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View a NetQuery online loan application demonstration

    In 1997, an engineer at the MII Stanford University Research Facility (SURF) developed wafer power units which, combined with solar power, initiated lightweight and powerful batteries.  Just two of these wafers powered a standard motorcycle at speeds up to 120 miles an hour with a storage capacity of 24 hours.  In 1999 Mahggls Industries, Inc. licensed the technology from SURF and began to manufacture the MII SolarJet.

MII set up a subsidiary company to market the motorcycles, SolarJet, Inc.  In October of 1999 the first SolarJets were released for sale and an eager public bought out the first production run of 5,000 bikes in less than four hours.  By the spring of 2000, SolarJets were available worldwide and production was running 100,000 units per month.  Independent SolarJet dealerships were opened in every major U.S. and 76 foreign cities.  These dealerships provided financing direct to the consumer through SolarJet's credit department. 

The Problem

The loan application process used by the dealerships was slow and cumbersome.  Buyers filled out a long paper application at the dealer’s office which was then faxed to SolarJet's headquarters.  Due to the time needed to extract the appropriate data from the form, illegible entries that resulted in numerous follow-up phone calls, and the back log of orders, SolarJet took two to three days to process and approve a loan.  During that time many orders were cancelled as customers lost interest or suffered buyers remorse.

Our Unique and Rapidly Implemented Solution

The new Internet-based system, developed in less than two weeks utilizing our unique NetQuery™ module, eliminated all of these problems.  Customers now fill out an online loan application at the dealership.  Once completed and verified by the sales person, the form is instantly transmitted to SolarJet's credit department.  During the transmission, NetQuery pulls the key approval items from the document and creates an overview form.  This form is the first page presented to the SolarJet loan analysts when they open the file.  They then do an immediate online credit check and send an approval or rejection back to the dealer.  Elapsed time is roughly five minutes.  Once approved, the loan application is printed locally, the customer signs it, and drives away on a new SolarJet that day.  In the future, the online loan application will be linked to the credit approval program and response will be measured in seconds.

View an NetQuery online loan application demonstration