GAC 2025: Aleks Bogoeski of Origence Talks eContracting

By John San Filippo

On opening night of the America’s Credit Unions Governmental Affairs Conference (GAC), held in Washington D.C. Mar. 2-6, Finopotamus spoke with Origence Senior Vice President of Product Strategy Aleks Bogoeski about his company’s recently launched eContracting component of its Credit Union Direct Lending (CUDL) indirect lending platform and its implications for credit unions and car dealerships.

Aleks Bogoeski

As Bogoeski explained it, eContracting streamlines the lending process by digitizing contracts and eliminating errors, creating a better experience for all stakeholders. “This is exciting technology for both credit unions and dealers,” he told Finopotamus.  

How eContracting Works

According to Bogoeski, the traditional, highly manual process of indirect auto lending is cumbersome and time-consuming. “If we walk through the process as it stands today for most dealers and credit unions, it all starts with a credit application at a dealership. The credit application gets submitted when the dealer and the customer land on a vehicle and agree on terms,” he said, adding that Contracting won’t change those initial steps. “When it gets to the contracting stage, a lot of that is currently manual. Contracts get printed, everything gets signed manually. This process often involves overnighting documents to lenders, leading to delays and inefficiencies.”

E-contracting digitizes this entire process. “With electronic contracting, everything is loaded in a contracting module, and the agreement is displayed digitally to the consumer. The consumer signs it and then the dealer signs it,” said Bogoeski. This eliminates the need for physical paperwork and allows for faster processing of loan applications.  

Benefits for Dealers and Lenders

For dealers, eContracting streamlines operations and reduces errors. Bogoeski highlighted the challenges dealers face with traditional contracting: “Sometimes those signatures are missing and sometimes they have to come back,” he said. E-contracting eliminates these issues, ensuring a smoother and faster process.  

Lenders also benefit from faster closing and improved efficiency. “In many cases, good lending institutions are going to be able to turn around funding within 24 hours with eContracting to the dealer,” Bogoeski said. He claimed that in the absence of such automation, funding may take days or even weeks.

Enhancing the Member Experience

eContracting also improves the experience for credit union members. “In the manual process, this typically a stack of documents that need to be signed by the borrower. With e-contracting, members can sign all the documents on a signature pad, iPad or any other device,” Bogoeski said, adding that “it gives the buyer a modern view on buying a car. It modernizes the process.”  

The remote signing capability is a particularly valuable feature. “What’s nice is you can have one person in dealership and one person be across the country and now you can perform tthe signing ceremony in a few minutes,” Bogoeski explained. This flexibility makes the process more convenient for members.  

The Future of Indirect Lending

eContracting is paving the way for a more efficient and automated future in indirect lending. Bogoeski believes that “it’s a necessary step to really get to a point where we are able to underwrite and fund with minimal human intervention. That’s where we’re headed,” he told Finopotamus.

He envisions a future where artificial intelligence (AI) plays a larger role in the lending process. “I think AI is going to be play a big role. We’re already using AI to help extract data, evaluate data against validation roles. I just think it’s going to get better and better,” Bogoeski predicted.  

eContracting is transforming indirect auto lending, offering significant benefits for credit unions, dealers, and members alike. As Bogoeski concluded, “I’m really excited about our credit unions going down this path.” This technology is not just an incremental improvement, but a fundamental shift that is shaping the future of the industry.