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03-10-2016, 06:20 PM | #1 |
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Reynolds and Reynolds Docupad
Does anyone here have experience using the R&R Docupad product in the F&I office?
If you're not familiar, here is a link to Reynolds's marketing documents on the product: http://www.reyrey.com/solutions/dist...&I/docuPAD.asp We are currently installing Docupad at all of our locations. Haven't really had any pushback from finance staff yet, but I am curious as to any experiences with the F&I process with Docupad in use. I'm a little bit torn, as our top volume indirect lenders and leasing companies do not yet accept electronic contracts, so at this point we will be using the Docupad for most of our forms with the exception of lease agreements and retail installment contracts. |
03-15-2016, 10:58 AM | #2 |
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Thanks for creating the thread - I just had a chance to click on the link in your post and watch the video from Reynolds and Reynolds.
I wasn't familiar with R&R's Docupad and in my mind I imagined a tablet like device that you would hand the customer to collect electronic signatures. When I saw the video it was completely different than what I expected. My first impression is that I like it - from both a Dealership and a customer perspective. From a compliance standpoint I like the idea that Docupad standardizes the F&I presentation to ensure that all of the necessary disclosures are made and forms are signed. I would imagine there would be some pushback from F&I Managers who have been doing the job for a long time and don't want to change. There might also be some pushback from F&I Managers who fear that dealerships will be able to hire lower pay employees if the presentation/sales process is mostly automated. (I can remember 10 - 15 years ago there were companies at NADA pitching F&I video presentations making the same claim.) Concerning your lenders who do not accept electronic contracts, is there a reason why a lender wouldn't want to make the change and accept electronic contracts? |
03-15-2016, 11:06 AM | #3 | |
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In this picture it appears the Docupad sits on top of the desk, in other pictures it appeared that it was built into the desk so the display glass was flush with the rest of the desk. |
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03-31-2016, 07:34 AM | #4 |
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We are a few weeks into using the system now, and I would say the verdict is out on whether it speeds up the process at all. It does, however, ensure we don't miss signatures on the forms that have electronic versions (at this point everything but the finance contract).
It also provides an easy, one-stop spot to scan deal documents so they are archived permanently and can be accessed by deal or stock number. R&R made our Docupads to order, so they are enclosed in a case that is the same size and dimensions as our desk -- so they sit flush and kind of give the look that they are built into the desk. |
03-31-2016, 11:07 AM | #5 | |
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If I can ask, what has been the reaction, so far, by your F&I staff and your retail customers? Has there been any impact, positive or negative, on F&I product sales? |
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04-03-2016, 09:22 AM | #6 |
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So far the perceptions have been pretty good. Customers, for the most part, like the process and as time goes on I think we could see the benefits of having everything archived electronically... especially in situations of a state or manufacturer corporate audit... nice to have everything together.
As for product sales, PVR is up slightly, as are product take rates for extended service contracts and tire and wheel coverage. The biggest improvement we have seen is in product take rate on leases. We have sold several lease wear/tear and tire/wheel contracts on leases when -- many times in the past -- we would have not offered the products at all on a lease if we were time constrained with other deliveries. We are running 85% of our deals on the Docupad at this point. Some exceptions when it's a lease, extremely busy (cash deals get printed on the impact printer), or when I end up having to sign up a customer or two. |
04-04-2016, 03:27 PM | #7 | |
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It was really interesting to hear that you've seen an increased product take rate with lease deliveries. I know it's often preached that F&I should "Present 100% of the product 100% of the time" but we know in the real world that doesn't always happen. |
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04-04-2016, 07:19 PM | #8 | |
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We have had some snafus because for so long we offered so little product on leases that we are running into selling lease wear and tear policies that aren't acceptable by Ally and US Bank. Whoops! Both Ally and USB only accept their own lease wear/tear policies, not any third party ones. |
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04-06-2016, 01:21 PM | #9 | |
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I remember when I first heard that a local Credit Union would only advance for their GAP Coverage Plans. I'm not sure why that's not considered to be a "restraint of trade issue." I'm guessing that no one has ever made an issue out of it just like the Ally and US Bank restrictions. |
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04-07-2016, 07:48 AM | #10 |
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I imagine that given the relatively small footprint of most credit unions and the fact that most of them have a limited number of indirect lending relationships that any possible restraint of trade concerns aren't worth chasing.
We have a local credit union that offers maximum of 72 month financing in most cases -- but with a 'minimum' sale of $506 in GAP/VSC/Tire and Wheel you can go 75 months at the same rate... ..it just happens to be that $506 is the state-regulated max cost for gap insurance here in Indiana. I guess they want to make sure they are protected if they are over 80% LTV and are going the extra 3 months to 75. As for the Ally and US Bank restrictions -- Ally's requirement to sell their "SmartLease Protect" product exclusively for excess wear/tear on leases dates at least to 2009 -- when GMAC took over lease subvention for BK-era Chrysler. US Bank's clamp down came much more recently, as they didn't offer a lease wear/tear product of their own until the last few years. Prior to that as long as you were less than 120% of MSRP all-in -- it was game on. I had some major back-end successes in 2008 when GMAC and Chrysler Financial were understandably shy on leasing -- US Bank became the default choice, money factors were still attractive and residuals were fair too, considering the uncertain market conditions. With all of the 'cash on the hood' in 2008 our average lease was well under 100% of MSRP on the front end -- so plenty of opportunity if we could make the bump in the finance office. |
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