UFC Rate Sheet August 30, 2017

Transcription

1 UFC Rate Sheet August 30, 2017 UFC Standard Program FICO Score <620 Maximum $15,000 Amount Financed MAX LTV 140% of stock KBB 21.99%-23.99% APR and 7%-15% Discount GAP ($395 cost) will not count against your Discount, but it count towards LTV Service Contracts up to $1495 will not count against your Discount, but will count towards LTV UFC Gold Program FICO Score 620+ (Buyer OR Co-Buyer) Maximum $17,500 Amount Financed MAX LTV 140% of stock KBB 17.99%-19.99% APR and 4%-9% Discount GAP ($395 cost) will not count against your Discount, but it count towards LTV Service Contracts up to $1495 will not count against your Discount, but will count towards LTV All Approvals are considered Pre-Approvals subject to verification of POR/POI. Rates and Discounts vary depending on credit factors including but not limited to customer income, collateral condition, and credit history. Customers with previous auto charge-offs may require GPS provided by UFC ($125 Fee). Please refer to the UFC Underwriting Guidelines. Financing Conditions Minimum $200 Monthly Payment Loan Term between 12 and 60 months Collateral must have less than 140,000 miles MAX LTV 140% Deferred Down payments must be disclosed at the time of the application max ($ ) of Deferred down payment must be set 45-days out and rest of deferred must be paid 15-days before first payment Buyer Guidelines Buyers must be employed Minimum income $1800 a month Buyers PTI ratio is 18% or less Customers with previous repossessions are acceptable on a case-by-case basis and may require GPS No Buyers with 3 or more open credit derogs in past 180 days Customers with BK-7 or BK-13 filings must provide Proof of Discharge notice. No multiple BK filings / No derogatory marks after bankruptcy Former or current UFC customers ok if loan is in good standing Exclusions No Salvage, gray market, true miles unknown, storm damage, prior total loss, rebuilt, core and/or frame damage, unresolved accident, commercial, or any branded title. No collateral garaged in foreign jurisdiction or remote area without repossession accessibility. No Defunct makes, Impala, PT Cruiser, pre-2009 Kia or Hyundai, Police interceptors, Taxis or Tow Trucks UFC reserves the right to reject or re-process any deal received that does not match the approval given. We firmly believe in being transparent and ethical with not only our Dealer partners, but also our current and future customers. If you have any questions, don t hesitate to call us at (626)

2 UFC UNDERWRITING POLICIES Bankruptcy- Discharged or dismissed bankruptcies are generally okay. Open bankruptcies, Chapter 7 and 13, must provide proof that the 341 Meeting of the Creditors has been completed. Open Chapter 13 must also provide a signed letter from the trustee authorizing them to incur more debt, along with the 341 Meeting of the Creditors notice. No multiple BK filings. Co-signers- 1 Piece of POR must be provided for both signer/co-signer. Dealer Employees in Sales, Finance, Management and Dealer Principals- The deal structure must have an LTV of 75% or lower. Delinquent Mortgages- If less than 90 days delinquent, proof of account being current will need to be provided. If mortgage is in modification we will need proof from the lender or attorney who is handling the modification. If house foreclosed we will need proof of CURRENT por. Deferred Down Payments- Max of Deferred is $1000 and must be due no later than 14 days prior to the 1 st payment due. Must be disclosed at time of application and on the 553 contract. Derogatory Items- No more than 3 open derogs in the last 180 days. No derogs after BK unless the BK is 3 or more years old. Funding- UFC is not responsible for due payments on your flooring line, please plan accordingly, as there are verifications that are to be done on every deal. Incoming Applications- Can be submitted on DealerTrack or CreditSmarts. If submitting directly to UFC please include, Credit App (signed), Deal Structure, NADA/KBB and credit report. Incoming Deals- Sending complete deals is vital for verification of the deal. UFC has the right to return any deal at any time; dealer will be notified regarding the reason. Military: Rank E-2 and above- The deal must include in the stips, the customer s 1. Military Leave and Earning Statement (LES) 2. Allotment Application 3. Customer s Mypay allotment confirmation page 4. Mypay notification page New Car Financing Policy- UFC will finance new cars, but vehicles must be current-year models and have less than 200 miles to be considered new. We do not give credit for Dealer cash or rebates, meaning that if the deal includes a rebate, that amount will not be calculated in the approval. You will have to adjust the sales price to reflect the price less the rebate when structuring the deal, and the actual down payment during the submission. The rebate cannot be accepted as part of the down payment. No Hit a.k.a Ghosts customers- UFC can accept these types of customers. If UFC gets a SS mismatch we will request a copy of the Social Security Card.

3 UFC Underwriting Polices continued Non-Financeable Vehicles- UFC will not finance, Salvage, gray market, true miles unknown, storm damage, prior total loss, rebuilt, core and/or frame damage, unresolved accident, commercial, or any branded titles. No, Sebring, Hummer, Impala, PT Cruiser, Pre-2009 Kia or Hyundai. UFC will not finance any Dead Make vehicles from manufacturers. UFC will not finance, taxis, police units (including police interceptors). Number of Repossessions/Auto Losses- Voluntary surrender, redeemed repos, paid repos, charged-off autos, BK Liq Autos, insurance deficiency autos, and other autos (or installment loans from an auto lender) that appear to be repos will all be considered and COUNTED as Repossessions. Prior UFC Accounts- UFC will all do a loan for a previous customer. Borrower and co-borrower combined have no more than 1 active loan with UFC Active loan is at least 12 months seasoned Active loan has not been 40+ DPD at any time Active loan current at time of application Active loan current at time of funding Any default (not including charge offs related to insurance deficiency) will automatically lead to a decline decision on current application Resubmitted deals- A deal with the same customer can only be resubmitted twice. Please contact the acquisitions team to discuss restructures and rehashes before resubmitting the deal again. References- UFC requires 5 references plus Landlord information at the time the deal is signed. UFC requests full Name, Address, Relationship and phone number for each reference. Returned deals- Deals missing 2 or more major stips (POR, POI, References) are subject to being turned down or returned regardless of deals age. Shipping Label- UFC will provide an overnight label from GSO for all COMPLETED loan packets ready to be submitted to UFC for verifications and funding. UFC will not provide multiple overnight labels for dealer errors. ****Notice**** Polices and stipulations can change without warning. We reserve the right to negate any deal for any reason; please use common sense when submitting a deal. We firmly believe in being transparent and ethical with not only our Dealer partners, but also our current and future customers. Thank you! UFC Management.

4 Acceptable Documents for POI & POE Document Type: 1. W2-Paystub: a. Date must be within 45 days of the contact date and must have YTD b. If the customer states they receive a paystub that is the document UFC requires for funding 2. Paystub- No YTD: a. UFC requires 3 consecutive pay stubs to verify income is the average between all stubs provided 3. Check Images: b. UFC requires 3 copies of canceled checks if the customer receives checks with no Paystub c. Checks must be consecutive. UFC will verify income average between all checks provided 4. W2/1099/Tax Returns: a. UFC will only accept previous year W2/1099 b. Tax Returns- UFC will only accept previous calendar year c. UFC will verify income is NET income (after deductions) 5. Bank Statement: a. UFC requires the MOST recent 3 months bank statements b. If using bank statements to show direct deposit, UFC requires the direct deposit to match the Employer name listed on the Credit Application. c. If there are 2 people on the bank statement and only 1 of the borrowers is on the contract UFC will split the income between both listed customers on the bank account 50/50. d. Transfers between borrower accounts, return credits will NOT be counted as income. e. Multiple Bank(s) Statements- Must have consecutive statement periods. 1 statement must be within 45 days of contract date. UFC will verify the income average of the deposits between all statements provided. 6. Job Letter: a. UFC requires that ALL job letters are to be put on company letter head of the borrower b. Job letters are to be completed by the principle owner/office manager of the company where the borrower Works. All Job letters require a business card of the person who is completing the Job Letter. If no business card is available UFC requires a copy of the business license with a max amount of job income of $2500 a month c. Job letters must include Company address and phone number. Job Letters are to include borrower s date of hire, Job title, monthly income, borrowers position, and signature by the person filling out the Job Letter 7. Social Security: a. Must be dated within 45 days of contract date, can use bank statement to show direct deposit from US Treasury Department b. SSA/SSI/SSDI/Award letters must be dated within the current year, can also use bank statement to show direct deposit from the US Treasury Department and will be grossed up 120%

5 Acceptable Documents for POR, ID, SS#, ITIN & Insurance Proof of Residence: 1. Current utility bill- Must be dated within 45 days of the contract a. Electric Bill b. Gas Bill, Water Bill, Trash Bill c. Cable, Internet, DIRECTV etc. d. Cell Phone bill (Okay if on parents plan, and shows address used on application) e. Credit Card Bill, Medical Bill, Bank Statement (if not used for POI) f. Junk Mail which shows address and borrowers name Acceptable Identification: 2. UFC will not accept any borrower with a suspended license (Restricted is okay), a KSR will be run at the time of funding. UFC will only accept ID s that are Government issued, if borrower has a paper license we will need a picture ID. a. CA DL b. CA ID c. Passport d. Matricula consular ID Acceptable SSN & ITIN: 3. UFC will accept Government issued Social Security Numbers and ITINS Acceptable Insurance Policy: 4. UFC will ONLY accept full coverage while the vehicle is financed. a. CA minimums are acceptable b. Max deductible is $1000 comp/collision c. Borrower/Co-Borrower CANNOT be excluded from the policy d. UFC will accept a different address on policy as long as we have a reasonable explanation for the discrepancy from the address on the contract and Insurance policy e. Insurance binder is required for funding with UFC listed as lien holder: Universal Financial Company PO BOX 850 SAN GABERIEL, CA 91778