TD Auto Finance, a subsidiary of TD Bank, has launched real-time payments for its network of dealers, making it the first indirect auto lender to offer this service countrywide.
TD Auto Finance can fund dealers as contracts are booked during the day with real-time payments, rather than sending batch payments via ACH overnight. This allows dealers to better manage their cash flow and gain a better understanding of their financial situation.
In October 2021, TD Auto Finance rolled out real-time payments to a small set of dealers as a test. The statewide deployment is presently underway, and dealers whose banks are live on The Clearing House’s RTP® network, the real-time payment system, will be able to access it in phases over the coming weeks.
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