White Paper: First American Equipment Finance
White Paper excerpt:
Is E-Documentation Better than Paper?
Why First American Says “Yes,” and Why You Might, Too.
Preface: Why All the Excitement Over E-Documentation?
Imagine you are about to finance a new equipment lease. The lease agreement needs to be signed by the lessee immediately. So you overnight the package of documents to the lessee, who signs the agreement and overnights it back to you. Piece of cake, right? Well, hopefully.
But what if …
… The package lands on the wrong desk at the lessee’s place of business?
… A signature is accidentally omitted?
… The lessee’s authorized signer is out of town and unable to receive your package of documents for a few days?
These are very real risks that can cause the customer to become frustrated and dissatisfied and may even expose the transaction to validity and enforceability risks.
Now imagine this scenario:
You upload the lease agreement to a secure website at 9:10am. The customer (who may be anywhere in the world) immediately receives an email, logs on to the website, reads the documents and signs them. It is now 9:15am and the entire transaction is completed, before you have even had your second cup of coffee.
At First American Equipment Finance, we believe e-documentation is redefining the financial services industry. It is more efficient and cost-effective than traditional paper-based processes, and most importantly, it is something our lessees are requesting. Indeed, it is already widely used for insurance, mortgage and auto loan transactions.
Rather than watch from the sidelines, First American intends to be an early adopter of the use of e-documentation in middle-market leasing transactions. We expect it will transform our business and become an important lynchpin in our continued growth strategy.
On the following pages, we will explain how we have come to this decision … and why we hope you will join us in this game-changing industry innovation. Read on to learn more.
