What is a Spot Buy?
Typically eContracting requires that a credit application has already been submitted and approved before you can begin the eContracting process.
However, if your finance source supports Spot Buy, you can begin the eContracting process before you have a submitted and approved credit application affiliated with the deal.
A Spot Buy can also be created if the credit application or credit bureau was previously saved.
How do I complete an eContract starting from a Spot Buy?
From the ‘Contracts’ navigation tab, select the ‘New Spot Buy’ from the dropdown.
Scroll through and complete the required fields in the Contract Worksheet. Note that the required fields will vary depending on the finance source you use.
Once you have completed all the necessary fields of the Contract Worksheet, click the ‘Save,’ ‘Generate Contract,’ or ‘Validate’ (if available) buttons, in either the bottom right or top right hand corner of the page.
‘Save’ - You can ‘Save’ the worksheet to complete it later
‘Generate Contract’ - This button generates the ‘Contract Package’ page, which is the next step in the eContracting process.
‘Validate’ - Note that if the ‘Validate’ button is available for a Spot Buy, it is only undergoing internal RouteOne validation and not external Finance Source validation. The ‘Validate’ button, if available, will always be optional for a Spot Buy.
Note that you must have a completed and approved Credit Application in order to distribute the ‘Contract Package.’ You can complete the Credit Application at any time in these steps, but you cannot progress past the ‘Print’ step until you complete the Credit Application.
Click the ‘Complete Credit App’ button.
Option 2. ‘Individual App’ page
After clicking ‘Complete Credit App,’ this page will present if there is no matching Credit Application (based on the customer’s Social Security Number or name) in the RouteOne system.
In the ‘Individual App’ page, complete any missing information needed for the Credit Application. Note that available information from the Contract Worksheet will be automatically populated in the Credit Application to reduce the need to rekey information.
When you are finished, you will need to ‘Sign’ and ‘Submit’ the Credit Application, in the bottom right hand corner of the page. Note that you will have to wait for the application to be approved before you can assign and distribute the contract.
Assign and Distribute
Depending on whether you opted to associate a Credit Application or create a new one, you may need to navigate back to the ‘Contract Package’ page. If you are in the ‘Contract Manager’ page, click the customer’s name to return to their Contract Package to continue with the eContracting process.
From the ‘Contract Package’ page, click the ‘Assign & Distribute’ button to send the contract to the finance source.
As with a standard eContract, you will have two options to distribute the contract:
- Right Now:’ This means you have already faxed or uploaded all documents, and RouteOne will distribute to the finance source immediately.
- ‘After Fax:’ This means you will fax the documents at a later time, and upon RouteOne’s receipt of the documents, it will then distribute to the finance source.
More details about the Assign & Distribute options
Once you have assigned and distributed the contract, you can check its status in the ‘Contract Manager’ page.
eContracting terms, statuses, and iconsGeneral terms, statuses, and icons