Set Up Vehicle and Asset Lending for Automotive Cloud

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You can extend the capabilities of Vehicle and Asset Lending beyond the instructions provided here in Automotive Cloud. Make sure you review the available resources for Digital Lending before you implement additional configurations and capabilities for your company as per your requirements.

• Permissions and Features for Vehicle and Asset Lending
  Get started with Vehicle and Asset Lending by enabling the necessary features and understanding the billable usage. Assign the required user permissions to ensure users can access and use the features effectively. Provide the best experience for underwriters, agents, applicants, and dealers by configuring the picklist values for relevant fields on all related objects before using the features.
• Catalogs and Products for Vehicle and Asset Lending
  Loans and leases offered as financing options for vehicles or for assets such as car batteries are modeled as products in Automotive Cloud. Set up catalogs, categories, products, and attributes to design your financial product portfolio.
• Pricing for Vehicle and Asset Lending
  Configure fees, interest rates, and repayment terms for loans and leases. Set up a pricing procedure to dynamically calculate the interest rate for estimated offers.
• Disclosures and Consents for Vehicle and Asset Lending
  When customers and agents apply for a vehicle loan or lease, they consent to the disclosures related to governmental or agency-based regulations and policies. Set up disclosure text and consent authorization forms for different types of lending processes in your company.
• Document Verification for Vehicle and Asset Lending
  Allow customers and agents to upload documents such as proof of address, income, employment, and photographs during the application intake process. Underwriters and dealers can review the uploaded documents for applicant identity verification, due dilgence, and a faster approval process.
• Stage Management for Vehicle and Asset Lending
  Create a transition plan for each stage of the vehicle and asset lending application process. Set up stage management to restrict the values of the Stage field on an Application Form Product so that only defined transitions are permitted, and customizable actions can be completed after each transition. After each transition, Compliant Data Sharing participant records are created and updated to manage the visibility levels for different users throughout the application process.
• Set Up Rehashing for Vehicle and Asset Lending
  Help dealers, agents, and customers efficiently rehash loan or lease proposals for Vehicle and Asset Lending. Set up the product configurator, Omnistudio components, and other features for a seamless rehashing process. Set up a pricing procedure to dynamically calculate the rehashed financial terms for a loan or lease and come up with better offers. Set up Criteria-Based Search and Filter to change the vehicle selected in a proposal.
• Set Up Funding Workbench
  Set up components for enabling and accessing the capabilities of Funding Workbench.
• Configure the Review Offer Flow in Vehicle and Asset Lending
  Create a flow from a predefined template that triggers an action item to share an offer for review with an application form product participant such as the customer, dealer, or underwriter. When an underwriter selects a proposal as final, they can use the screen flow embedded in the underwriter’s console to quickly assign an action item to a participant. The participant can be a dealer, another underwriter, or the customer who applied. The participant is notified by email when the proposal is shared by them and they can analyze it further and take a decision on the offer.
• Configure Countries and States for Vehicle and Asset Lending
  Configure the picklist values for countries in the Omniscript-based guided intake flow to provide a customer's address for a loan or lease application.
• Make Dealers Available for Selection in Vehicle and Asset Lending
  When customers apply for vehicle loans or leases, or when agents apply on behalf of customers, they select a dealership that they prefer based on the dealership name, city, or postal code. Create dealers in your org to make them available for selection as preferred dealerships during the application intake process.
• Qualification Rules for Vehicle and Asset Lending
  Use Product Catalog Management, Context Service, and Business Rules Engine to create qualification rules that drive eligibility of products for applicants. You can create qualification rules to determine which financial products are displayed to applicants based on criteria such as age, region, service level agreements, or tier. You can ensure that applicants don't select conflicting products, or they select multiple products that are offered in combination.
• Know Your Customer for Vehicle and Asset Lending
  Collect essential information about applicants when they apply for vehicle loans and leases. The financial team can validate the Know Your Customer (KYC) information provided by the applicants for risk assessment and identity verification. The underwriters can view the KYC information for applicants when they review the application in the Vehicle and Asset Lending Console app. A financial institution can use data from Identity and Verification service providers or Screening service providers to verify the details submitted during the application intake process.
• Set Up Experience Cloud for Vehicle and Asset Lending
  Set up and customize the Experience Cloud site to enhance the experience for customer and partner users. Add dynamic navigation menu items so that users can directly find the financial products of their choice, and modify object permissions and sharing settings to restrict or extend access for dealers and applicants.
• Prevent Duplicate Applicant Records
  Maintain high data quality and improve customer experience in vehicle and asset lending by preventing duplicate applicant records. Leverage Duplicate Management and create matching and duplicate rules to ensure accurate customer data.
• Configure Omni-Channel Routing
  Use Omni-Channel to route work items to queues, agents, and skills on supported channels for the Automotive objects. Efficiently manage your service reps and their workload by using different ways to route work for automotive lending services. Configure and assign presence statuses to profiles as required.