Why you now experience faster funding

Funding your contracts in a timely manner is a top priority at Chrysler Capital. We heard your feedback loud and clear and, in response, have implemented multiple changes and added resources which have helped improve the overall funding process.

Here’s a snapshot of items addressed over the last year:

  • Following the 2018 J.D. Power Dealer Satisfaction Survey, which was launched just as tax season wrapped up, we immediately took action to reduce the backlog of in-house contracts. Within 60 days, the average days to fund was reduced from 5.4 to 3.5 days.
  • We grew our team to include an additional 80 funders and five managers.
  • We conducted an end-to-end review of our funding process, including independent validation by an external consultant. This analysis resulted in:
    • The creation of a dedicated processing team to focus on new receipts
    • A dedicated escalation team to concentrate on contracts with outstanding items
      • Credit analysts and senior funders work side-by-side daily to manage and reduce aged contracts
    • Process simplification to reduce handoffs between Credit and Funding
    • Additional associate training and continuing education in key areas
      • Proof of income training
      • Lease contract processing
      • Chrysler Capital Dealer Website utilization
      • Sales/dealer education on higher package error rates

So, what do all of these changes mean for YOU?

The first and most obvious change you have likely noticed is the reduction in funding times. In February 2019, we funded 95% percent of clean contracts on the same day they were received.

  • Retail contracts currently average 1.1 days to fund
  • Lease contracts currently average 0.7 days to fund

 

 

 

 

 

 

To ensure your funding package is complete and for the fastest funding times, use our funding to-do list and busy-season reminders.

Since addressing the backlog of contracts in-house after the 2018 tax season, the average daily number of contracts in-house reduced month-over-month for the remainder of 2018, creating a reduction in Contracts in Transit.

And finally, the faster we fund, the better our customer service – not only to you, but also to the newest member of our Chrysler Capital family. Improved funding time increases the likelihood of better CSI scores.

As we continue through a busy and successful 2019 tax season and beyond, we look forward to continuing to assist you with best-in-class service. As always, thank you for your continued support.