EXCLUSIVE CREDITS BACK POLICY

Credit will be given back for any application that falls within the parameters of the below definitions. Credit must be marked within a timely period (within 48 hours after receipt) in order to receive a no charge.

Definitions:

DUPLICATE: When you receive an application containing a SS# that has been presented to you previously within the last 30 days, mark the Duplicate column for credit back on the application. This column is not intended for applications that are in your system greater than 30 days old.

FICO/BEACON: If you are set up to receive a minimum acceptable FICO score, when you receive an application not containing a FICO/Beacon score, and after you have processed the application the score falls below the scoring number that you have contracted to accept, mark the FICO space for credit back on the application. This score does not represent a FICO score coming to you, or being pulled by you of “0”, wherein the customer has limited or no credit and can be processed as a first time buyer or by other means.

REFI/LBO: When you receive an application wherein the customer intended to Refinance their existing auto or purchase their Leased auto and mistakenly completed a purchase application, please mark the column REFI/LBO, but only after you check the details of the auto they are trying to REFI or Buy Out, because over 70% of the applications submitted for REFI do not qualify due to age and/or mileage on their existing auto, thus the customer is only left with the option to purchase and trade-in.

PPP: When you receive an application wherein the customer has attempted to receive an approval for a direct loan to purchase a Private Party Sale, if you cannot turn the customer around to dealership purchase, please mark the column PPP for application credit, but only after you check the details of the private party purchase with the customer to see if you can help them locate the same type of vehicle within the same pricing frame.

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