2011 Indiana Dealer Guide

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2011 Indiana Dealer Guide Powered By Docstoc
					       1260 Centre Turnpike, Suite 104
            Orwigsburg, Pa 17961
               866-719-8003 (Phone)
                866-719-8007 (Fax)

              Table of Contents
Pricing Guidelines                       pg. 2
Contract Term Limits                     pg. 3
Ineligible Applicants (qualifications)   pg. 4
Application Process                      pg. 5
Credit Application                       pg. 6
Vehicle Worksheet                        pg. 7
Funding Process                          pg. 8
Funding Forms                            pg. 13
   Dealer Funding Checklist             pg. 14
   Agreement to Provide Insurance       pg. 15
   PACCO Lienholder Statement           pg. 16
   Authorization for Direct Debit       pg. 17
   Reference Sheet                      pg. 18
                                                                                                                                                           Ineligible Applicants:
                                                                                                                                              * FICO <500; <525 if First-Time Buyer ("FTB")
                                                                                                                                              * Gross Income < $1800/mo. (<$3000 if Joint applicants)
                                                                                    2011 Pricing Guidelines                                               - excluding Alimony, Child Support
                                                                                                    Indiana                                   * Job Time <3 mos. (< 6 mos. if FTB)
                   Phone: (866) 719-8003                                                      Last Updated 7/1/11                             * Any prior Dismissed Bankruptcies or multiple BK's listed
                     FAX: (866) 719-8007                                                                                                      * Non-U.S. Citizens
                  website: www.PACCO.us                                                                                                       * Second Open Auto Loan on Credit Bureau
               website password: PACCOdealer                                                                                                  * Dealership employees




                                                                                 Maximum
                                                                                 Advance                                                                                              Maximum Loan
    Cust Credit             Interest       Maximum Total $$                       versus                              PACCO                         Maximum                                to
       Level                  Rate              Advancea                    Black Book Retail a                     Buydown Fee                      PTI Ratio                        Annual Income



    PLATINUM                 15.9%               $17,500,                          100%                                $195 b                            17%                                   25%
                                          includingwarranty and GAP *     plus warranty and GAP *


      GOLD                   17.9%               $15,000,                          100%                                $195 b                            16%                                   30%
                                          includingwarranty and GAP *     plus warranty and GAP *


      SILVER                 19.9%               $12,500,                          100%                                $195 b                            15%                                   33%
                                          includingwarranty and GAP *     plus warranty and GAP *


     BRONZE                  21.0%               $10,000,                          100%                                $495 b                            14%                                   33%
                                          includingwarranty and GAP *     plus warranty and GAP *


     COPPER                  21.0%                $8,500,                           90%                                $995 b                            13%                                   33%
                                          includingwarranty and GAP *     plus warranty and GAP *

                  Notes:       a       Max Total Advance includes TTL, and taxes on warranty and GAP
                                       Max Advance for First Time Buyers is 75% of Black Book Retail value + warr + GAP, with Maximum Total Advance not to exceed $10,000;
                                       FTB's must have existing bank acct
                               b       Buy down fee reduced by half for "Best" vehicles; applies only if warranty is financed covering half of the contract term
                                *      GAP product must be PWI Signature GAP




Best Vehicles*:            Acura RSX, TL, TSX; Chevrolet Malibu; Ford Focus, Fusion; Honda Accord, Civic, CR-V, Element, Fit, Pilot;Hyundai Elantra;
                           Jeep Wrangler; Infiniti G35; Kia Sportage; Mazda Mazda3, Mazda6;Mercury Milan; Mitsubishi Outlander; Nissan Altima, Maxima;
                           Scion (all); Subaru Outback, Impreza, Legacy, Forester;Toyota 4Runner, Avalon, Camry, Corolla, Echo, Highlander, Matrix, Prius, RAV4, Tacoma

*Buy down fees reduced by half on Best Vehicles with warranty covering half term;
Dealer can buy additional Term on "Best" vehicles at a cost of $100 per 6 months added; max add 24 months, max total term 72 months


Program Notes:
* Excluded Vehicles: Hummer, Jaguar, Land Rover, One-Ton Pickups, Cargo Vans, and other commercial-use vehicles
* No loans under $5K or contract terms under 30 months; no monthly payments below $175
* Military Applicants must have Minimum Rank of E-4
                                          Contract Term Limits
                                          (Use lesser of Mileage or Term)

By Mileage                                                                  By Vehicle Age

Up To:                    Maximum Term:                                                Maximum Term:
   6,000 miles               72 mos.                                           New         72 mos.
      62,500                   66                                              1 yr.         66
      70,000                   60                                                2           66
      77,500                   54                                                3           60
      85,000                   48                                                4           60
      92,500                   48                                                5           54
     100,000                   42                                                6           48
     107,500                   36                                                7           42
     115,000                   30                                                8           42


                                          Toll-Free Contact Numbers:
                                             Phone: (866) 719-8003
                                               FAX: (866) 719-8007
                              website: www.pacco.us (password: PACCOdealer)
Last updated 01/01/2011
 FICO <500; If First-Time Buyer <525

 Gross Income
       < $1800/mo.     Single Applicant
       < $3000/mo.     Joint Applicants

 Minimum Job Time –
   < 3 mos. (and < 6 mos. if First-Time Buyer)

 Any prior dismissed Bankruptcies or multiple
  Bankruptcies listed

 Non-U.S. citizen

 No 2nd open auto loans

 Dealership employees

 Active Military applicants must have:
   -minimum FICO of 525
   -minimum rank of E4
Application Process:

After the customer fills out the application, the dealer will fax the following information to
PACCO at (866) 719-8007 or transmit the application information to PACCO via
DealerTrack:

       1. Vehicle Worksheet

              -Vehicle Information (VIN, model, mileage, vehicle’s options)

              -Include deal information (breakdown of amount financed)

              -If Trade-in applies: year, make, model, and mileage of trade

*If no vehicle has been selected and a payment call or qualify for the applicant is
requested, please note the intention on the actual application


       2. Application

              -Dealer name and contact person at dealership

              -Applicant’s Name, Social Security Number, and email address

              -Applicant’s address and length of time at that address (housing status, i.e.
              rent/own/living with others) and amount of monthly housing payment
                (If less than 3 yrs: previous addresses and length of time at each address
              for a total history of at least 3 years)
              (Must have street name, PO Box and/or RD # alone, are not acceptable)

              -Applicant’s phone number

              -Applicant’s current employer, employer phone # and gross monthly
              verifiable income
                (If less than 3 yrs: previous employer and length of time at each employer
              for a total history of at least 3 years)

              -Other Income and source
               (If applicant wants this income considered make sure they know
               they will have to provide proof of the other income as well as proof of gross
               monthly income) **see guidelines for child support income in the funding
               process section.

              -If Joint Applicant:
                All of the above information for joint applicant

              -Date, signature of applicant and joint applicant, if applicable

              NOTE: For Military applicants, please submit LES along with application
                                                                                                                           DEALERSHIP NAME:
                                                                     CREDIT APPLICATION
                                                                                                                           DEALER CONTACT:


                CO-BUYER FOR__________________________________________________________
              NAME________________________________SS#________-______-________BIRTH____/____/______
              ADDRESS_________________________________________HOME PHONE(____)_____-___________
INFORMATION
 PERSONAL




              CITY, STATE, ZIP____________________________________CELL PHONE(____)_____-___________
              email address________________________________________           TIME AT CURRENT ADDRESS
              CIRCLE ONE - OWN / RENT / LIVE WITH PARENTS / LIVE WITH OTHERS       Y_______ M_______
              LANDLORD NAME & PHONE #_____________________________________
              MONTHLY PAYMENT AMOUNT - $ _____________
              (IF CURRENT ADDRESS IS LESS THAN 3 YEARS)                                                                                            TIME AT PREVIOUS ADDRESS
              PREVIOUS ADDRESS_____________________________________________
                                                                                                                                                          Y_______ M_______
              CITY, STATE, ZIP_________________________________________________

              CURRENT EMPLOYER NAME________________________________JOB TITLE_________________
              ADDRESS________________________________________________    TIME AT CURRENT EMPLOYER
              CITY, STATE, ZIP__________________________________________      Y_______ M_______
              EMPLOYER PHONE(____)_____-________
INFORMATION
EMPLOYMENT




                                                                            GROSS MONTHLY SALARY
              SUPERVISOR_____________________________________________
                                                                             $
              ADDITIONAL MONTHLY INCOME $__________SOURCE OF ADDITIONAL INCOME___________________________
              LENGTH OF TIME RECEIVING ADDITIONAL INCOME Y_______M_______

              (IF CURRENT EMPLOYER IS LESS THAN 3 YEARS)
              PREVIOUS EMPLOYER NAME_______________________________JOB TITLE__________________
              ADDRESS________________________________________________    TIME AT PREVIOUS EMPLOYER

              CITY, STATE, ZIP__________________________________________      Y_______ M_______


              NAME OF NEAREST LIVING RELATIVE __________________________________________________
INFORMATION




              RELATIONSHIP______________________________________________________________________
  GENERAL




              ADDRESS__________________________________________________________________________
              CITY, STATE, ZIP____________________________________________________________________
              PHONE(____)_____-__________

              APPLICANT’S BANK NAME_____________________________                                                      CHECKING                 SAVINGS               N/A

DISCLOSURE: “I” and “me” refer to applicant, any co-applicants, and any co-signers. “You” refers to the lending company. Every statement I have made in this application is true
and correct and has been made by me with the understanding that you will rely on it. I agree that if anything arises which changes any of the statements I have made, I will promptly
tell you. You may request a credit report on me, and if I ask, you will tell me the name and address of the consumer-reporting agency that furnished it. If you update, renew or extend
my loan or review my account for collection activity, you may request a new credit report without telling me.
NOTE: By signing this application, I will authorize both the Dealer and any Lender to whom this application is forwarded, to obtain a credit report.
NOTICE TO GUARANTOR: If you are providing information to the Lender on this Application for the purpose of acting as a guarantor for one or more primary applicant(s) and the
Lender determines that you, as a guarantor, do not meet the credit underwriting standards for this particular loan and/or amount, be advised that the Lender is required by law to, and
will, provide an adverse action notice detailing the specific reasons for the credit denial directly to the primary applicant(s) and not to you. As a guarantor, be prepared to share any
specific reasons for adverse action based on your credit history with the primary applicant(s). If you are unwilling to share this information, you should not complete this application in
the capacity of guarantor. By completing and submitting this application as guarantor, you are authorizing the Lender to share the specific reasons for adverse action with the primary
applicant(s) in the event this application is denied.
IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT: “You” refers to applicant, any co-applicants, and any co-signers. “We” refers to the
lending company. To help the government fight the funding of terrorism and money laundering activities, Federal Law requires all financial institutions to obtain, verify and record
information that identifies each person who opens an account. What this means for you: When you open an account, we will ask for your name, address, date of birth and other
information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents. Everything that I have stated in this application is correct to
the best of my knowledge. I understand that you will retain this application whether or not it is approved. You are authorized to check my credit and employment history.
Notice to Ohio Residents: The Ohio Laws against discrimination require that all creditors make credit equally available to all creditworthy customers, and that credit-reporting
agencies maintain separate credit histories on an individual upon request. The Ohio civil rights commission administers compliance with this law.
 IMPORTANT: THIS APPLICATION MUST BE SIGNED AND DATED BELOW.


              Applicant signature____________________________________________Date________________
                                    VEHICLE WORKSHEET

LENDER: PACCO

DEALERSHIP NAME: _____________________________

CUSTOMER NAME: ______________________________


                                             LOAN REQUEST INFORMATION
VEHICLE DESCRIPTION
                                             Total Cash Price ________________________
YEAR________________________
                                             Cash Down Payment - ___________________
MAKE________________________
                                             *Trade Allowance - ______________________
MODEL_______________________
                                             Payoff on Trade +_______________________
VIN#__________________________
                                             Service Contract +_______________________
MILEAGE__________________ (115K Max)         Type of Service Contract:
                                              Powertrain  Plus
                                              Base         Extra Mile
ADDS (+/-)
                                             GAP Insurance +________________________
   4 Wheel/AWD Drive________
   Air Conditioning___________              Doc Fee +______________________________
   Auto Trans_______________
   Manual Trans_____________                License, Tags, Reg +______________________
   Cruise Control_____________
   CD Player________________                Other Taxable +__________________________
   Tilt Steering_______________
   Leather__________________                Other Non Taxable +______________________
   Luggage Rack_____________
   Sunroof__________________                Sales Tax +_____________________________
   Aluminum/Alloy Wheels______
                                             Amount to Finance = ______________________
   Power Windows____________
   Power Seats______________
   Power Locks_______________     *TRADE VEHICLE INFORMATION
   Running Boards____________                                       COMMENTS___________________
   Towing Package____________     YEAR_______________________
   Anti-Theft_________________                                      _____________________________
   Bedliner__________________     MAKE_______________________
                                                                     _____________________________
   _________________________      MODEL______________________
   _________________________                                        _____________________________
   _________________________      MILEAGE_____________________
                                                                     _____________________________
                                   PAYOFF______________________
                                                                     _____________________________
                                   LIENHOLDER__________________
Funding

Process
Funding Process:


The credit decision (Approved, Counter-Offer, or Decline) will be sent to you via fax notification

or through Dealer Track. If you have questions about the credit decision, please call us at 866-

719-8003.



Please review the Decision Notification carefully for deal-specific Stipulations that will be

needed in addition to the regular funding requirements shown on the following pages.



After loan approval and satisfaction of approval stipulations, please send the original forms

(described on the following pages) to PACCO at 1260 Centre Turnpike, Suite 104, Orwigsburg,

PA, 17961. Dealers may use U.S. Postal Service, Fed Ex, etc. We will not fund any deal until

all forms are received and verified.



Approvals are only good for 30 days from date of counteroffer. Vehicles with corresponding

VIN# must be submitted and approved by PACCO prior to funding. When the deal is funded, a

notification of funding will be sent to the dealer by fax or through Dealer Track.
              Preferred Automobile Credit Co.
                          1260 Centre Turnpike, Suite 104, Orwigsburg, PA 17961
                                          866-719-8003 (voice)
                                           866-719-8007 (fax)

                          IN Standard Funding Requirements
Note: The Standard Funding Requirements listed below are required on every deal submitted for
funding, and are in addition to the stipulations transmitted to Dealer by PACCO via a deal specific
Credit Decision Notification.

   o PACCO Fax Decision Notification
This is the notification faxed to the dealership once the application has been reviewed and a
decision has been determined (approval or counteroffer).

   o Original Retail Installment Sale Contract, validated by PACCO
Dealers may use any of the following forms of Retail Installment Contract:

   1) Banconsumer Form IN-23-SLC with a revision date of 12/1/04 or newer
   2) Law Contract form 553-IN-ARB with revision date of 9/08 or newer
   3) Bankers System form IN-102 with revision date of 10/31/10 or newer

Contract should be completed properly. All required signatures, and all other required
information should be filled out on the contract. We require the original white copy, and
customer must also receive a copy. Contract should match the deal approved, unless a
Preferred Warranty or Signature Gap is added (according to the approved stipulations).

   o Copy of title, front and back, with new lien holder information filled
     in and/or PACCO Lien holder Statement
PACCO should be listed on the title as first lien holder. If title is unavailable at time of sale,
then a PACCO Lien holder Statement must be filled out with all required information.

   o PACCO Agreement to Provide Insurance
PACCO should be listed as the lender. Purchaser name, address, and phone number are
desired. Vehicle insurance information is required. Insurance agent and insurance company
information is also needed. Purchaser must sign acknowledging agreement. Dealer should
confirm this information with either the insurance agent or company, making sure that PACCO
is listed as the loss-payee (with maximum deductibles for comprehensive and collision
coverage of $500). A dealer representative should fill in confirmation information, sign the
bottom of the agreement and write in the dealership’s name to show that the information has
been verified.

   o Application
Original industry standard automotive finance application with all the information properly
completed, accompanied by customer(s) signature.
   o A minimum of 2 Verifiable Family References

References should be family members that do not share the same phone # as the applicant.
Information should include address and residential phone number of the reference.


   o Copy of valid driver’s license, with physical address
State-issued driver’s license must be current and should have the same address as the
application. Signature on license must match signature on application and contract. Learners
permits or temporary licenses are not acceptable.


   o Proof of Income
The pay stubs should not be older than two weeks from the date of the contract. Customer’s
name and current address and/or social security number should be on their pay stub. Year-to-
Date income divided by monthly income should not be less than number of months on the job
(during current year).

If customer is self-employed, 3 months of the most recent bank statements are acceptable.
This is also true for rental income.

If customer is retired, disabled, etc and relying on alternate income, the government issued
award letter showing the monthly or annual award may be used to verify income. Also, the
customer’s most recent bank statements showing the deposits being made may be
acceptable.

For any form of verification identified above, the gross income should equal or exceed the
amount of gross income reported on the application.

You should also expect that PACCO will verify that the customer is currently employed. Be
sure all employment contact information is accurate.

In order to include Alimony or Child Support as income, the applicant must demonstrate via
court order that they are scheduled to receive the amount for at least the scheduled term of the
Installment Contract, and must also show via bank statements that they have consistently
received the Alimony or Child Support for the preceding twelve-month period. In order for child
support or alimony to be considered, proof must be submitted at the same time the application
is submitted.



   o Proof of Residence
We prefer the most recent telephone bill so that we can verify the customer’s phone number as
well as their current address as reported on the application. If telephone bill is unavailable,
another recent utility bill, credit bill or bank statement tying the customer to their stated address
may be acceptable.
Customer should have 911-issued street name (PO Box and/or RD# addresses alone are not
acceptable).
   o Service contract, if applicable
We only finance products from Preferred Warranties. No other products will be
financed.
When the customer is purchasing a service contract or the PWI Signature Gap product please
forward two copies with the funding package. PACCO will submit payment directly to PWI
and/or the Gap provider. The cost of the gap product will be deducted from the funding
proceeds.
*Please note, for customer’s purchasing service contracts and/or GAP insurance, the price of
the service contract and/or the GAP insurance should be itemized on the Retail Installment
Sales Contract.



   o For customers authorizing direct debit:

          o Signed authorization and voided check or copy thereof (to
            verify routing and account information)
Authorization for Direct Debit of Payments should be filled out completely to include: date of
contract, name of dealership, name of institution, checking account number, routing number,
and should be signed and dated by customer. .

   o Copy of Buyers Order
A copy of the Purchase Order should be included.

   o Send to:

          o PACCO
            1260 Centre Turnpike, Suite 104
            Orwigsburg, PA 17961
Any documentation in question should be faxed to PACCO for approval prior to the
submission of the actual funding packet.
    Funding Forms
Dealer Funding Checklist

Agreement to Provide Insurance

PACCO Lienholder Statement

Authorization for Direct Debit Payments

Reference Sheet
       Preferred Automobile Credit Co.
                1260 Centre Turnpike, Suite 104, Orwigsburg, PA 17961
                                866-719-8003 (voice)
                                 866-719-8007 (fax)



                       Dealer Funding Checklist
                             WV, TN, IN

o PACCO Fax Decision Notification
o Retail Installment Sale Contract, validated by PACCO
o Copy of title, front and back, with new lien holder information filled
  in or PACCO Lien holder Statement
o PACCO Agreement to Provide Insurance (maximum $500
  deductible)
o Original completed application signed by customer(s)
o A minimum of two verifiable family references
o Copy of valid state issued drivers license, with physical address
o Proof of Income
o Proof of Residence in the form of any recent telephone bill, utility
  bill or bank statement tying the customer to their stated address
o Two copies of Service contract and/or GAP contract (both yellow
  and goldenrod copies of Signature Gap), if applicable
o For customers authorizing direct debit:
      o Signed authorization
      o Voided check or copy thereof (to verify routing and account
         information)
o Copy of Buyers Order
o Any deal specific stipulations identified by PACCO on the Credit
  Decision Notification sent to dealer
o Send to:
      o PACCO
         1260 Centre Turnpike, Suite 104
         Orwigsburg, PA 17961
                              1260 Centre Turnpike, Suite 104, Orwigsburg, PA 17961
                                              866-719-8003 (voice)
                                               866-719-8007 (fax)

                           PACCO Lienholder Statement
Dealer Representative:           If Certificate of Title is NOT available at the time of contract or it is a cross-
                                 border loan, the following information must be completed and submitted to
                                 PACCO with the contract package:

     Customer Name(s):



     Street Address:

     City, State, Zip Code:

     Year/Make/Model:

     Vehicle Identification Number:

We, the undersigned Dealer, agree to take all steps necessary and to assist Preferred Automobile Credit Co. in any
acts deemed necessary by Preferred Automobile Credit Co., in order to list or have listed Preferred Automobile
Credit Co.’s lien on the Certificate of Title for the above Customer and Vehicle, and to otherwise accomplish or
assist Preferred Automobile Credit Co. in accomplishing the perfection of Preferred Automobile Credit Co.’s lien
in the above Vehicle. The Preferred Automobile Credit Co. lien on the Certificate of Title must be a first and
senior lien.

We further agree to promptly take those steps necessary in order to accomplish the above, and in the event that
Preferred Automobile Credit Co. does not timely receive the Certificate of Title for the above Vehicle showing
Preferred Automobile Credit Co. as first lienholder, Preferred Automobile Credit Co. shall have all of the rights
and remedies against us as set forth in the Dealer Agreement.

Lien information will be recorded as:

         Preferred Automobile Credit Co.
         1260 Centre Turnpike, Suite 104
         Orwigsburg, PA 17961
         Attn: Title Department

Dealership:

Authorized Signature:

Title:

Date:
                            1260 Centre Turnpike, Suite 104, Orwigsburg, PA 17961
                                            866-719-8003 (voice)
                                             866-719-8007 (fax)

                             Authorization for Direct Debit of Payments

By signing below you authorize Preferred Automobile Credit Co. to instruct your financial
institution to make automatic debits from your checking account for the applicable number of
consecutive monthly payments in the amounts and on the dates disclosed on the Motor
Vehicle Installment Sales Contract, dated ______________ between you and (dealer
name)___________________________.


This authority remains in effect until Preferred Automobile Credit Co. has received written
notification from you a minimum of 5 business days prior to the next scheduled withdrawal, in
time to allow reasonable opportunity to act on it, or until the final installment payment has been
paid for the above-mentioned contract.

REQUIRED FINANCIAL INSTITUTION INFORMATION:

__________________ ____________________ _______________________
Name of institution                     Checking account number   Financial Institutions transit routing number


_________________________________                          _____________
Signature of person authorizing direct debit of payments   date

Please tape below a check on this account marked “VOID”
                                           1260 CENTRE TURNPIKE
                                                 SUITE 104
                                           ORWIGSBURG, PA 17961
                                            PHONE: 866-719-8003
                                              FAX: 866-719-8007



                                          REFERENCE SHEET

                      Customer(s) name_______________________________

1.Name____________________________________                   2.Name____________________________________
Address______________________________                        Address______________________________
City/State/Zip__________________________                     City/State/Zip__________________________
Relationship___________________________                      Relationship___________________________
Years known__________________________                        Years known__________________________
Phone #______________________________                        Phone #______________________________

                                  The first two references must be relatives.
                  No references (including relatives) can have the same address and phone#
                                                as the applicant.




3.Name____________________________________                   4.Name____________________________________
Address______________________________                        Address______________________________
City/State/Zip__________________________                     City/State/Zip__________________________
Relationship___________________________                      Relationship___________________________
Years known__________________________                        Years known__________________________
Phone #______________________________                        Phone #______________________________



5.Name____________________________________                   6.Name____________________________________
Address______________________________                        Address______________________________
City/State/Zip__________________________                     City/State/Zip__________________________
Relationship___________________________                      Relationship___________________________
Years known__________________________                        Years known__________________________
Phone #______________________________                        Phone #______________________________



7.Name____________________________________                   8.Name____________________________________
Address______________________________                        Address______________________________
City/State/Zip__________________________                     City/State/Zip__________________________
Relationship___________________________                      Relationship___________________________
Years known__________________________                        Years known__________________________
Phone #______________________________                        Phone #______________________________

				
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