
be administered using the current User Administration function
within DealerTrack. Additional permissions will be added to the
existing permissions and will be governed by the DIO and LIO of the
respective dealership and lender. The vault will store all
electronic contracts for a period equaling, the life of the account
plus seven years. Electronic contracts will be added to the vault
real time and real time access is also required. Permissions for
dealer users versus lender users will vary. The Vault access will
be found under the existing Administration tab with a new link to
the "Securitization Vault" page. The permission level of the user
will determine what functionality they get to see. (See FIG.
28).
[0488] Dealer users will have the ability to view a copy of any
electronic contract they have originated. The on screen display
will present a "copy" watermark on the screen. Dealer users will
also be capable of printing such copy and each printed version will
also have a "copy" watermark.
[0489] Lender users will, in addition to the viewing and printing
of copies, be able to perform administrative functions. They will
be able to export contracts to various media, including cd, tape
and paper. They will be able to view the "original" contract stored
in the vault (will present a "View of Original" watermark). Lender
users will be capable of converting an electronic original to a
paper original using the patented "paper out" approach as designed
by eOriginal. All activities within the vault will be logged in the
DT system and any ownership changes will be included in the
Registry. The registry is also housed on the DealerTrack system and
acts as the audit trail of ownership for each contract. Lender
users will have access to view the Registry in addition to the
contract.
Dealer User
[0490] The securitization vault page will provide the dealer user
with the capability to select the appropriate electronic contract,
which they would like to view and/or print a copy of The user
cannot in any way view contracts that were not originated by the
dealer that they are associated with. In addition, users will be
able to request contract to be exported to paper. These contracts
can't be assigned to a lender and if they are assigned to a lender
the checkbox will be grayed out. If they are not assigned to a
lender, the user can select the appropriate contract(s) and request
that DealerTrack "paper out" those contracts on the dealer's
behalf. A pop up box will be presented to the dealer to ensure they
are aware that if they continue with the export process, the
electronic original (authoritative copy) will be destroyed. The
screen display will provide details on the following:
TABLE-US-00003 Header Section Field Type Description Date System
MM/DD/YYYY Customer Name List List of Customers Names Contracts
Hyperlink Copy link to contract for viewing/printing purposes
Request Export Checkbox User identifies which accounts to
Export
Hyperlink
[0491] Copy: Opens Adobe and brings up the fully executed pdf file
for the dealer to view and print. Both the on screen version and
the printed version have a "copy" watermark.
Action Button Functionality
[0492] Submit Request to Export: Submits the request to DealerTrack
to export the contracts to paper.
Screen Captures: See FIGS. 29-30
Lender User
[0493] Lender users will have permissions that will allow them to
view a copy, view an original, view the registry and export
contracts to cd, tape and paper. Users will be able to print out
copies and the respective copies will be water-marked accordingly.
If the user selects a contract or contracts to be exported,
DealerTrack will display a pop up dialogue box to ensure that the
user is aware that they are exporting the contracts and that the
electronic version will be destroyed. Upon confirmation of the
export dialogue box, DealerTrack will provide the user with a
confirmation screen indicating who exported the contracts, which
contracts were exported, to what media and the date and time of the
export.
TABLE-US-00004 Header Section Field Type Description Date System
MM/DD/YYYY Customer Name List List of Customers Names Contracts
Hyperlinks Copy, Original, Registry Export Checkboxes User
identifies which accounts to select for exporting purposes Select
Radio CD, Tape, Paper. User selects the media Buttons that they
want the selected contracts exported to
Hyperlinks:
[0494] Copy: Opens Adobe and brings up the fully executed pdf file
for the dealer to view. All viewed copies display a "copy"
watermark. User can print a copy from Adobe. All printed copies
display a "copy" watermark.
[0495] Original: Opens Adobe and brings up the "original" fully
executed pdf file for the dealer to view. All viewed originals
display a "view of original" watermark both on screen and in the
printed version.
[0496] Registry: DealerTrack presents a formatted page listing the
registry information for the user to view and/or print.
Action Button Functionality:
[0497] Export: sends a message to DealerTrack indicating which
contracts (and media type) the lender wants Dealer-Track to
export.
Screen Captures: See FIGS. 31-33
Electronic Contracting and Securitization for the Automotive
Finance Industry
Overview
II. Summary
[0498] DealerTrack's eContracting solution marks the next step in
the transformation of the traditional automobile financing process.
The solution allows dealers and financers to complete the entire
contracting process electronically. Unlike the traditional
paper-based finance process, which typically takes days or weeks
from start to finish, DealerTrack's eContracting solution transfers
data from the credit application to an online contract form, which
is validated against a financer's system to ensure accuracy. Once
validated, dealers use electronic signature pads to capture
participants' signatures, and then electronically submit eContracts
to financers. The solution enables a dealer to receive same-day
funding upon the financer's acceptance of all ancillary
documentation.
A. Benefits
[0499] The DealerTrack eContracting solution provides benefits to
both dealers and financers.
[0500] Financer benefits include:
TABLE-US-00005 Benefit How Improve processing eContract data is
automatically entered into a efficiencies financer's processing
system. Eliminate contract Standard eContract forms perform online
edit data errors checks as the dealer enters data. Reduce manual
intervention Credit application and eContract data is by a credit
analyst verified prior to submission to financer. Lower cost of
doing Systematic verification of data by financer business reduces
the credit/documentation analyst's review process. Improve customer
service The solution reduces the number of returned to dealers
contracts and improves response time. Generate incremental Dealers
can book more business with volume financers on the system.
[0501] Dealer benefits include:
TABLE-US-00006 Benefit How Improve customer Familiar signature
capture device eases satisfaction customers into eContracting and
discloses more information than paper process. Reduce
contracts-in-transit Credit applications and eContracts are
transmitted electronically to financers for same day funding.
Eliminate contract data The solution automatically pre-fills errors
eContracts with credit application and decision data. 24/7 access
to contracts The solution reduces paperwork and the waiting time
for callbacks on funding status. Reduce shipping costs eContracts
are transmitted electronically to financers so submission of
original paper documents is no longer required.
B. Product Capabilities.
[0502] DealerTrack's eContracting solution provides dealers and
financers with a true end-to-end electronic process. From credit
application submission to contracting, the process is entirely
electronic. The financers can also securitize the eContracts in
accordance with the requirements of:
[0503] Uniform Electronic Transactions Act (UETA)
[0504] Federal Electronic Signatures in Global and National
Commerce Act (E-SIGN)
[0505] Revised Uniform Commercial Code Article 9 on Secured
Transactions (Revised Article 9)
[0506] The eContracting process is as follows:
Fulfillment/Installation
[0507] In order to participate in the DealerTrack platform, a
dealer must do business with at least one financer who participates
electronically on the DealerTrack platform. Once enrolled on the
DealerTrack platform, a dealer may subscribe to the DealerTrack
eContracting solution. An authorized user within the dealership is
required to complete the subscription process. DealerTrack
automatically assigns eContracting permissions to a Dealer
Information Owner (DIO). The DIO is an authorized user who has the
ability to add, delete and modify user access to the DealerTrack
platform. The DIO can utilize the Product Subscription
functionality to obtain detailed information about the eContracting
solution and enroll online.
[0508] The dealer's subscription is processed and the electronic
signature pad(s) are ordered on behalf of the dealership. Upon
receipt of the signature pad and supporting software, the dealer
completes the self-installation.
Data Entry and Verification
[0509] DealerTrack's eContracting solution provides a dealer with
the capability to complete the application/contract process
completely online. The solution allows a dealer to enter contract
specific data by incorporating the application data, as well as the
approval/counteroffer data as determined by the financer. The
DealerTrack software application performs generic edit checks to
ensure that all required data is entered prior to submitting to a
financer for review. The data is submitted to the financer via a
DealerTrack-defined eXtensible Markup Language (XML).sup.1 message,
which updates the financer's origination system. The financer
validates that the contract data matches its decision parameters.
1, HTML. XML enables servers attached to the web to communicate
structured exchanges of data to each other.
[0510] eContract Creation and Signature Capture. DealerTrack merges
the validated data with the state-specific eContract. Prior to
signing, the system requires that the eContract, with its
integrated disclosures, be printed and presented to the customer
for review. Upon satisfactory review of the eContract, the dealer
obtains the customer(s) signatures using an electronic signature
pad. The signatures are captured, stored and bound to the contract
in Adobe's Portable Document Format (PDF).sup.2. The eContract,
including the embedded graphic signatures, is displayed to the
dealer and printed for the customer. An eContract cannot be
submitted to a financer until all signatures have been captured. 2
Portable Document Format--is the file format for documents viewed
and created by Adobe's Acrobat Reader, Capture, Distiller, Exchange
and the Acrobat Amber Plug-in for Netscape Navigator.
[0511] Financer Review and Funding. Once all signatures are
captured, the dealer submits the contract and its associated data
to the financer for review. The financer updates its origination
system and reviews the eContract. The dealer faxes all ancillary
documents required to fund the deal. Upon successful review of the
eContract and ancillary documentation, the financer books the
eContract and notifies the dealer that the contract is authorized
for funding.
[0512] Transfer of Control and Ownership Record.sup.3 3 Ownership
record--is the historical trail of ownership changes. The ownership
record is created when a fully executed eContract is stored in the
DealerTrack eVault. It tracks all transfers of ownership as well as
other transactions such as terminations, export to financer
(vault), export to financer (send), payoffs and charge-offs.
[0513] DealerTrack's system automatically updates the ownership
record to reflect the transfer of control from the dealer to the
financer. The ownership record reflects all transfers of control
until the eContract is removed from the DealerTrack system. The
financer has two options for storing purchased contracts during the
transaction lifecycle. eContracts can be stored in the
DealerTrack-hosted vault (DealerTrack eVault.TM.) in a financer's
exclusive segment. Alternatively, purchased contracts may be
transferred directly to the financer's system using a
vault-to-vault transfer.
[0514] DealerTrack eVault. A financer maintains full control over
the eContracts stored in the DealerTrack eVault, as if they were in
its proprietary system. Using the eVault, a financer is able to
access its eContracts using a graphical user interface (GUI). The
interface provides a financer with the following eContracting
capabilities:
[0515] Searching
[0516] Sorting
[0517] Viewing
[0518] Printing
[0519] Creating securitization pools
[0520] Transferring ownership
[0521] Exporting
[0522] In addition to the user interface, a financer is able to
manage eContracts through an interactive programming interface
between their respective servicing system and DealerTrack. All
contract management is communicated to DealerTrack via messaging
and an Application Programming Interface.sup.4 (API). 4 Application
Programming Interface--is a set of definitions of the ways in which
one application can communicate with another.
C. Legal Framework
1. Background
[0523] The automobile finance industry has long relied on paper
documents to memorialize agreements, both with the consumer and the
parties to the financing. The laws regulating automobile financing
have historically required that retail installment sales contracts
be in writing to be enforceable. In addition, the contracts had to
be signed. As the use of electronic commerce and the drive to
eliminate paper documentation has spread, state and federal
lawmakers have reviewed and rethought these requirements. Both
state and federal law now accommodate the use of electronic records
and signatures in retail installment sales contracts.
[0524] In 1999, the National Conference of Commissioners on Uniform
State Laws (NCCUSL) promulgated UETA. UETA establishes a set of
uniform rules for electronic equivalents of writings and signatures
in most business transactions, including consumer automobile
financing. To date, UETA has been adopted in some form in 40 states
plus the District of Columbia. In 2000 the president signed E-SIGN.
It adopts most, of the significant rules of UETA and uses those
rules to create a federal "baseline" for acceptance of electronic
records and signatures under federal law, and under state law in
states that have not adopted UETA.
[0525] NCCUSL also completed work on Revised Article 9 of the
Uniform Commercial Code (UCC) in 1999. Revised Article 9 governs
transactions where a security interest is taken in personal
property, such as an automobile. Revised Article 9, now adopted in
all 50 states and the District of Columbia, authorizes the use of
electronic records and signatures to create enforceable security
agreements. This is important because retail installment sales
contracts usually contain a security agreement as part of the
contract, granting a security interest in the automobile to secure
payment of the contract.
[0526] Revised Article 9 also creates special rules for perfecting
an ownership interest in an electronic retail installment sales
contract. These special rules are necessary because the old rules
assumed that the contract was on paper, and gave a person who had
physical possession of the paper important rights. Physical
delivery of the original retail installment sales contract to the
transferee was almost absolute proof of the transferee's right to
enforce the underlying payment obligation. The transferee
possessing the paper did not have to worry that a third party, such
as another financer, would claim to own an interest in the contract
or a right to enforce the underlying obligation.
[0527] It is not possible to give an individual person physical
"possession" of an electronic record in the manner of a paper
record. So, in order to make an electronic retail installment sales
contract commercially acceptable, it was necessary to create new
rules in Revised Article 9 that give the purchaser of the eContract
the same rights given to the purchaser of a paper contract through
the use of "control" of the eContract rather than physical
possession of it.
2. New Rules
[0528] The basic rules under UETA, E-SIGN and Revised Article 9
that are most important for electronic retail install-ment sales
contracts are:
[0529] The eContract may be created and stored in electronic form,
so long as the customer signing the eContract agrees and receives a
copy of the eContract to keep;
[0530] The eContract may be signed using an electronic signature;
and
[0531] A purchaser of the eContract can have all the same special
rights as the purchaser of a paper contract as long as certain
special requirements are met for creating and storing an
"authoritative copy" of the eContract and keeping track of
transfers of ownership.
[0532] An "electronic signature" under UETA and E-SIGN is an
"electronic sound, symbol, or process attached to or logically
associated with a record and executed or adopted by a person with
the intent to sign the record." A digitized hand-written signature
is included within this definition. Revised Article 9 uses a
different definition, but also recognizes a digitized handwritten
signature as a method for signing an electronic security
agreement.
[0533] Revised Article 9's special requirements for creating,
storing and transferring an ownership interest in the eContract
are:
[0534] Once the eContract is signed, there is always a single
authoritative copy of the eContract that can be identified and
distinguished from all other copies of the eContract;
[0535] After being signed, the authoritative copy must be
unalterable without the alteration being detected and identified as
either an authorized or unauthorized change;
[0536] The authoritative copy in some way provides a way to
identify the person in "control" of the record (meaning the person
entitled to transfer an ownership interest);
[0537] The authoritative copy is transmitted to and maintained by
either the person in control or someone acting as a custodian for
that person; and
[0538] Control can only be transferred with the approval of the
person already in control.
3. DealerTrack's eContracting Solution
[0539] DealerTrack's eContracting solution takes advantage of these
new laws and facilitates the creation, management, execution, and
transfer of ownership of electronic retail installment sales
contracts.
[0540] The standardized electronic retail installment sales
contracts used by participating financers include the customer's
agreement to use electronic records and signatures to create the
contract. This satisfies the requirement that the customer agree to
the use of electronic records and signatures.
[0541] The customer's handwritten signature is captured on an
electronic signature pad and added to the electronic record as a
graphic. This procedure complies with the requirements under the
new laws for creation of an electronic signature.
[0542] A paper copy of the completed, signed eContract is printed
out at the time of signing for the dealer to deliver to the
customer. This satisfies the requirement that the customer receives
a copy of the eContract to keep.
[0543] DealerTrack's document management system provides controls
to address the special requirements that must be met for transfers
of ownership. In particular, the DealerTrack eContracting solution
keeps the eContract secure from unauthorized changes, and provides
a secure method for tracking transfers of ownership interests in
the eContract. Once all the signatures are captured, the signatures
are securely bound to the eContract using signature capture/binding
software, which results in creation of the "authoritative copy"
required by Revised Article 9. The authoritative copy of each fully
executed eContract is stored in the DealerTrack eVault.
[0544] The ownership record entry created within the vault
structure initially lists the dealer as the owner of the contract.
The eContracts and signatures are authenticated by the eOriginal
eCoreTM Business Suite software and placed into the DealerTrack
eVault with an additional digital signature to further secure the
document. The system ensures that the authoritative copy is not
tampered with in any way and tracks all revisions and modifications
to the eContract as such within the ownership record. Upon a
transfer of ownership of the authoritative copy of the eContract,
the transferee is listed as the owner of the eContract with full
ownership rights and the ability to grant permissions regarding the
eContract. This process meets the requirements of Revised Article 9
for "control" of the eContract.
4. Disclosures
[0545] E-SIGN and some states adopting UETA have created special
rules for delivering disclosures and notices to customers
electronically. However, these rules only apply if the disclosures
are delivered in electronic form. DealerTrack's eContracting
solution provides the dealer with paper copies of the disclosures
to give to the customer, both before and after the eContract is
signed. The customer gets exactly the same disclosures and notices
as before, in exactly the same format: paper.
E. Evolution of eContracting in the Automotive Finance Industry
[0546] The automotive finance industry is taking a leadership role
in the evolution of electronic documents and digital signature
technology. The mortgage industry has laid a foundation for
electronic contracting and securitization for the automotive
finance industry. A tremendous amount of due diligence has been
completed regarding the E-SIGN laws and the
acceptability/enforceability of electronic documents and digital
signatures. Although there has been a significant amount of effort
by the mortgage industry participants, they have yet to push the
industry to utilize electronic documentation from pilot mode into
production. The automotive finance industry is forging ahead to
full production mode for eContracting and securitization.
[0547] Through partnerships with major dealer management systems,
DealerTrack will support electronic ancillary documents that enable
a truly paperless process between the dealer and financer. The
addition of other types of electronic chattel paper, such as
balloon payment and lease contracts, will further increase dealer
and financer efficiencies.
[0548] Lastly, the industry may decide to pursue a broader goal of
creating a national registry, whereby financers, investors and
third parties conduct transactions utilizing a common registry.
Users can access the national registry to view ownership of
contracts and to initiate/confirm the transfer (buy/sell) of
ownership among parties within the network. DealerTrack's
involvement in industry standards definition and open
standards-based architecture make it confident that the DealerTrack
eVault and ownership record for eContracts are transferable and
acceptable within a national registry. DealerTrack has the
capability to integrate with various third parties, e.g. investors,
buyers, sellers, auditors. Potentially, DealerTrack envisions that
its eContracting solution could provide the basis for the national
registry.
F. Conclusion
[0549] DealerTrack's eContracting solution provides the automotive
finance industry with the ability to create enforceable electronic
retail installment sales contracts. As part of the solution,
DealerTrack uses standardized retail installment sales contracts
created and maintained by Hudson Cook, LLP to ensure compliance
with federal and state laws. The eContracting process significantly
reduces funding turnaround time and shipping costs for dealers,
while at the same time provides significant productivity gains for
financers.
[0550] The DealerTrack eVault provides participants with a secure
storage environment that permits eContracts to be securitized in
accordance with UETA, E-SIGN, and Revised Article 9. The system
provides self-service administration and robust management of
contract portfolios, both through programmable interfaces and an
easy-to-use web-based application.
[0551] DealerTrack has retained independent counsel to provide a
reasoned opinion on its eContracting solution for compliance with
UETA, E-SIGN and Revised Article 9, including but not limited
to:
[0552] System business processes
[0553] Electronic signature capture and binding
[0554] Storage and access to the eContracts
[0555] DealerTrack is transforming the automotive finance industry
from a paper intensive environment to a more efficient electronic
process. DealerTrack is committed to actively participate with all
interested parties to ensure the benefits of this transition are
fully realized by all industry participants, e.g. dealers,
financers, investors.
[0556] DealerTrack's eContracting solution provides the only
mechanism available today for participants to perform fully
electronic retail installment sales contract transactions.
III. Process Overview
[0557] DealerTrack has taken the initiative to develop an
eContracting solution that facilitates compliance by a financer
with the applicable requirements of UETA, E-SIGN and Revised
Article 9. This section describes the process for creating,
signing, transferring and storing eContracts.
[0558] DealerTrack's eContracting solution currently supports
retail installment sales contracts and will be expanded to support
balloon payment and lease contracts. The eContract is created
entirely online and no paper retail installment sales contract
needs to be sent to a financer. The eContract is executed by
obtaining signatures via an electronic signature pad. The
eContracting functionality is designed to support either:
[0559] A Standard process, which is used when an application has
either an "approval" or a "counteroffer" credit decision from the
financer
[0560] A Spot/Bypass process, which is used when the application is
in a "pending" status and has not yet received a credit
decision
A. Process Flowchart
[0561] FIG. 40 indicates the eContracting process from application
submission to the funding of the eContract.
[0562] The sections below describe the eContracting process, system
functionality and system rules. Upon request, DealerTrack can
provide additional functional detail regarding the processes
described below.
B. Contract Creation and Management
[0563] This section describes the eContracting process from
application submission to storage of the eContract within the
DealerTrack eVault.
1. Credit Application Submission
[0564] DealerTrack's credit application product is widely used
throughout the automotive finance industry, currently processing
over 1.5 million applications per month. Even if a dealer does not
submit a credit application through the DealerTrack platform, it
can still utilize the DealerTrack eContracting solution if the
financer transmits the credit application and decision to the
dealer via DealerTrack.
[0565] The DealerTrack platform provides a dealer with a standard
credit application form to collect customer, financial and
collateral information. FIG. 41 illustrates a portion of the form
used to collect the required information.
[0566] Once the information has been collected, it is packaged
using the DealerTrack-defined XML data format and transmitted to
the financer's system for a credit decision. If the credit decision
returned (FIG. 42) by the financer is either an "approved" or
"counter-offer," then the dealer can proceed with the Standard
process for eContracting. Similarly, if the credit decision is
"pending" the dealer can utilize the Spot/Bypass process for
eContracting. A "pending" credit decision occurs most commonly when
the credit application requires review by a credit analyst.
[0567] To begin the eContracting process, the dealer accesses the
contract data entry form from the application status detail screen
(FIG. 43).
[0568] DealerTrack has created a set of state-specific standard
contract data entry forms (FIG. 44) that are designed to capture
all necessary information to create the eContract. All application
and approval data is pre-populated into the contract data entry
form. In the Spot/Bypass process only the application data is
pre-populated. The remaining fields are to be completed by the
dealer.
[0569] The DealerTrack platform prevents the dealer from preparing
multiple contracts for the same customer. In the event a contract
is modified or cancelled, the system automatically returns the
dealer to the appropriate eContracting starting point.
[0570] The contract data entry form has built-in validation
capabilities that ensure the completeness and accuracy of the
eContract. The validation criteria includes:
[0571] Automatically generating the Co-Signor Notice
[0572] Ensuring that all mandatory data fields are complete
[0573] Validating that the customer interest rate is capped at the
maximum allowable by applicable state usury laws
[0574] Verifying that the first payment date is between 19-51 days
of the note date
[0575] Providing GAP information in applicable states
[0576] Verifying the monthly payment calculation
[0577] The form also provides the dealer with the financer's
"Approved Amount" and calculates the "Total of Payments."
DealerTrack's eContracting solution provides dealers and financers
with many other value-added capabilities, such as:
[0578] The automatic notification of errors on the contract data
entry form
[0579] The ability to limit the types of applications eligible for
the eContracting solution (e.g. an application related to a prior
application)
[0580] A notification from the financer to the dealer if the
application is ineligible to be processed as an eContract
3. Submit to Financer for Verification/Continue
[0581] For previously approved or counter-offered applications, the
dealer submits the eContract data to the financer for verification.
The eContract data is packaged in the DealerTrack XML messaging
format and transferred through DealerTrack to the selected
financer's application processing system. After submission, the
solution disables the dealer's ability to change contract data
while awaiting the financer's response. The communication that
occurs between DealerTrack and the financer is real-time and is
presented to the dealer in the form of status changes on the
"Contract Status" screen.
[0582] As the financer processes the eContract data, it transmits
any error messages identified for the dealer to address and
resubmit. The system has the flexibility to accommodate multiple
backend processes by the financer to support the verification of
contract data entered by the dealer. Should any errors be
identified, the financer notifies the dealer through DealerTrack.
Once corrected, the dealer can resubmit the contract data for
verification. If no errors are found, but the terms of the
eContract are not within the parameters of the approval or the
financer's tolerances for booking the eContract are exceeded, the
financer can reroute the deal to a credit or funding analyst for
review. The financer updates the status within DealerTrack along
with specific reasons, and the system is automatically updated to
reflect the current status.
[0583] If the contract data is verified, the financer transmits to
DealerTrack the Annual Percentage Rate (APR), Monthly Payment, and
Finance Charge along with the required documentation to be
referenced on a bar-coded fax cover sheet. The system merges the
eContract data and the financer-supplied data into the
state-specific eContract template and displays it to the dealer for
viewing and printing. At this point, the dealer is required to
provide a paper copy to the customer for review prior to obtaining
electronic signatures.
4. Print Review Copy
[0584] The next step in the process is a "forced" printing of a
paper review copy (FIG. 45) for the customer to address any state
and federal disclosure requirements. The forced print copy is
presented to the customer in exactly the same manner as is
currently performed in a paper environment. The printed copy
indicates "Copy" as a watermark on each page, and the signature
sections are blacked out to prevent the customer from applying a
wet signature. The eContracting process is paused until the forced
print is complete.
[0585] After printing the review copy, DealerTrack displays an
overview page (FIG. 46) that contains instructions for the dealer
and indicates the status of the eContracting process. The dealer is
also provided the opportunity to "Cancel" or "Modify" the
eContract, if requested by the customer. Modification requires the
dealer to resubmit data to the financer for verification and also
requires another forced print.
5. Obtaining Signatures
[0586] DealerTrack's eContracting solution provides the dealer with
a screen to capture the required signatures (FIG. 47). The screen
displays the required signature blocks for the buyer, co-buyer (if
applicable), and dealer based on any products selected during the
eContract creation process, e.g. warranty, credit life, accident
and health insurance and GAP insurance. Each signature block
contains language describing the associated contractual
requirement.
[0587] As the dealer guides the customer through the signature
capture process, the dealer selects each signature block from the
screen and the corresponding language automatically appears on the
electronic signature pad. This process assures that the customer is
presented the required language, is aware of the required
signatures, and has notice of each signature's purpose.
[0588] If there is a date requirement on the eContract for the
signature, the system uses the date that the signature was bound to
the eContract. The signer has the ability to recapture signatures
as many times as desired before securing to the eContract; however,
once secured, the signature cannot be deleted from the
eContract.
[0589] The system requires the dealer to select each signature
block and obtain the appropriate signature(s) individually. The
dealer repeats this process until all customer and dealer
signatures are obtained. Signatures cannot be cut-and-pasted across
signature blocks. The system does not allow the dealer to submit
the contract to a financer for funding review until all signatures
are obtained (FIG. 48). Once all signatures are obtained, the
dealer is capable of submitting the contract to a financer.
[0590] The system permits individual participants to sign
eContracts at different times, so long as all signatures for that
participant are obtained. Partially signed eContracts are only
stored for five days from the date the first signature is obtained
by the dealer. If the eContract is not fully executed within the
five days, the signatures are no longer retained and the dealer
must get the customer to re-sign the eContract. Once the first
signature is obtained, the eContract cannot be altered without
invalidating the signature(s). The system provides the dealer with
the option to print a copy of the customer-executed eContract for
the customer.
[0591] Once all the signatures are obtained, the system begins the
electronic binding process. Leveraging industry standard digital
signature, encryption and hashing algorithms, the system generates
an "approval token," that includes audit information and other
related signer data. Once generated, the token is digitally signed,
encrypted and programmatically embedded into the eContract--thereby
creating a perpetual, unbreakable bond between the signer and
financer.
[0592] Once embedding has taken place, the electronic signatures
and related audit trail cannot be deleted or removed from the
eContract. Regardless of whether the document is transmitted or
archived, the electronic signatures remain part of the
authoritative copy. The system inserts signatures into the
eContract without corrupting or altering the usability of the file.
If the document content is modified following signing, the
signatures within the eContract are visibly invalidated.
Authenticity of the document content, related approvals and audit
trail can be verified at any time.
6. Storing the Authoritative Copy
[0593] Once the signatures have been embedded into the eContract,
the system automatically submits the eContract to the DealerTrack
eVault. The submission is initiated by creating a session, referred
to as the security context, with the eVault on behalf of a dealer
agent account. The dealer agent account comprises a single user and
an associated digital certificate. The session security context
enables the vault to verify the dealer's right to submit the
eContract.
[0594] When the eVault is presented with an eContract, the system
initiates a series of steps that result in a persistent
authoritative copy. FIG. 49 depicts the process used by the vault
to create the closed, trusted environment necessary for storing
eContracts.
[0595] As mentioned earlier, the vault uses the user session
security context to determine the user's rights in the eVault.
Dealers are provided the ability to submit new eContracts to the
system for storage and initiate transfer to financers. Financer's
rights include the ability to assume control of eContracts from a
dealer, view an eContract, request a paper copy, or request an
export. DealerTrack's eContracting solution manages these rights
through the administration tools described in section on access
security.
[0596] Once the user's ability to access the eVault has been
validated, the system verifies the digital certificate of the
dealer agent used to bind the holographic signatures to the PDF
contract. This is accomplished through a real-time connection to
the certificate authority5 (CA), using the online certificate
status protocol (OCSP). The system is capable of verifying digital
certificates from multiple CA's. However, DealerTrack recommends
that a financer obtain RSA Keon certificates from a preferred
provider. 5 Certificate Authority (CA)--is a trusted third-party
organization or company that issues digital certificates used to
create digital signatures and public-private key pairs.
[0597] After the system establishes that the dealer agent
certificate is valid, it must ensure the integrity of the
eContract. This is done by using the public key in the signed
eContract to generate a new hash.sup.6 of the document for
comparison purposes. If the eContract has been altered at all, even
a single character change, the hash comparison results in a failure
and the eContract is returned to the system exception handling
process. 6 Hash--is the result obtained by subjecting a set of data
to an algorithm for purposes of checking the data at the time the
algorithm is applied.
[0598] Once the system verifies the dealer's ability to submit the
eContract, the digital certificate and the integrity of the
eContract, it is ready to store the eContract in the eVault. The
eVault has also been assigned a digital certificate, which is used
to seal the eContract prior to storage in the eVault. The eVault
utilizes a trusted time source to generate a date/time stamp that
is embedded in the vault-signed eContract. This enables the eVault
to clearly identify the time at which control of the eContract is
assumed.
[0599] The time-stamped and sealed authoritative copy is stored in
the eVault, whereby it is placed in a database table. The eVault
continues to monitor the integrity of the eContract over time,
using a series of background processes that run automatically on a
defined schedule. Access to the authoritative copy is limited by
the permissions defined in the system. The eVault ensures that the
financer requests to view the authoritative copy contain the
appropriate watermark overlays. The system also enables a dealer to
view copies of their eContracts for a limited period of time.
Access to dealer unassigned eContracts is controlled by the eVault
permissions.
[0600] Each financer maintains strict access control over all
eContracts contained its exclusive segment of the eVault. The
permissions defined by the DealerTrack administration system are
used to limit access to the eContracts, as well as ensure the
integrity of the documents over time.
7. Creation of the Ownership Record
[0601] An internal ownership record is created for all eContracts
submitted to the DealerTrack eVault. The ownership record begins
with the initial deposit into the eVault by the dealer, and
continues through the transfer of control to the financer, as well
as each subsequent transfer of control. The ownership record also
contains transactional information for:
[0602] Termination of an eContract
[0603] Export of an eContract
[0604] Customer Payoff
[0605] Financer Charge-Off
[0606] In this way, a complete transactional history of the
transfers of control is maintained for the term of the eContract
plus seven years.
[0607] The ownership record is transferable and may be transmitted
with the eContract if the transferee has the requisite software.
The ownership record is only accessible to authorized users of the
owning organization through the DealerTrack system. FIG. 50
contains a description of the information currently captured in the
ownership record.
8. Creation of the Audit Log
[0608] In addition to the ownership record, the system provides
financers with an audit log for each eContract submitted to the
DealerTrack eVault. The audit log includes events performed on
eContracts, such as:
[0609] Viewing
[0610] Printing
[0611] Exporting
[0612] Payoffs
[0613] Charge-offs
[0614] Terminations
[0615] The audit log captures many data fields relevant to the
event, such as the digital signature/certificate information of the
transferor and transferee, user identification information and a
date and time stamp.
[0616] Access to the audit log is a separate permission within the
user administration function and is administered by the financer.
The audit log permission can be assigned to users within the
financer's organization or to a third party, e.g. an outside
accounting firm, as designated by the financer.
9. Submit to Financer for Funding
[0617] Once a fully-executed copy of the eContract has been
created, the DealerTrack system generates a second "forced" print
of the fully-executed copy of the eContract and a deal-specific
bar-coded fax cover sheet (FIG. 51). The bar-coded fax cover sheet
includes the bar code, customer information, financer reference
number and documentation required to fund the deal. The bar code is
used by the financer's imaging system to associate the ancillary
documentation to the eContract record.
[0618] The second forced print enables the dealer to satisfy any
applicable state law requirement that the executed agreement be
delivered to the customer.
[0619] At the financer's option, the contract data is packaged in
the DealerTrack XML format and transmitted to the financer (FIG.
52) along with a non-authoritative or flattened.sup.7 copy of the
eContract. The dealer reviews the fax cover sheet (bar-coded),
obtains all ancillary documents, and faxes those documents to the
financer. The financer's fax server may forward the documentation
to their imaging system, referencing the bar code to match it to
the previously submitted eContract. 7 Flattened--a
non-authoritative copy of the PDF eContract, with appropriate
watermark overlays.
[0620] In the case where a dealer is utilizing the Spot/Bypass
process, the DealerTrack system still forces a second printout of
the eContract for the customer. Following the second forced print,
the dealer is able submit the eContract to financers who have
responded with an approval or counter-offer credit decision (FIG.
53).
[0621] Upon entering the financer selection screen (FIG. 54), the
dealer is limited to submission to a single financer. The dealer is
required to compare the credit application data to the eContract
data to determine if the eContract is within the financer's
decision parameters.
[0622] The user interface identifies the fields in the contract
that do not match the decision parameters (FIG. 55). If within
bounds, the dealer submits the eContract to the financer in the
same manner as the Standard process described above.
10. Financer Review
[0623] Upon receipt of the eContract and ancillary documents, the
financer initiates the documentation review process. The financer
transmits to the dealer via the DealerTrack system, toe result of
the review process, e.g. booked, pending does, etc. When necessary,
the financer has the ability to send comments to the dealer
itemizing the missing documentation.
[0624] At any period during the funding process and for thirty days
following the initial submission, the dealer and financer can each
request additional print copies of the fax cover sheet and
non-authoritative eContract. As required, all printed copies of the
eContract contain the appropriate watermark overlay. In either the
Standard or Spot/Bypass process, when the financer rejects the deal
the dealer is provided with the ability to select another financer
to submit for funding.
[0625] DealerTrack requests a financer to provide the dealer with
priority service, e.g. same day funding, when all eContract and
ancillary documents are received within the financer-specified
timeframe. This feature assures the dealer that a financer reviews
the contract and ancillary documen-tation in order to fund the
dealer the same day.
11. Transfer of Control
[0626] Once the financer has agreed to book the eContract, the
solution supports two options for transferring control of the
authoritative copy to the financer (FIG. 56). The options are:
[0627] Financer utilizes the DealerTrack eVault
[0628] Financer utilizes its own secured storage solution
[0629] When utilizing the eVault, the financer is allocated an
exclusive segment to store their eContracts. The ownership record
is automatically transferred during the transfer of control event.
In the case of a financer secured storage solution, the eContract
is exported from the eVault and transmitted to the financer. This
process offers the flexibility of including or excluding the
ownership record with the eContract package.
[0630] In either scenario, a multi-step protocol is used to
facilitate the transfer of control. This process begins with the
dealer initiating the transfer, the financer confirming receipt and
the dealer acknowledging the confirmation of receipt. It is
important to note that only the organization with control can
initiate the transfer of an eContract to another party. Every
transfer of control is entered into the ownership record for the
eContract.
[0631] The eVault manages documents within a container transaction
that includes the documents, ownership record, and user access
rights. The buyer initiates the process by requesting the transfer
of control. The first transfer of an eContract is from the dealer
to the financer. The transfer is initiated after the financer has
reviewed and accepted the contract from the dealer.
[0632] Once the financer acknowledgment has been received, the
system creates an escrow account for the transfer. This also causes
the documents contained in the dealer's transaction to be frozen.
The escrow transaction operates as a temporary, neutral holding
container for the documents and the final record of transfer
(FROT)8. The dealer agent digitally signs the FROT. 8 Final Record
of Transfer--The FROT is an XML document that contains information
about the dealer, financer, documents involved in the transfer and
their associated ownership records.
[0633] The financer system initiates the creation of the
financer-owned transaction. Both parties then confirm the transfer,
and the documents are transitioned from the escrow transaction to
the financer's new transaction. The dealer-signed FROT is also
placed in the financer's transaction. The escrow transaction is
then destroyed, and the system leaves a non-authoritative copy of
the eContract in the dealer transaction. The system also places a
financer-signed version of the FROT in the dealer transaction.
[0634] Financers with the desire to provide their own secured
storage solution continue to utilize the standard transfer of
control mechanisms within the eVault. Once control of the eContract
has successfully transitioned to the financer, the system packages
the eContract for a vault-to-vault transfer to the financer-hosted
facility.
12. Financer eContract Management
[0635] Once the financer has assumed control of an eContract within
the DealerTrack eVault, there are two options of management (FIG.
57):
[0636] Direct communication from the financer's servicing
system
[0637] Online through the Dealer/Track web-based interface
[0638] Each of the options provides the financer with a unique
manner in which to interact with the eVault, and different
benefits. The direct communication link enables a financer to
extend their existing servicing system capabilities to manage
eContracts by interfacing with the vault using the
DealerTrack-defined XML messaging interface. This allows financer
personnel to continue to use their existing systems with minimal
interruption. Direct connection enables rapid integration with
minimal impact to the financer' s systems.
[0639] The online web interface provides a financer with a robust
application to manage eContracts stored in the eVault. Financer
personnel with permissions to access the vault through the web
application are able to:
[0640] Search for eContracts based on a variety of criteria (e.g.
loan term, loan value, origination date, APR)
[0641] View and print the ownership record, audit log, and copies
of PDF files
[0642] Create pools to bundle and securitize eContracts
[0643] Manage securitization pools (e.g. assign or reassign of
eContracts)
[0644] Export eContracts to paper or electronic media
[0645] Regardless of which option the financer chooses to interact
with the system, access is limited to only those eContracts stored
in its exclusive segment.
13. Pooling eContracts for Securitization
[0646] Once an eContract has been transferred from the dealer to
the financer, the financer is provided with the ability to
securitize the eContract into the secondary market. The system
provides a financer with the ability to pool, or bundle, eContracts
for securitization to affiliate organizations or third parties.
[0647] The financer submits a pool request to the system from their
servicing system or through the online web-based interface. The
request to transfer the eContracts to the pool is processed by the
system. The request consists of a collection of financer loan
identifiers, which are maintained by DealerTrack in a
cross-reference field on their eContracts. The system creates a new
pool that contains all the eContracts identified in the request and
initiates a transfer of control on behalf of the financer to the
appropriately identified buyer. The buyer, who is typically a
special purpose vehicle set up by the sponsoring financer, is
identified as the new owner in the ownership record and each
subsequent transfer of control is also reflected in the ownership
record.
[0648] There is no limit to the number of transfers that are
tracked in the ownership record. In order to facilitate the
transfer process, an authorized financer user has the capability to
create affiliate organizations within the eVault. These affiliates
are issued their own digital certificate, which the ownership
record uses in the transfer process. The sale to a third party is
reflected in the ownership record and the third party has the
ability to access those eContracts via direct communication or the
online web-based interface.
14. Export
[0649] The export process, which enables the transfer of eContacts
electronically or to paper, is available to both dealers and
financers. DealerTrack completes the process on behalf of the
dealer or financer. By requesting the export, the requester is
granting DealerTrack with the agency authority to perform the
export. DealerTrack ensures that the eContract has been exported
successfully prior to destroying the authoritative copy. The
exported eContract is mailed to the requestor, with a required
acknowledgment receipt.
[0650] The system is designed to export the authoritative copy
while maintaining its authenticity, regardless of the media to
which it is being exported. DealerTrack stores a non-authoritative
copy of the exported eContract for backup purposes and destroys the
authoritative copy upon confirmation that the eContract has been
successfully exported. In addition, DealerTrack updates the
ownership record to reflect that the export process has taken place
and captures the name and user id of the individual who initiated
the export.
C. Access Security
[0651] DealerTrack's user administration function allows dealers
and financers to manage their respective users and to assign
available permissions to users. Each organization participating on
the DealerTrack system must identify a security administrator. The
role of the organization determines the type of administrator
assigned:
[0652] Dealers--Dealer Information Owner (DIO)
[0653] Financers--Lender Information Owner (LIO)
1. Dealer--User Administration
[0654] DIOs are provided the ability to grant four levels of
eContracting access permissions. These access permissions are:
[0655] Preparation--the ability to enter eContract data, submit
eContract data to financers, access eContract statuses, print draft
and final copies of eContracts
[0656] Signature Capture--the ability to obtain the required
customer and dealer signatures, and submit the fully executed
eContract to a financer for review/funding
[0657] Spot Delivery9--the ability to enter eContract data and
create the eContract PDF file 9 Spot Delivery--is the Spot/Bypass
process defined earlier that allows a dealer to generate and
execute an eContract without prior credit approval from a
financer.
[0658] eVault--the ability to access unassigned eContracts, request
an export, and terminate eContracts
[0659] FIG. 58 depicts the screen for assigning and managing a
dealer's user permissions.
2. Financer--User Administration
[0660] LIOs are provided the ability to grant six levels of
eContracting access permissions. These access permissions are:
[0661] eContracts--the ability to access their portfolio of
eContracts
[0662] Ownership Record--the ability to access ownership records
and historical trail of ownership for eContracts
[0663] Create Pools and Transfer Ownershipthe ability to pool and
initiate securitization of eContracts
[0664] Export--the ability to request export of eContracts
electronically or on paper
[0665] Create Affiliates/SPVs--the ability to dynamically create
affiliate organizations, e.g. Financer A-Trust A, in order to
facilitate the securitization of eContracts: the process includes a
request to the CA to create a digital certificate for the
affiliate
[0666] Audit Log--the ability to provide internal and external
auditors' access to relevant eContract data, e.g. ownership record,
digital certificate information
[0667] FIG. 59 depicts the screen for assigning and managing a
financer's user permissions.
IV. Technology Overview
A. Infrastructure
[0668] The DealerTrack architecture is fully scalable and designed
for high availability and reliability. An N-tier10 logical design
is utilized for maximum flexibility. The infrastructure is
externally hosted and consists of a production site on the East
Coast and disaster recovery site on the West Coast. The production
site is fully redundant with no single point of failure. 10
N-tier--is an application that is distributed into separate
software layers (e.g. presentation, business logic and
database).
[0669] Intel and Unix servers comprise the DealerTrack processing
platform. Servers have Redundant Array of Inexpensive Disks--Level
5.sup.11 (RAID-5) storage arrays and multiple processors, and are
clustered for maximum availability. 11 Redundant Array of
Inexpensive (or Independent) Disks (RAID)--is a collection of
drives, which collaboratively act as a single storage system. The
RAID can tolerate the failure of a drive without losing data and
can operate independently of each other.
[0670] DealerTrack uses a pair of hardware load balancers
configured for automatic fail-over to distribute transaction
traffic across its web server farm. The load balancers also perform
secure sockets layer (SSL).sup.12 encryption and decryption using
hardware acceleration. Web/application servers can be rotated in
and out of service while the site is operating without affecting
user sessions. 12 Secure sockets layer (SSL)--is a transaction
security standard that provides data encryption, server
authentication, and message integrity. SSL is generally used on
sites that want to keep information private.
[0671] The software architecture consists of separate layers for
presentation, application processing, and database processing,
allowing for maximum flexibility, extensibility, scalability, and
ease of development. Object-oriented component development with a
separate Hypertext Markup Language (HTML).sup.13 presentation layer
is used in the web/application tier to support extensibility and
performance. Asynchronous processing and message queuing are used
throughout the middle tier to enhance scalability and reliability.
Stored procedures and transactions with automatic rollback are used
in the database to maximize performance and data integrity. 13
Hypertext markup language (HTML)--the encoding language used by
Internet browsers to display text, images and links.
1. Hosting
[0672] Both sites are externally hosted in world-class modern
facilities that have comprehensive physical security controls such
as:
[0673] HVAC temperature control systems with separate cooling
zones
[0674] Seismically braced racks
[0675] Advanced smoke detection and fire suppression systems
[0676] 24/7 secured access with motion sensors, video camera
surveillance, and security breach alarms
[0677] Raised floors
[0678] Redundant network of multiple fiber trunks from multiple
sources
[0679] Redundant power on premises
[0680] Multiple backup generators
[0681] DealerTrack personnel provide "managed services" for
networking, hardware and software monitoring and maintenance. Both
data centers have been independently audited and a SAS #70.sup.14
report is available. 14 SAS #70--is an auditing standard designed
to enable an independent auditor to evaluate and issue an opinion
on a service organization's controls. The audit report (i.e. the
service auditor's report) contains the auditor's opinion, a
description of the controls placed in operation, and description of
the auditor's tests of operating effectiveness.
2. Website Security
[0682] DealerTrack is implemented in a layered firewall
environment. All communications to and from the Internet are
encrypted with 128-bit SSL. DealerTrack employs an intrusion
detection system (IDS) operating both externally to the site
(outside the firewall), as well as, internally on all Ethernet
segments. Firewalls and IDS are both managed and monitored 24/7,
365 days a year, by an independent security management company.
[0683] DealerTrack utilizes a commercial software solution for
securely managing user access to all applications. All incoming
traffic must be authenticated before it is authorized to be passed
on to the application. Once a user has been authorized, access
control to specific functions within the site is performed by the
application. DealerTrack has a highly granular access control
system, which includes the granting and revocation of user
permissions to functions on the site. A financer is granted
security administration privileges to manage their users and access
to their information. The security administrator can
create/modify/delete users and assign specific privileges to
individuals in order to match job responsibilities.
[0684] DealerTrack maintains and monitors logs of all activity on
the site.
3. TruSecure Certification
[0685] DealerTrack has obtained certification from TruSecure
Corporation, a leading industry security certification body. This
certification program entails a comprehensive evaluation of
DealerTrack's security program. The evaluation includes extensive
testing of the website's perimeter defenses. As a result of this
process, recommendations are made and implemented. The
certification program requires continual monitoring and adherence
to critical security policies and practices.
4. Database Backup
[0686] (a) Database Backup--The database environment consists of a
two-node server cluster and two fiber attached storage arrays. Each
storage array is attached to both nodes of the cluster. The arrays
are configured for RAID-5 and the data is mirrored across arrays.
This configuration protects against data loss in the event that a
disk or even the entire storage array is lost.
[0687] Database backup occurs on a nightly basis. A copy of the
database is exported and transmitted over a secured virtual private
network (VPN).sup.15 to the disaster recovery site where it is
imported into a secured database instance. 15 Virtual Private
Network (VPN)--is a network that is constructed by using the public
Internet as the medium for transporting data. A VPN uses encryption
and other security mechanisms to ensure that the data traveling
across the network is kept private and secure.
[0688] (b) Database Backup (Scheduled for June, 2003)--DealerTrack
is upgrading the current disk storage environment to a Storage Area
Network (SAN).sup.16. This new storage solution is highly resilient
and as in today's environment the storage array uses RAID-5 for
data protection. To improve disaster recovery capability,
DealerTrack is implementing the real-time replication of data from
the production site to the disaster recovery site in conjunction
with this project. In addition, a nightly procedure is executed to
back up the database to tape. The data is encrypted before being
written to tape. A bonded courier then transports the backup tapes
to a secured offsite facility for storage. 16 Storage Area Network
(SAN)--is a high-speed special-purpose sub-network that
interconnects different kinds of data storage devices with
associated data servers.
[0689] (c) Database Recovery (DR)--In the unlikely event that data
is lost, a point-in-time recovery methodology is used to restore
the data. Point-in-lime recovery restores data to a point prior to
the loss or corruption by recovering the data from activity log
files. If the data is unrecoverable using this method, a copy can
be recreated from the DR database or, as a last resort, from a
backup tape.
[0690] 5. Partner Integration--Integration with financers is
currently performed using XML encoded messages. DealerTrack is a
member of both STAR and AFSA and is committed to supporting
published standards as they evolve in the automotive finance
industry. XML messages may be sent over a number of transports such
as: HTTPS Post, Microsoft Message Queuing, IBM MQSeries and TCP/IP
(Sockets).
CONCLUSION
[0691] Having now described exemplary embodiments of the present
invention, it should be apparent to those skilled in the art that
the foregoing is illustrative only and not limiting, having been
presented by way of example only. All the features disclosed in
this specification (including any accompanying claims, abstract,
and drawings) may be replaced by alternative features serving the
same purpose, and equivalents or similar purpose, unless expressly
stated otherwise. Therefore, numerous other embodiments of the
modifications thereof are contemplated as falling within the scope
of the present invention as defined by the appended claims and
equivalents thereto.
[0692] For example, the techniques described herein may be
implemented in hardware or software, or a combination of the two.
The techniques may be implemented in computer programs executing on
programmable computers that each include a processor, a storage
medium readable by the processor (including volatile and
non-volatile memory and/or storage elements), at least one input
device and one or more output devices. Program code is applied to
data entered using the input device to perform the functions
described and to generate output information. The output
information is applied to one or more output devices.
[0693] Each program may be implemented in a high level procedural
or object oriented programming language to communicate with a
computer system, however, the programs can be implemented in
assembly or machine language, if desired. In any case, the language
may be a compiled or interpreted language.
[0694] Each such computer program is preferably stored on a storage
medium or device (e.g., CD-ROM, hard disk or magnetic diskette)
that is readable by a general or special purpose programmable
computer for configuring and operating the computer when the
storage medium or device is read by the computer to perform the
procedures described in this document. The system may also be
considered to be implemented as a computer-readable storage medium,
configured with a computer program, where the storage medium so
configured causes a computer to operate in a specific and
predefined manner. For illustrative purposes the present invention
is embodied in the system/apparatus configuration, method of
operation and product or computer-readable medium, such as carrier
waves, floppy disks, conventional hard disks, CD-ROMS, Flash ROMS,
nonvolatile ROM, RAM and any other equivalent computer memory
device. It will be appreciated that the system, apparatus, method
of operation and product may vary as to the details of its
configuration and operation without departing from the basic
concepts disclosed herein.
* * * * *