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You - Originate Contract You - Complete Package and present to ACA ACA - Completes Verifications, and starts funding process (whole process usually 3 to.

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Presentation on theme: "You - Originate Contract You - Complete Package and present to ACA ACA - Completes Verifications, and starts funding process (whole process usually 3 to."— Presentation transcript:

1 You - Originate Contract You - Complete Package and present to ACA ACA - Completes Verifications, and starts funding process (whole process usually 3 to 7 days ACA - FUND YOU 87cents on the Dollar and only a $195 fee ACA THE ROAD TO MORE AUTO LOANS

2 CREDIT REQUIREMENTS Fico 575 and up Rates: New17.95% - State Max current -2 yr19.95% - State Max 3yr – 5 yr22.95% - State Max 5yr plus24.95% - or State Max Max Front Advance115% +TTL + gap and warr Max Advance145% Gap$795 or State Max Service Contract$1795 or $1995 4WD ( min 1/2 term) Max Term60 months ( see below ) Max Amt Finance$25, Min Amt Finance$7, Max Payment (PTI)15% Min Down Payment$1, or 10% ( no deferred down ) 60 months5yr and Newer <60k miles 54 months7yr and Newer <70k miles 48 months7yr and Newer <80k miles 42 months8yr and Newer <90k miles 36 months 8yr and Newer <100k miles CREDIT AND STABILITY Credit History4 trade lines /12 mos Min High Installment$ Open Auto Account1 per borrower Time on Job6 mos on curr with 3yr history Minimum Income$ p/m Gross Time at Residence6 mos on curr with 3yr history Min Rent Factor$300 Insurance Factor$125 Max Debt to Income45% R/C Available65% of Available credit limits Term, rate fees and advance may be adjusted by underwriting supervisor if deal warrants special consideration. Excludes salvage, branded and TMU titles. No commercial grade units. Any vehicle that has been modified with other than factory equipment is prohibited. All contracts are subject to 1 st payment default and fraud buy back No 1 st time buyers No repo in the last 12 months No open foreclosures No more than 45 days till 1 st payment, no due dates past the 20 th of the month No multiple Bankruptcy’s Program Guidelines

3 Blue Book / NADA wholesale value$12,500 Front End Max Advance %x 115% $14,375 Down Payment 1,000 Max Sales Price $15,375 Tax + Title + License 1,537 (estimated at 10% of purchase price) $16,912 Warranty 1,395 Gap 795 $19,102 Less Down Payment $1,000 AMOUNT for 60 months = $ Payment BACK END ADVANCE 145% *Customer would need to have income of $ to qualify at a 15% payment to income ratio Sample Deal Structure

4 MANDATORY DOCUMENTS NEEDED WITH EVERY DEAL PLUS ANY OTHER ITEMS REQUESTED BY SOUTHSIDE FINANCIAL GROUP  Signed Bill of Sale by Buyer (s) and Seller / Original Contract / Retail Order  Copy of the Approval  Copy of Credit Application  Signed Odometer Statement by Buyer (s) and Seller  PTI Calculation: ___________(Payment) / ____________ (Income) = _________% (PTI)  DTI Calculation:___________ (Total Debts) / ___________ (Income) = __________% (DTI)  Total Advance: ____________(Amount Finance) / ____________ (Book) = ___________% (Advance)  Notice to Co-Signer (if applicable)  Copy of Driver’s License (s) (Buyer, Co-Buyer, Guarantor)  Copy of current paycheck stubs (Buyer, Co-Buyer, Guarantor)  Proof of Home Address on all parties- utility bill (ex: phone bill, gas bill, electric bill) or copy of a lease are acceptable  Book Sheet KBB NADA  Proof of Full Coverage Insurance (min $500 deductibles and 6 month policy)  5 References with names, addresses, and phone numbers for all signing parties  Copy of an application for Vehicle Title and Registration / Lien Receipt and State Specific Title Receipt  Power of Attorney  Customer Interview Form  Signed disclosures for starter interrupt with Access Log In ability with Vendor (if applicable)  Signed disclosures for GPS units with Access Log In ability with Vendor (if applicable) Contract Checklist

5 ACA Funding Check List: 1. *ACA Customer Credit Application 2. *Dealer/ACA Assignment Agr. 3. ACA Arbitration Agreement if not on contract 4. *ACA Customer Automatic Payments 5. *ACA Customer References 6. *ACA Insurance Info 7. ACA GPS Disclosure Agreement if used Agreements that have an (*) are required with each deal with each deal ACA Funding Forms Located on ACA Web Site


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