Why All the Excitement Over E-Documentation?
For years lessors have dealt with the cumbersome challenges associated with shipping and hand-signing lease documentation. Clearly, shipping packets of documents for signatures contains some very real risks that, at best, might delay the transaction by a few days. At worst, these risks can cause the lessee to become frustrated and dissatisfied, and may even expose the transaction to validity and enforceability risks.
E-documentation offers a different scenario:
Upload the lease agreement to a secure website at 9:10am. The lessee’s signer (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.
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 lynch pin 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 the full white paper [pdf]