Monday, Feb. 04, 2008, 07:00 PM UPDATED 11:59 AMBy Nick Zulovich
FARMINGTON HILLS, Mich. — RouteOne recently announced the addition of more enhancements to the adverse action compliance functionality within its Web-based credit application management system.
The new functionality, which is provided free of charge, can allow dealers to search for applications that may require adverse action notices. In fact, the system will automatically create an adverse action notice for those applicants.
RouteOne said it will automatically populate the letter, which is generated as a portable document file within the system, with the appropriate customer information. Once completed, the notice is ready for immediate editing, printing and mailing by the dealer. Future enhancements are also being considered, according to officials.
"Growing regulatory concerns regarding fair credit practices are necessitating dealers' distribution of adverse action notices to consumer applicants who have been denied credit when applying for vehicle financing or leasing in certain situations," executives explained.
Officials indicated that RouteOne's current functionality includes free access to a portion of NADA's guide on adverse action, which can offer direction to dealers on when adverse action notices should be published.
"The adverse action notice functionality within RouteOne will assist dealers with complying in the increasingly complex regulatory environment," said Mike Jurecki, RouteOne's chief executive officer.
"We want to make it easy and inexpensive for dealers to keep up with federal requirements so they may focus on selling cars. Our adverse action functionality allows them to do just that," he concluded.