IDAHO FALLS, Idaho--(BUSINESS WIRE)--Marine One Acceptance Corporation, based in Dallas, has chosen online lending solution Solex to provide a faster, more complete loan process for its second-chance RV and marine customers.
“Solex enables a dealership to complete the lending process for the consumer in a much faster way,” said Marine One’s chief credit officer, Lance Engstrom. “In all, three major factors influenced our decision—cost savings for the dealership, time conservation for the consumer, and contract accuracy for the F&I department.”
Marine One prides itself on promptly reviewing loan applications that have been declined by other lending sources, but found the traditional paper and mailing process interfered with their expediency goals. Solex, designed specifically for the consumer-lending marketplace, effectively connects lenders and dealers through the Web, providing dealers with fast financing options for qualifying borrowers and creating compliant loan documents. An easy-to-use, Web-based program, Solex walks users through the application process, allowing them to submit loans quickly, with an advanced document engine that creates compliant loan document packages easily printed from any standard printer.
“Solex takes the dealer through the process step-by-step,” said Engstrom, “and makes it more difficult to miss a document. As a result, when we receive the funding packet, odds are much higher that everything required is received and completed correctly—which means timely funding for the dealership.”
In addition to increased accuracy, Engstrom envisions great timesavings with Solex. “Customers are eager to choose their RV and get going,” he said. “Solex increases the speed in which the customer can close. The time between filling out the loan application and signing the closing documents can be much faster. Additionally, once we integrate Solex with our system, we won’t have to worry about faxes or re-entering information. The information will drop right into our system—which could save data-entry time on every deal.”
Automating the submission process will increase efficiency for Marine One, and make it easier for dealers to manage their F & I business. “Solex simplifies the F & I process by maintaining instant approval guidelines, reducing response time for loan approvals and guaranteeing compliant document packages,” said Steve Butler, president and CEO of Solex. “It provides automatic updates, eliminates the need for fax machines and allows you to print from any standard machine. The days of shuffling papers and messing with dot-matrix printers are over.”
By reducing initial workload and simplifying the loan process, Solex provides dealerships with potential cost savings in workforce and training. The program also includes menu-selling functionality to increase after-market product sales, and compliance support to help with issues such as red flag rules.
“This is a step toward ensuring this product becomes a standard tool in the near future,” Engstrom said. “I believe Solex is going to reach wide acceptance in the industry.”
About Marine One Acceptance Corporation
Marine One Acceptance Corporation is a leading recreational products finance company based in Dallas, Texas, with over $225 million in loan originations since operations began in 1995. The company assists RV and other recreational product dealerships increase their sales by providing loans to customers that conventional lenders will not. Highly experienced, knowledgeable and helpful in-house and regional staff ensure quick turn-arounds, increased approvals, and innovative financing. Additional information is available at www.marineone.com.
Solex (Idaho Falls, Idaho) is an online lending solution designed for dealers that provides Finance and Insurance (F&I) managers with fast loan approvals and compliant loan documents. Solex connects dealers, credit bureaus financial service providers and lenders in a seamless integration to provide multiple financing options. All loan documents are guaranteed compliant with lender and state guidelines and are compatible with all laser printers. Additional information about Solex is available online at www.solex.com.