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Credit Approval Process

Credit Approval Process

We make the assumption that no one wants a repossession. We believe the reasons repossessions generally occur are because clients’ have purchased a bad vehicle – the wrong vehicle for them – or that they cannot afford the payments. Quality transportation is no longer a luxury.

Our approvals are based on character and budget. We actually analyze the client’s monthly disposable income supported by proof of income and bank statements. It has turned out to be a balanced method and often means a client that cannot get traditional financing from a bank CAN get approved through TCL!! We think we can add 3-5 deals per month to any dealership. These are either deals that you:

  •  Can’t get financed;
  •  Can’t get financed at a reasonable interest rate; OR
  •  Can’t get financed with sufficient advances to provide the vehicle that the client wants, at a satisfactory profit to the dealership.

WHAT DO WE NEED FOR AN APPROVAL?
1. Credit application that will include anyone (spouse, common-in-law) that will drive the vehicle and/or whose income makes up part of the household budget
2. A current Equifax credit bureau
3. Authorization to capture updated banking information through Decision Logic
4. Proof of income
5. Valid driver licenses for anyone that will drive the vehicle

* Student or New Immigrant VISAs – copy of their current VISA, and confirmation of current employment/participation in educational program.

Whether or not you send in applications through Dealer Track, the great thing is that you can still talk to us – meaning – we like a story. Tell us some history for your client – it helps with the approval.

The approval comes in the form of a monthly payment. If the client household income is $5,000 and their household expenses are $3,600, they have disposable cash flow of $1400. We will approve the client for approximately $475 – $600 per month, leaving them room for whatever unexpected expenses may arise. Please note, the payment grid is on the reverse page of the advance sheet. We will advise what the sale price to the client (and bill of sale) must be to meet the payment approval. You can then speak with the client about a vehicle that they will get approved on, rather than wasting time on vehicles they cannot afford.

If we get a complete package we can have an approval almost immediately (literally 15 minutes if you have the client with you in-house). We will send you back the payment approval – you find the vehicle that the client likes and will roughly fit into the pay grid, along with our booking sheet on the vehicle. We will send you back the exact monthly payment and upfront costs.

Please see below for links to the Personal and Commercial Credit Applications:

Personal Application Form

Personal Budget Form

Commercial Application Form