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Bank of America to Participate on RouteOne's eContracting Platform

Posted on: Thursday, 18 December 2008, 14:21 CST

FARMINGTON HILLS, Mich., Dec. 18 /PRNewswire/ -- RouteOne LLC announced today that Bank of America is participating on its eContracting platform. *Bank of America is ranked within the top ten auto finance lending institutions nationally, and is the first non-captive lender to participate on the RouteOne eContracting platform. Current captive participants include Ford Motor Credit, Chrysler Financial, and Toyota Financial Services.

Bank of America is rolling the eContracting solution out to select dealers in Texas and Florida, and will expand its rollout to additional dealers in 2009. RouteOne's unique eContracting capability delivers many value and efficiency features and benefits and will enable the creation, execution, storage, and management of motor vehicle finance agreements and ancillary documents. The solution will also provide an imaging capability, eliminating the need for related paper documents to be sent separately from the eContract package and streamlining the vehicle financing process.

"We are pleased to welcome Bank of America as the first non-captive finance source to participate on our eContracting platform. They have always been a great supporter of RouteOne and are continuing their tradition of industry leadership - they were also the first independent finance source to integrate with our credit application management system," said Mike Jurecki, RouteOne CEO. "We look forward to working with Bank of America and our shared dealer customers to recognize the many benefits of eContracting, which include reduced chargebacks and faster funding."

"We are excited about this opportunity to leverage RouteOne's innovation and technology expertise to meet the preferred delivery needs of our clients," said Deborah Nunnally, Senior Vice President, Credit and Operations Fulfillment for Dealer Financial Services, Bank of America. "As a leading provider of financial solutions for auto dealers, we are committed to providing client solutions that promote efficiencies as well as ease of doing business. eContracting provides us with one more opportunity to surpass our clients' expectations."

ABOUT ROUTEONE

RouteOne was formed in 2002 by Chrysler Financial, Ford Motor Credit Company, GMAC, and Toyota Financial Services to create a more streamlined credit application for automobile dealers and their customers. Providing access to more than 21,500 dealers in North America, RouteOne's web-based system allows automotive dealers to submit credit applications to the largest indirect lenders, request credit reports, and increase profitability with RouteOne's free Dealer Reporting Suite. RouteOne's open integration business model also allows the dealer to integrate with their choice of a wide variety of best in class providers, including DSPs, CRM systems, F&I modules and menu providers. RouteOne offers dealers a common platform for all their credit application financing needs. More information is available at www.routeone.com.

ABOUT BANK OF AMERICA

Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company provides unmatched convenience in the United States, serving more than 59 million consumer and small business relationships with more than 6,100 retail banking offices, more than 18,000 ATMs and award-winning online banking with more than 25 million active users. Bank of America offers industry leading support to more than 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients in more than 150 countries and has relationships with 99 percent of the U.S. Fortune 500 companies and 83 percent of the Fortune Global 500. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.

SOURCE RouteOne LLC

Source: PR Newswire

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