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PROGRAM
ELIGIBILITY GUIDELINES
Applicant Eligibility
Employment & Income
- Minimum two-year employment history
in similar lines of work, with no job gaps of over 30
days
- The first entry on Schedule I must
show a minimum $1,700 (combined, for co-applicants) gross
monthly income from permanent, full-time W2 employment.
Applicants with income from Social Security, retirement,
child support / alimony or permanent disability will be
considered on a case-by-case basis.
- Applicants who are self-employed
or whose primary employment is temporary / seasonal will
not be considered.
Residence
- Minimum two-year residence history
- Applicant’s rent / lease / mortgage
must be current, and may not be in payment plan / forbearance.
- Home phone or cell phone must be
in applicant’s name.
Credit & Debt
- All surviving accounts are current.
- Monthly gross debt percentage (meaning,
all surviving monthly debt payments, including the anticipated
vehicle payment, divided by qualifying gross monthly income)
does not exceed 45%.
- Each applicant is allowed one open
(i.e., active) auto loan, including this new loan. Any
applicant reaffirming on another creditor’s vehicle
must add a co-applicant in order to be considered for
this new loan.
- Applicants who have filed for bankruptcy
more than once are considered on a case-by-case basis.
(Chapter 13 conversion to Chapter 7 is considered a single
filing.)
Other
- Current, valid driver’s license
for each applicant.
- Vehicle must be insured with comprehensive
/ collision deductibles not over $1,000.
- Redemption only: All parties named
as owners on the existing vehicle title must either be
party to the new redemption loan or agree, prior to the
filing of the Motion to Redeem, to release their interest
to the title. This title interest must be resolved formally,
prior to the closing and funding of the new redemption
loan.
Redemption Vehicle Eligibility Guidelines
Eligible Vehicles
- Vehicles intended for private, personal
use
- Model year 1999 or newer
- Up to 65,000 miles (most vehicles)
or 80,000 miles (select imports and 4x4 trucks & SUVs)
- Must have air conditioning, AM/FM
radio, and power steering
- Minimum vehicle fair market value
of $2,500
Ineligible Vehicles
- Vehicles 1998 and older
- Daewoo, Kia, Suzuki
- Vehicles with over 25,000 average
miles per model year
- Conversion vehicles (e.g., customized
vans) and Canadian vehicles
- Cargo vans and other vehicles manufactured
for commercial use
- Vehicles with salvage / flood / fire
/ manufacturer buy-back / rebuilt or other branded titles
- Other restrictions apply.
These basic guidelines are provided
for convenience only, are do not represent loan underwriting
requirements in their entirety. Not all applicants and vehicles
meeting these basic guidelines will qualify for financing.
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