CARMEL, Ind. — To save time and speed up the funding process for dealers purchasing vehicles through non-auction channels, NextGear Capital is introducing expedited funding on notice of title via “Rapid Pay,” a feature accessible through NextGear’s Account Portal and available on any mobile device, the company announced.
Billed as an industry first, Rapid Pay’s expedited funding feature was designed to allow dealers to initiate financing on vehicles purchased from wholesalers, customer trade-ins, and owned inventory, once notice of title is given. Dealers get paid faster through this process, as all Rapid Pay transactions get priority review servicing — in many cases the same day that the request is received, according to the provider. This replaces the traditional practice of having to secure a physical title before funding is processed.
The entire transaction is conducted via Account Portal and Rapid Pay. This means eligible dealers can manage the non-auction funding process when and where it’s most convenient for them and can monitor the status of their funding requests in real time, executives said, and every Rapid Pay transaction includes a free, prepaid shipping label for vehicle titles saving dealers time from physically traveling to a local lender to manage titles and funding.
“Removing barriers from the non-auction buying process is key,” said Randy Dohse, NextGear Capital’s senior vice president of operations. “Freeing up valuable cash flow is an essential part of any business, and as a company, we are committed to getting dealers funded faster than anyone else in the industry.”
Originally posted on F&I and Showroom