Dealer Questions, Dealer Instructions | FAQs - OpenRoad Lending

Dealer Questions & Instructions | FAQs

Do you have questions about the OpenRoad Lending process? You’ll find many of the answers you’re looking for in our helpful FAQ’s.

 

Dealer Instructions

 

When will the dealer receive payment from OpenRoad? What are the OpenRoad vehicle requirements for me to use my OpenRoad eCheck®? What are the LTV limits for the OpenRoad eCheck®?

 

Dealer’s FAQ

Are there specific LTV guidelines?

LTV limits can vary and will be specified on the “Dealer Instructions” portion of the customer’s OpenRoad eCheck®.

What type of documentation/requirements does the dealer have to provide to OpenRoad Lending in order to get paid?

Specific dealer documentation requirements will be listed on the “Dealer Instructions” portion of the customers OpenRoad eCheck®.

What fax number can the dealer send all of the required documents to?

Dealer documents including the Wire Authorization form should be faxed to 866-228-8446. Please make sure the customer reference number is on the cover page of our faxed documents.

What are the titling requirements for the OpenRoad eCheck®?

OpenRoad Lending must be listed as the first and only lien holder. Our address for titling purposes is: OpenRoad Lending, 5555 Beach Street – Suite 4100; Fort Worth, Texas 76137, 888-536-3024. Vehicle must be titled in customer’s state of residence. Only the borrower(s) listed on the OpenRoad eCheck® may be listed as registered owner(s).

Is there a way for a dealer to confirm OpenRoad has received all of the customer and dealer documents required to fund the OpenRoad eCheck®?

Yes. You can go online to www.OpenRoadDealer.com and key in the borrower’s last name or application ID located on the OpenRoad eCheck® and the eCheck ID or call us at 888-536-3024 during business hours.

Can a dealer sell an extended warranty or gap insurance when accepting a OpenRoad eCheck®?

Extended warranty/service contracts can be included without limit as long as they fit within the maximum amount to finance and LTV guidelines. Gap insurance is also allowed up to a maximum selling price of $600.

How does OpenRoad pay the dealer?

Immediately upon receipt and verification of all customer and dealer required documents, OpenRoad Lending will trigger an Wire funding into the dealer’s account. The dealer is required to complete an Wire Authorization form to expedite this process. Click the link to access the Dealer Wire Setup Form if your dealership is not registered with OpenRoad Lending.

How can I contact OpenRoad Lending with any questions about the OpenRoad eCheck® process or my dealer requirements?

Please call us toll-free at 888-536-3024 during our business hours to speak with a Funding Care Agent so that we can answer any questions.

What dealers are authorized to accept the OpenRoad eCheck®?

We allow customers to use the OpenRoad eCheck® at “franchised car dealerships.” “Franchised car dealerships” are those dealerships that have a major manufacturer in the name and sell brand new cars like Ford, Honda, Chevrolet. We also allow you to purchase from CarMax. We do not allow customers to purchase from independent used car dealers, auto brokers or individuals.

When will the dealer receive payment from OpenRoad Lending?

OpenRoad lending guarantees payment of the OpenRoad eCheck® once all customer and dealer requirements have been met and we have given an authorization code. OpenRoad Lending will pay via Wire or by check for a fee. Specific dealer requirements will be listed on the “Dealer Instructions” portion of the customer’s OpenRoad eCheck® package.

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