Taking apps over the phone

Heather Salillas
I am interested to learn how everyone feels about phone apps, are you for or against getting an approval (or not) prior to a customer coming to the dealership?
Vincent R
We can do an online credit app as a courtesy for a prospect. (i.e. they live too far away from the dealership making coming in not as practical or if they think they have bad credit and don't want to waste time coming in if they can't get approved.) We won't take down information over the phone though because there is no way to obtain their signature. We would have them do it online because at least there is a legal disclosure at the bottom.
Shannon Hammons
You can do online credit, but if you take over the phone you are violating Red Flag and are subject to huge fines.
Heather Salillas
Good to know. Thank you both for responding!
Bill Simmons
Do not take them over the phone. It's much easier and keeps you in compliance to email the link to your online app to the customer while you are on the phone with them. Offer to stay on the phone in case they have any questions about filling it out.
Lauren Moses
I agree with them. We don't take them over the phone because it just leaves you open to a lawsuit. They can either submit a credit app online or come in. No over the phone apps. No exceptions.

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