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Frequently Asked Questions How
is AutoUnderwriter different from other indirect auto lenders?
How
is AutoUnderwriter different from other indirect auto lenders? AutoUnderwriter
is a website used by automotive dealers that provides and Instant Decision on
non-prime consumer credit applications. Once an application has been entered you,
the dealer, will have a decision (approval/denial) in under one minute! Dealers
no longer have to wait hours or even days to hear back from lenders when using
this service. Check out About Us and Our
Program for more information concerning our company and programs. Can
I view your rates or get them over the phone? You
can visit our Rates page for information concerning our
rates and how we process loan applications. If you have any questions concerning
our rates or program feel free to Contact Us. I
can't remember by DealerID and can't enter in applications, what do I do? If
you are an auto dealer signed up with us and have forgotten your DealerID number,
which allows you to process loan applications, then Contact
Us immediately so we can issue you a new DealerID. What
happens after I enter the application? Once
an application has been entered and submitted it is instantly decisioned and you,
the dealer, are provided with a decision on the spot as to whether the application
has been approved or denied. Approved applications are guaranteed funding once
all documentation has been received and verified. How
can I get in touch with you for answers to some of my questions? If
you do not find the answers you are looking for here, then feel to email
or call us at any time. You can also visit our Contact
page for more information on contacting us. How
long does it take for a response to an application? All
applications are instantly processed and decisioned. You will get a decision on
an application in one minute or less! What
sort of documentation/stipulations must I provide on an approved applicant? Every
loan we finance will require basic documentation. Loans that have been approved
on our website are guaranteed funding once all documentation has been received
and verified. What
does it cost me to enter an application? Absolutely
nothing! We here at AutoUnderwriter feel that dealers should not have to wait
hours or even days to get a decision on loan application so we have developed
a state of the art instant decisioning matrix that will return to you an approval/denial
in one minute or less. What
kind of loans do you finance? AutoUnderwriter
currently specializes in non-Prime auto lending. We will soon be expanding our
program to include Prime and Sub-prime lending. Can
I enter an application with my own structure? Yes!
Using our state-of-the-art system you can opt to provide your own structure, or
have us provide a structure for you based on your customers credit. I
don't know how to structure a loan, can I still enter applications? Yes!
Dealers can choose to enter an application with or without a structure. In the
event a dealer chooses not toenter a structure we will, upon approval, return
a set of "Maximum Loan Parameters". For example one person may be cleared
for a loan up to $15,000 for up to 36 months at 15.79% a.p.r. You can then use
these maximum loan parameters to create your own structure. Can
I make changes to an existing application and resubmit it? Yes!
We realize that dealers may sometimes change structures or add Co/Joint applicants
as they feel necessary. All applications that are submitted via our system are
stored for 30 days, during which time the dealer can go back in and make alterations
to any of his applications he chooses and resubmit them. What
steps have you taken to insure consumer privacy? All
applications entered by a given dealer are only able to be reviewed by that dealer
and our staff of credit officers here at AutoUnderwriter. At no time, for any
reason, will any information be divulged to parties other than those listed above.
We have a secure server setup for submitting applications so that no information
you send us over the Internet can be read by someone intercepting the transmission. Will
you give out the personal information entered in an application? No.
All information entered in the credit application is kept strictly confidential,
and can only be viewed by the dealer who originally entered the application and
our staff of credit officers. Do
I have to use the online credit application? No,
while no one has to use our online credit applications, it is the only way we
can provide an instant decision. Our dealers will always have the option of faxing
in credit applications, but by using the online credit application you will receive
your decision immediately as opposed to waiting up to several hours by using the
fax back method. Who
will see the applications I enter? Only
you, the dealer, and our staff of highly training credit officers will be able
to access/view applications that have been submitted via the Internet. In
which states is your service available? Currently,
our service is available in most states. Check Rates
for a listing of states that are currently able to use our service. Why
was my applicant denied? Applicants
can be denied for various reasons, but the most common are: insufficient income,
excessive debt to income ration, past repossessions/bankruptcies, or fraudulent
applications. See Our Program for more details concerning
loan policies. What
if my applicant has bad credit or a bankruptcy? There
is still hope! Applicants can still be approved if they have had no more than
one repossession, and that repossession was not in the last 12 months. Also applicants
can have up to one bankruptcy that must be discharges. See Our
Program for more details. When
is the deal actually funded? Approvals
will be funded within 72 hours after receipt of the complete and verifiable document
package. For more details please consult Rates. | ||
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| H.Q.
2755 Campus Drive, Suite 155 San Mateo, CA 94403 1-800-574-6353 9-5 PST |
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