Our Services
Whitebox is built on a web-based, turnkey automated financing and collection contracting system for automotive aftermarket products within an automobile dealership. This technology allows dealerships the ability and flexibility to offer financing and collection solutions quickly, easily, and correctly on the front end while administering and collecting more effectively on the backend. Simply, our programs allow Dealers to write and collect more aftermarket term contracts on more products; thereby make more profit for the Dealer. Our primary services include:
- Contract program management and maintenance
- Multi-recipient payout management
Simple to Use for the Finance Department
– With Whiteform, our electronic contracting system, the finance contract and product are both created and signed online. The entire process takes minutes. A built in terms calculator, bank account verification, and multiple field computer checking not only eliminate hand writing and calculation mistakes, but make it quick to create and store these contracts.
Whitebox offers unparalleled flexibility in terms of products that we can offer for term funding. We can customize a term program on everything from VSCs and cancellable products to non-cancellable warranties and even “hard-adds” and pre-installed products. Our Dealer Captive programs allow dealers to maximize profits at a fraction of the cost of typical finance and collection programs.
Simple to Administer and Manage
– a few key strokes is all that is required of the accounting and back office of a dealership to review and approve, and forward contracts to Whitebox for funding and collection. This can be managed from the dealership site, or through automated e-mails that notify pre-defined staff of various functions in the contract process. Accounting is simple with the Whiteform system. Additionally, there is literally no paper to manage and forward. The Whiteform system does it all for the dealership, forwarding both the finance contract and completed and signed product contract to Whitebox and, if necessary remitting directly to the TPA.
Better Tracking and Collections
– Whitebox will collect more money per contract while reducing cancellations. Before the contract is signed, Whiteform will automatically check the bank account and routing account information for a contract. We verify that the account is active, correct, will accept ACH, and has a positive balance. This is all done BEFORE the contract is even signed. If there is an error, the system will notify the finance user and allow him to correct information with the customer before the contract is signed rather than identifying this problem 45 days later, resulting in a lost contract. We take a different approach to collections than other financing companies. Typically, when a customer payment doesn’t clear, typical finance companies will send out a single mail piece with a 10 day notice to cure. If the customer doesn’t pay in that time frame, the finance company cancels the contract, resulting in a loss of revenue to the dealer, agent and TPA.
At Whitebox, a notice of default simply starts the collection process. Our collection specialists follow up the mail piece with both e-mail and phone calls. Our goal is to cure the payment issue, not to cancel the contract. The Whiteform system allows our collection agents the ability to reschedule, submit partial payments, and resubmit the financing contract in a different structure if necessary.
Results-
The net result of the Whitebox system is more good term contracts on a wider variety of products for the dealership which equates to more gross and net profit per contract for the dealer.
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