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What
Is Automobile Note Financing?
An
automobile note is a promissory
note secured by an automobile. Typically,
multiple
automobile notes are packaged together and sold as a portfolio.
How
Are Automobile Notes Created?
When individuals
purchase new or used vehicles and they require financing, they qualify
based on
their
credit worthiness. Individuals that do not fall into the “best” credit
tier (as a result of slow pay,
no pay,
bankruptcy, etc.) are called sub-prime customers who must obtain financing
through dealers,
private
investors, or specialized financing companies. Most often a higher rate
than prime customers
pay is charged.
Who
Can Benefit from the Financing of Automobile Notes?
The
dealer that sells cars on the basis of dealer financing typically does
not want to wait three to
five years
to get paid. They will need the money in a lump-sum to purchase additional
inventory, pay
salaries,
taxes, expenses, etc.
Do
you sell cars? Do you have a portfolio of auto notes that you need to
sell? Contact us for
further
information.
What
are the Portfolio Requirements?
• Portfolios
should be minimum $50,000.00.
• They
should be Performing Auto Contracts
•
Seasoned Auto Contracts (at least three months payments collected)
What Information or documentation is needed?
•
To receive a quote
Portfolio
Spreadsheet of Contract Data is required.
•
Once a purchase offer has been accepted
Copies
of:
A)
Credit
Application
B)
Buy
Order
C)
Title
D)
Contract
E)
Payment
History Record
F)
Dealer
application
G)
Fee
Agreement
FREE, No Obligation Consultation!
Contact the Professionals Today 800-915-1990
or
Click Here
To
Contact Us
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