During the TD Waterhouse's Tech Day, it was revealed that the new feature will be coming to the TD Wheel’s app in December 2019. TD Wheels launched in July and is currently partnered with three manufacturers — General Motors, Hyundai, and Chrysler — and partnered with about 3,000 dealerships across Canada.
Within the app, customers are able to search for the car they want, select different makes and models, obtain information about rates, get estimates on expected car payments and send all this information to a dealership to finalize. Howard Thompson, Vice President of Product, Strategy and Shared Services at TD Auto Finance, said in an interview that the automotive space has been growing and adding a prequalification feature was needed.
“The feedback [from those using the app] has been very good, but I think that it required this functionality,” he said, adding that customers who have used the app would “Give me something that’s a little more comfortable than having to go talk to a stranger about my creditworthiness or how much I can afford something.”
Thompson said that the app in general and the new features do not eliminate the final step, which is to actually see the car and go to a dealership. This means, if you are a new car buyer, you may not necessarily use the app to finalize the entire process, but Thompson explained you could be just looking around to see what costs are, the interest rate, or even to just search for a dealership.
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