3Why UCFS?UCFS has developed a program that enables you to do more business with more customers
4Your UCFS Team Tim Gebhardt Julie Ludlow Carol Stahl Becky McMullen (your UCFS team has combined experience in merchant financing of 100+ years)
5Program Overview In-store closed-end contract financing For purchases of $ or moreA/B/C credit rated customers can qualify for credit(Store employees are not eligible)
6Levels of Financing Available No down payment is required, but may affect approval when credit is border-line$25.00 administration fee, paid on purchased contracts onlyBuy Rate ranges from 75 to 100% depending on credit-worthiness of the customerStore pays the difference if you choose to accept the Buy Rate
7Payment of ContractsFunds paid within business hours of completed contract submissionFirst payment defaultIf the customer does not make the first payment, the merchant is responsible for the net amount funded on the contractMerchant is notified of potential default60 days from notification to resolve with the customer
8The Credit Application Process Customer fills out applicationAdd your merchant number and insert estimated amount to be financedCall the completed application into an Instant Credit operator atYou will be told if it is an accept and the buy rate, or declined.
9Applications Approved by UCFS UCFS will offer the store a Buy Rate based on the applicants credit qualificationsStore makes decision to accept or decline Buy Rate offered for that customerIf accepted - fill out a contract and obtain a legible copy of the driver’s license (to verify customer I.D.)Fax contract, credit application and copy of driver’s license toThe paperwork will be checked for accuracy and the contract will be accepted
10ApprovalPlease make sure the customer has received their copy of the contract before leaving. We will follow up with the customer in approximately 2 days to confirm their satisfaction and understanding of the contract terms.If the employee needs help with the figures they can call us for assistance (some states are different, so please tell us the state for which you need figures).***Remember to write your merchant number at the TOP of the Application & Contract***10
11Buy Rate DecisionAfter you are offered a Buy Rate you may extend the offer of financing to the customer or notIf not…“Unfortunately you did not qualify for our consumer credit program, would you like to look at another payment option?”
12Applications Declined by UCFS The employee will not know the reason and should not guess or offer any reasonState “I am sorry you were not approved to use financing as a payment option. Would you like to look at another form of payment?”Fax the credit application toUCFS will send the consumer a letter with information on how to find out why they were declined
13The ContractEFT (Electronic Funds Transfer) is the preferred way to set up contract payments. Assume this to be so unless the customer objectsFax all contracts, credit applications and legible Driver’s License copies upon completion to:Remember to write your merchant number at the top of the contractBe sure all applications and contracts are signed by all partiesSecure all applications, contracts and copies of driver’s licenses in a locking storage system (file cabinet, lock box, etc.)
14ReturnsCall UCFS immediately to report any return of merchandise that was financed at UCFS and arrange for repayment of the funded contract.
16Remember your merchant number This is a UCFS Credit ApplicationIt must be completed for every contract submitted.Fill in as many spaces as possible.Please make sure to write your UCFS Distributor number on top of the credit application.All credit applications and contracts will be assigned an 8 digit account number so it can be tracked in our system. Assignment of account number does not mean that credit has been approved.Using EFT? Fill in these two spaces3680.17Make sure all buyers sign
17This is a UCFS Contract for Ohio . There are different contracts for each state & District of Columbia.It is important that this document is completed as accurately as possible. Errors may cause delays in processing.All buyers, along with seller, must sign the contract.The next few slides will provide information to help you complete the contract.To make it easier to read, we will break the contract up into three parts: top, middle & bottom.
18Store/Compay namexxxxx123 Your StreetAnytown OH2,5002,500Describe merchandise being financedJohn Smith123 North Main StWestlake2,500156.25
19Offering “Same as Cash” options? Write it in here.Determine the Cash Price by adding the Sales Tax to the Selling Price. Subtract any Down Payment given by the customer to calculate the Unpaid balance/Amount Financed. That amount will also be written in Box 1 on the left side.2, , ,442.12556.252,656.252,100.0090 Days Same As Cash5/8/09First payment should be due 30 days from contract date.We will determine how to calculate these figures in a little bit.
20Contract MUST be completed, without any blank spaces, and signed by Seller (or Seller’s representative) before giving copy of contract to Buyer(s).
22UCFS Website Enrollment Instructions 1. Type to get to the website.2. Click on “Online Service” tab to get to the Login Page.3. Click on “Enroll in Online Services” to enroll in the website.
23UCFS Website Enrollment Instructions 4. Enter the following required information:The Merchant, Distributor or Client NumberA contact name for the merchant’s businessValidation type (choose one from the following)VRU Pin Number (if the merchant is already registered on the VRU)Social Security Number (if on file and known)Federal ID (if on file and known)(if no other info is known or on file and a valid is on file)User Name (for logging in)PasswordValid AddressSecurity Question (in case the merchant forgets his/her user name or password)Whether the merchant would like to receive online message notificationWhether the merchant would like to receive periodic information updates
24UCFS Website Enrollment Instructions 5. Confirm the information6. Accept UCFS’ Terms and Conditions by checking the box7. Registration process is complete, click on “Log into UCFS Online services” to log in.
25Enter your Username followed by your Password Logging Into Online ServicesEnter your Username followed by your Password25
26Click on the Current DNCR to display your DNCR DailyNewContractReport26
28Dispositions – on DNCR or Web site (for credit application not originally submitted via Instant Credit)Approved - PDA2 Please Fax Contract to with the Percentage of Approval (EX: 95%)PDA2 Pending Team ReviewPDA2 Does Not Qualify for Financing28
29Follow Up Based on the Decision Approval – Fax Completed Contract to: ; Make sure to include a copy of customer’s driver’s license.If disposition says Pending Team Review – Check back later for the decision.PDA2 Does Not Qualify for Financing – No action needed.29
30UNITED CONSUMER FIANANCIAL SERVICES (UCFS) CONTACT INFORMATION UCFS Main Telephone Lines: UCFS Website: Address: Bassett Rd. Westlake, OH Finance Team Team’s Direct Phone number: Julie Ludlow Manager 8:00am-5:00pm X6643 Kathy Kray Evening Contact 5:00pm-1:00am X6792 Instant Credit Instant Credit Direct number Instant Credit Fax number Becky McMullen Director IC 7:30am-4:30pm X6684 Alexis Szudarek Night Sup. 4:00pm-12:00am X5021 Account Services (Collections) Jim Barnhart Director AS X6653 Amanda Brown Supervisor X6681 Candice Rodriguez Supervisor X6636 Supplies Kim Ortiz 8:30am-5:00pm X6700 Banking Connie Paynter 8:00am-4:30pm X684430
31Thank you for giving UCFS the opportunity to work with you and help grow your business! Questions:UCFS