Revolutionizing Auto Financing: The SmartFund^® Advantage

As leading lenders in auto financing since 2021, credit unions have become indispensable partners for auto dealers, driving success through their extensive and loyal membership base. However, the efficiency of the funding process is paramount, regardless of the lender. Traditional methods like mailing documents not only delay funding but also increase the time contracts spend in transit, impacting the bottom line. Emailing financial documents poses significant security risks, leaving dealerships and customers vulnerable to breaches.

To address these challenges, dealers and credit unions are turning to digitization, ensuring safe and secure loan package submissions. This shift not only reduces contracts in transit but also enhances margins and decreases floor plan fees.

The Power of SmartFund

Both credit unions and dealers require technology that ensures swift and secure financing. CUDL’s SmartFund allows dealers to submit documents digitally and securely, expediting the funding process.

Put simply, auto dealers upload loan documents electronically into CUDL, and SmartFund transmits imaged copies to the credit union. This seamless submission process allows credit unions to retrieve, review, and finalize loan packages with ease, providing real-time status updates and storing documents electronically in the CUDL portal. By digitizing the loan package, SmartFund significantly reduces contract transit times, creating a faster and more efficient funding experience.

Bottom-Line Benefits:

• Save money: Eliminate the need for postage, shipping, and runners.
• Improve cash flow: Enable credit unions to process and fund loans as quickly as the same day.
• Simplify the loan process: Minimize funding delays by pinpointing and expediting missing documents through digital delivery.
• Reduce contracts-in-transit: Digitize the financing process to cut contract transit times from days to seconds.

Safe and Secure Data Transfers

Documents are sent securely through the CUDL portal, which encrypts and protects sensitive customer information. According to the 2023 Email Encryption Report by Vade, only 30% of business emails are encrypted, making CUDL a safer option for transmitting personal customer data to lenders.

Why Choose SmartFund?

Partnering with credit unions is essential for successfully selling vehicles in today’s competitive marketplace, as they actively help create new financing opportunities for more buyers. SmartFund works directly with CUDL’s extensive network of credit unions to streamline the funding process, reduce contracts in transit, and improve cash flow. With more than 96% of CUDL dealers nationwide already using this innovative technology, choosing SmartFund is an easy decision.

If you’d like to learn more about the stratigic advantages of SmartFund, download the full white paper, or contact us today.