WHERE DO POTENTIAL CLIENTS START THEIR SEARCH FOR A CONTRACTOR?
February 15, 2016Improving Credit Trends for U.S. Consumers
March 20, 2016
One of our primary goals at Pinnacle Finance is to fund loans as quickly as possible for our dealers. Dealers can assist in this process by making sure that Pinnacle has all of the required documents and that they are completed correctly. To help make the funding process as efficient as possible we have made some minor changes to our credit application and contract completion screens within the Pinnacle Online Dealer System (PODS).
First, to review, the following are the documents Pinnacle requires to fund a loan.
- Credit application signed by customer(s) – An original of the credit application is not required.
- Original signed Loan Agreement and Notice of Cancellation – Please note that the Loan Agreement must be signed by both the customer(s) and the dealer/contractor.
- Loan Modification Form (if required) – If the completion/installation date is, or will be, more than 10 days after the contract date on the Loan Agreement then Pinnacle requires a Loan Modification Form to be signed. The Loan Modification allows Pinnacle to adjust the contract date and first payment date that appear on the original loan agreement. An original is not required so a fax or a scan of the signed form is sufficient once the job has been completed. The Loan Modification Form can be found in the Training Docs tab within PODS.
We have made two minor changes to PODS to help ensure that Pinnacle receives all of the required documents.
A credit application will now be generated automatically with each Loan Agreement that is created within PODS. If you have already provided Pinnacle a signed credit application the additional application does not need to be signed.
- In PODS the Complete Contract screen is used to input all of the relevant loan information and then generate the loan documents. Toward the bottom of this screen we have added a field called “Estimated Completion Date” which is to the right of the “First Payment Date” date field. If the expected completion/installation date will be more than 10 days after the contract date then an alert box will appear notifying the user that a Loan Modification Form is required. The Loan Modification Form can be found in the Training Docs tab within PODS.
We believe these changes will help streamline the contract completion and funding process for dealers/contractors. If you have any questions about the required documents or the changes in PODS please contact Dealer Support at 888-788-7379.
