How e-Signatures for Auto Finance Saved My Day

Recently, an auto lender shared a story from one of their borrowers -- this story has been edited for clarity and we have changed some details for privacy. Stories like these show us that when we simplify the auto finance customer experience, not only does the customer benefit, but the dealer and lender also benefit.

It was just my luck. After over a decade of loyal service, my trusty 2003 Chevrolet Tahoe finally decided its mission on earth was fulfilled. I sat in the car on a bone-chilling morning in December ready to go to work, and it simply refused to start. I was told the cost of fixing it would be essentially equal to its worth on the market. I took a deep breath, and realized the time had come to find a new car. It was a moment I had been pushing off for years, despite the Chevrolet's increasing number of malfunctions recently.

Despite the inevitability of my situation, my Chevrolet's demise came at a less-than-ideal time. Beyond the 'car' issue, here were a few moving parts in my life:

1. I had just started a new job working at a tile store, and in my area of Connecticut, if you don't have a car you don't have a job.

2. I'm a single mom in the middle of helping my daughter through college. Needless to say, the budget is tight.

3. Winters here are brutal, and a snowstorm was heading our way. This makes getting anything done a bigger hassle than usual.

Yet the show must go on, and time was of the essence. After spending just a couple of hours combing through car listings online, I settled on a used 2015 Nissan Versa. Not the most glamorous of vehicles, but it was definitely an upgrade from what I had. Plus, the price was right.

But I knew the hardest part was ahead of me: the endless paperwork. I still have nightmares from the bureaucratic maze I went through over 10 years ago when I purchased the Chevrolet. A friend picked me up to take me to the dealer (remember, at this point, I was essentially stranded at home without a functional car), and off we went.

I stepped into the used car dealership, found my Nissan Versa, and did a test drive. I also brought along a mechanic to make sure the car was road-worthy, and luckily everything was fine. When it came time to sign the contract, I was delighted that I could fill out my details by clicking on a text message link sent by the dealer to my mobile phone. But then the dealer mentioned that I needed to show an old salary stub and an electricity bill with my address on it. Who brings that with them? I didn't have it on me, and would have to bring it to the lender. Between starting a brand new job and the lack of transportation to even get to my lender, I felt my eyes fill with tears.

The dealer noticed I seemed upset, and delivered the solution that calmed all my fears. "Don't worry, you can do it all when you get home," he said.

"So I need to scan and email these documents from home? I don't have a scanner." I explained, as I wracked my brain about where I could go to scan.

The dealer smiled. "Actually, you can do it all from the text message link I just sent you. And you can sign from your mobile phone, too."

It felt like a huge burden had been lifted. I felt a smile spread across my face.

Back at home, I followed the easy instructions in the text message It looked like they were using a service called Lightico. I was amazed how I could take a picture of my ID, pay stub, and other documents and just shoot it across the internet. I provided my e-Signature at the end, and that's it, all my details were submitted!

The next morning, I found out my loan was approved. Whereas in the past, I'd need to go to the auto lender to fill out forms and submit documents, here the process was smooth and simple. When I went to the dealership the next day, I hugged the dealer and thanked him for saving me from what I assumed would be an inevitable nightmare involving back-and-forths, fax machines, and lots of in-person visits on time I didn't have.

I jumped into my Nissan Versa, and made my way through the snowy roads just in time for work. I couldn't believe I was done. If I had known it would've been this quick and easy to get my loan application approved, maybe I would've upgraded my car a long time ago.

This experience definitely set the bar high for next time I make a major purchase. Who would've thought buying a used car with auto financing would turn out to be an actual pleasure?