SecureClose LLC, which provides an automated avatar loan closing system for a legally compliant, consistently transparent closing every time, along with e-sign and electronic vault, has been selected by the National Independent Automobile Dealers Association as its newest bronze National Corporate Partner.
Amos “Ace” Christian, the founder and CEO of SecureClose, has been a BHPH dealer for 27 years. Based on real-life experiences, Christian developed the SecureClose Avatar to provide a consistent, transparent customer experience, by combining a recorded avatar presentation of legally compliant disclosures, with electronic document presentations, E-Signature, and secure UCC Article 9 compliant cloud vault document storage.
SecureClose LLC is based in Mesa, Ariz., and is managed Christian and President Stan Heintz ‑ both with extensive experience in BHPH operations.
“SecureClose was created to eliminate the ‘he said, she said’ that dealers face with consumers, who then go to regulators and attorneys with complaints,” Christian said. “Just this year, Jan 1 to Mar 31, consumers filed 1,681 complaints with the CFPB related to vehicle loans. That’s an 18.3 percent increase quarter over quarter and a 43.7 percent increase year over year. I want dealers to have proof, when these regulators come knocking, that they were transparent and compliant during their interaction with the consumer.”
With an ever-increasing emphasis on compliance in all facets of BHPH operations, SecureClose Avatar provides dealers with a proven system to ensure every closing is identical. Sales documents, finance contracts and other state-related documents are imported from the dealer’s DMS or CRM software. A recording (video and audio) of the closing is created as an avatar explains each document as if an attorney was in the room with the customer. Once the consumer confirms that they fully understand and agree to the content of each page, they digitally sign each document. Upon completion, the dealer’s “Authoritative Original” Retail Installment Contract and other documents automatically transfer into the SecureClose Vault along with the video recording. The customer also receives copies of the e-signed documents by email and can review the video closing for 10 days.
The SecureClose Vault meets the stringent UCC Article 9 requirements for storage of “Authoritative Original” electronic chattel paper (the signed retail installment contract). The storing of electronic contracts adhering to these requirements is of utmost importance for banks and bulk purchasers to accept and monetize the dealer’s contracts.