NEED TO KNOW IF A CLIENT WOULD QUALIFY?
CALL US! A quick call to the area buyer to discuss the applicant and their bureau (with story on individual), will allow us to advise yes or no whether we will consider the application. After discussion, we still require a fully completed application with detailed budget and bureau to provide a tentative payment call (pending receipt of full application and all supporting documents to finalize approval).
WHAT ARE COMMON “DECLINE” SITUATIONS?
WHAT ARE KILOMETER RESTRICTIONS ON LEASE TERMS?
Our lease terms and payments are based on standard 2000 KM per month; mileage audits are performed monthly. This is very important to communicate to the client when the application process starts and the lease is signed. If a client requires more kilometers, a charge of $100 per additional 100 km is assessed to the sale price of the vehicle on the lease agreement (not part of dealer funding). If a client exceeds kilometers consistently, the bank requires a “re-lease” to increase kilometer usage, and/or invoice for excess kilometers on a monthly basis (clause 10 of lease agreement).
CAN CLIENT “ROLL-IN” NEGATIVE EQUITY?
TCL accepts negative equity provided its fits within the advance based on vehicle and advance grid – and the clients’ approved payment.
WHAT IS THE TCL $2600 PRICE ADJUSTMENT?
All applicants/clients should be made aware of the $2600 Price Adjustment. The adjustment is required primarily to fund our internal operating expenses, and reserves. In turn this allows us to offer rates at 6.9% – 11.9% for our clients that still saves them thousands of dollars in financing as to what would be available to them outside our services. It also allows us to ensure our long-term viability and dealer-funding will NOT be an issue.
DOES TCL CONSIDER SUB-PRIME APPLICANTS ?
For clients who fall outside our *core category (consumer proposal or bankruptcy), or secondary category (500 – 550+ beacon), applicants MAY be considered as an exception to our standard program. However, we will ONLY advance wholesale Ontario book value, plus doc fee, and warranty. Based on applicant, we may also require a down payment, subject to internal credit adjudication.
IF A CLIENT HAS ALREADY COMPLETED AN APPLICATION FORM THROUGH DEALERTRACK, DO WE STILL NEED TO COMPLETE YOUR APPLICATION?
No … we will accept the Dealertrack Application form, but we still will require completion of the client budget. Click here.