Collect only the fields you need, say why, obtain consent, restrict who can open the records, store them securely and share them only with lenders you are applying to. Avoid emailing applications in the clear and delete them when the retention period ends.
Collect
- Use a form that includes your consent wording.
- Do not ask for information the lender does not need.
- For in-showroom applications, a form on the customer's own phone avoids paper that gets lost.
Store and share
- Limit access by role.
- Keep them in the system, not in email attachments.
- Share by the lender's secure portal or an approved method.
Dealer Garage's online financing application keeps submissions on your own computer and is reachable only on your network.
Retention
Set a policy for how long you keep applications for deals that did not complete and for those that did, according to your region's rules.
A short policy
- Credit applications are viewed only by the finance staff and managers.
- They are sent to lenders by the lender's approved method.
- Declined and incomplete applications are deleted after a set period.
Questions people ask
Can I scan an ID?
Where rules allow, store scans securely and limit access. Check your regulator's guidance.
This is general information, not legal advice. Rules differ by state, province and territory and change over time; confirm what applies to you with your regulator or a qualified adviser.
Try Dealer Garage
Dealer Garage is installable dealer management software for independent used-car dealers in the US and Canada: inventory, leads, deals, dealer paperwork, Facebook Marketplace posting and email campaigns, with records stored on the dealership's own computer..