FARMINGTON HILLS, Mich. -

RouteOne and Toyota Financial Services (TFS) on Wednesday announced that they are bringing Toyota dealers the ability to automatically book TFS electronic contracts with no human interaction. This technology, called Straight-Through Processing, is designed to offer dealers faster funding by alleviating the need for manual review of contracts.

Officials explained Straight-Through Processing is available for new, retail electronic contracts that originate from a RouteOne-generated credit application and meet TFS-specified contract and purchase criteria. Deals with well-qualified buyers are among the best candidates to receive the benefits of Straight-Through Processing, which include faster funding, reduction of required documentation, ability to provide customers with account numbers at the dealership, and possible reduction in held offerings.

“As consumers' expectations and eContracting adoption both continue to rise, we are dedicated to delivering enhancements to our product line that ensure the utmost efficiency for our dealers, finance source partners, and most importantly their consumers,” RouteOne chief executive officer Justin Oesterle said.

“We are pleased to partner with TFS to bring Toyota dealers the technology powering Straight-Through Processing, which accomplishes these goals with the automation of previously manual processes,” Oesterle continued.

Toyota Financial Services group vice president of sales and marketing Mike Wells added, “Our mission is to provide always better service to consumers and to our dealer partners.

“Straight-Through Processing streamlines and expedites key aspects of funding, leading to a better experience for consumers and dealers while freeing our team members to work on other critical functions,” Wells went on to say.