According to Lev Buslovich, project leader, a typical commercial truck transaction can take as long as two days to gather finance quotes, approve credit applications, and prepare final documentation.
With GE ASAP (Applicaton, Submittal and Approval Process), dealers can log on to a secure web site, request a quote, submit a credit application, view application status and update administrative information instantaneously. It makes the vehicle purchasing process "virtually paper-free," he said.
The program will continue to evolve to meet changing needs. An automatic scoring application, already in the works, will further streamline the application approval process. Automatic funding is another possibility for the future and more financial institutions provide online service offerings.
GE Capital Fleet Services, based in Eden Prairie, MN, is one of the largest fleet management companies in the world with over 1 million commercial cars and trucks under lease and service management. The Dealer Services division provides financing products to commercial dealers.