eLEND Solutions™ Launches First Instant Prequalification Solution for Retail Auto Finance: Significantly Cutting Credit Report/Compliance Costs

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New “PreQual” feature revolutionizes online dealership financing; makes it easy for consumers to prequalify for financing without impacting their credit score

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There is a huge difference between prequalification and prescreening or traditional hard inquiry credit reports. We are thrilled to offer CreditPlus users this game changing prequalification product.

eLEND Solutions™ today announced the addition of “Get Prequalified in Seconds” to CreditPlus™, giving automotive dealers the first-ever online, instant prequalification lending solution and elevating the online automotive retail financing process from basic prescreening to full prequalification. The new CreditPlus features bring a revolutionary instant prequalification program to retail automotive for the first time through Credit Bureau Connection, the exclusive credit reseller for eLEND Solutions™.

Until now, dealers only had access to prescreening products which offered limited credit information and were initiated without consumer consent, or hard inquiry credit report products that impact consumers’ credit scores and have the burden and costs of additional compliance requirements.

CreditPlus “Get Prequalified in Seconds” delivers a full credit report and exact real-time credit score, and, importantly, is consumer-initiated so it greatly reduces compliance costs by eliminating the requirement for a firm offer of credit and the risk-based pricing notice. Now dealerships can prequalify consumers with a soft pull credit report in real time, instantly delivering a variety of finance options, driving up qualified leads and enabling them to match consumers with the right lending options early in the buying process.

“There is a huge difference between prequalification and prescreening or traditional hard inquiry credit reports. We are thrilled to offer CreditPlus users this game changing prequalification product and to have worked with our credit reseller partner Credit Bureau Connection to insure we have delivered a secure and 100% compliant process to our dealers,” said Pete MacInnis, CEO of eLEND Solutions. “The addition of prequalification to our suite of products enhances our mission of creating a connected car buying experience that seamlessly transitions online car shoppers to in-store buyers.”

“With the addition of PreQual to CreditPlus, eLEND Solutions is enabling the auto dealer to take a huge step forward in providing instant, real-time automotive financing options,” said Mike Green, CEO of Credit Bureau Connection.

CreditPlus instantly prequalifies customers based on dealer-defined credit criteria, giving car buyers direct, upfront access to dealership financing sources and real near-final terms from multiple lenders, all of which are controlled by the auto dealer. With CreditPlus, for the first time, dealers are able to match a buyer with the right car and the right lender program before the customer has even started the test drive. This facilitates a more equal exchange of information between consumer and dealer and the structuring of a more profitable deal.

About eLEND Solutions:
eLEND Solutions is a privately held technology company whose patented platform offers integrated credit, identification and finance solutions that enable a connected buying experience for consumers and a streamlined sales and finance workflow for dealers and lenders that reduces the time to complete a vehicle purchase transaction from hours to minutes.

Media Relations
Melanie Webber, mWEBB Communications, (424) 603-4340, Melanie(at)mwebbcom(dot)com
Crystal Hartwell, mWEBB Communications, (714) 987-1016, crystal(at)mwebbcom(dot)com

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Crystal Hartwell
mWEBB Communications
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Melanie Webber
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