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Auto Underwriter's cutting edge technology allows auto dealers to input applications
directly into our proprietary automated approval system, via the Internet, with
or without a loan structure 24 hours a day/7 days a week/ 365 days a year. Auto
Underwriter's computerized approval software will instantly decision the application,
providing a detailed on-line decision back to the dealer in less than one minute.
Listed
below are our minimum application requirements:
| Amount
Financed | $3,500
min / $25,000 max | | Down
Payment/trade in value: | Greater
than 10% or $1,000 | | Advance
Ratio: | 130%
maximum | | Vehicle
year: | 8
years old or newer | | Vehicle
mileage: | 90,000
maximum | | Loan
terms: | 12
months min. / 60 months max. | | Residence: | 6
months and 2 years in area | | Employment: | 6
months and 2 years history | | Repossessions: | 1
maximum; none in last 12 months | | Bankruptcy: | 1
maximum; must be discharged | | Gross
income: | $1,800
minimum | The
online decision will fall in one of four categories:
1.
Approval: An approval number is provided along with a document and stipulation
checklist for submittal of the funding package.
2.
Approval with maximum loan structure parameters: Dealers can submit credit
applications without proposed loan structures and Auto Underwriter will return
the maximum parameters approved for the customer allowing dealers to then structure
the loan knowing what the customer is qualified for.
3.
Conditional Approval: The system will issue an approval provided that the
loan structure is modified and resubmitted to not exceed the maximum underwriting
parameters that are provided by Auto Underwriter.
4.
Denial: Specific reason for denial with a credit report that allows the dealer
to view the customers credit report with highlighted denial reasons.
Our
credit analysts simultaneously receive all submitted applications and decisions
and are standing by to rehash any deals that the dealer requests by calling toll
free 800-574-6353; 9am - 5pm PST Mon. - Fri.
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