LOAN PLACEMENT
1. Customer completes credit app, the Dealer fills out down payment and trade-in section, and faxes the app to us. The Invoice (or Bookout for a used unit) as well as other information, is submitted separately.
2. Recfin "works" the app. Within minutes a plan of action is in place and a status report is faxed back. If necessary, the customer is contacted by phone in preparing to match them to a lender. The elapsed time to complete that transaction can range from several minutes to several days. The Dealer receives an update at the end of each day throughout the process.
3. After Recfin obtains a Lender commitment, the Customer is contacted by phone. We discuss interest rates as well as options such as insurance and extended service products, to arrive at an acceptable package, and confirm requirements Customer will need prior to delivery, such as vehicle insurance and down payment.
4. Recfin faxes Dealer a delivery sheet indicating information we'll need, such as delivery date and serial numbers, to prepare loan documents.
5. Recfin prepares loan documents and contracts and those documents are either forwarded electronically or delivered overnight to LOAN PLACEMENT
1. Customer completes credit app, the Dealer fills out down payment and trade-in section, and faxes the app to us. The Invoice (or Bookout for a used unit) as well as other information, is submitted separately.
2. Recfin "works" the app. Within minutes a plan of action is in place and a status report is faxed back. If necessary, the customer is contacted by phone in preparing to match them to a lender. The elapsed time to complete that transaction can range from several minutes to several days. The Dealer receives an update at the end of each day throughout the process.
3. After Recfin obtains a Lender commitment, the Customer is contacted by phone. We discuss interest rates as well as options such as insurance and extended service products, to arrive at an acceptable package, and confirm requirements Customer will need prior to delivery, such as vehicle insurance and down payment.
4. Recfin faxes Dealer a delivery sheet indicating information we'll need, such as delivery date and serial numbers, to prepare loan documents.
5. Recfin prepares loan documents and contracts and those documents are either forwarded electronically or delivered overnight to Dealer.
6. After Customer takes delivery, Dealer sends Lender's contract directly to Lender for funding. We simultaneously submit a recap sheet to Dealer indicating how proceeds will get disbursed to applicable insurance and service contract companies when the deal is funded. Lender funds directly to the Dealer, and Dealer disperses product payments, as well as payments to Recfin.
Loan Placement
1. Dealer submits completed credit application to recfin.
2. recfin "works" the app, and within minutes a plan of action is in place and the dealer is contacted.
3. After recfin obtains a lender commitment, the customer is contacted for closing. We discuss interest rates, credit insurance options and extended service policies. Customer chooses a desired loan package, and the dealer is updated.
4. Dealer informs recfin of delivery date.
5. recfin prepares and ships loan documents to the dealer or transmits them through our proprietary online operating system.
6. After customer takes delivery and deal funds, recfin provides a complete transaction summary for dealer disbursements.
Dealer.
6. After Customer takes delivery, Dealer sends Lender's contract directly to Lender for funding. We simultaneously submit a recap sheet to Dealer indicating how proceeds will get disbursed to applicable insurance and service contract companies when the deal is funded. Lender funds directly to the Dealer, and Dealer disperses product payments, as well as payments to Recfin.
