New Auto Club Service Approves Loans Online in 15 Seconds
2 December 1998
New Auto Club Service Approves Loans Online in 15 Seconds
LOS ANGELES--Dec. 1, 1998--How long did you have to wait for approval the last time you applied for a car loan? A day? A week? How does 15 seconds sound?
A new online service from the Automobile Club of Southern California and its affiliation with AAA Financial Services allows users to apply for an auto loan and get credit approval in as little as 15 seconds at www.aaa-calif.com the Auto Club.
The Auto Club's financial services provider, PNC Bank, developed the Internet application that features 128-bit encryption, the highest form of security. PNC's system enables 90 percent of Auto Club members to access and download an encryption program, then complete the application without a browser upgrade.
"This is one of the first sites on the Internet that gives customers fast approval online," said Barbara Wilson, Auto Club financial services product manager. "Most online applications are e-mailed to a financial institution and then re-keyed into their computer system."
This new service speeds up the process by eliminating that step, and instead feeds the user's information directly into a computerized decision model. Users are then informed by screen message if they have been approved. "If more information is needed, the computer directs customers to call a toll-free number to check on their application status," said Wilson.
Currently, 15-20 percent of submitted applications are approved online within 15 seconds, and the remainder receive approval or information regarding whom to contact within 15 minutes, Wilson added.
Also cutting down on customer waiting time is the ability to print loan documents and a loan proceeds check at a designated Auto Club district office.
"Thirty-four Auto Club offices have been selected to receive the approved loan documents from our financial services provider on a dedicated printer in the office," said Wilson. "All the member has to do is go to the Auto Club office, sign the papers and pick up their check."
To apply online, registered users access the Web site, click on the "Financial Services" button then click on the banner that reads, "Apply Online for Lightning Fast Loans." After completing the brief, user-friendly application, applicants simply click on "continue" and wait for a response.
If approval is immediate, users are notified with an "approved" message on their computer screen. A follow-up e-mail with approval notification and the loan reference number is usually sent within one hour. With this process, it's possible for a member to receive approval and get a check within an hour of applying for the loan.
This service is in addition to other Auto Club online transaction services, including booking travel reservations and purchasing travel publications.
The Automobile Club of Southern California, the largest affiliate of the AAA, has been serving members since 1900. Today, the Auto Club's members benefit by the organization's emergency road service, insurance products and services, travel agency, financial products, automotive pricing, buying and financing programs, automotive testing and analysis, trip planning services, highway and transportation safety programs and legislative advocacy. Information about these products and services is available on the Auto Club's Web site at www.aaa-calif.com.
