Chrysler Financial Expands E-Contract System

BANK NET 360 NEWS - - Captive lender Chrysler Financial announced Tuesday that it has booked more than 1,000 e-contracts for vehicle loans, claiming to be the first auto lender to offer electronic loan origination for both retail and lease contracts.

The web-based loan system is being used by more than 100 dealers in 11 states, according to the company. Chrysler Financial Vice President William F. Jones Jr. said he expects to have 1,000 dealers using the system by yearend, and another 1,000 by the end of 2007.

Chrysler Financial began deployment of AutOrigination, its contract-verification system, several years ago. This technology is the pulse of the e-contract system and now supports nearly 80% of Chrysler, Jeep, and Dodge dealers.