AUTOMOTIVE FINANCIAL OF AMERICA (ORLANDO, FL)
TYPE OF CUSTOMERS:
- 400 to low 500 credit score
- Low income ($1500 per month) like retail workers
- Any blemishes on credit (no more than 2 repos, bankruptcy)
- Must live local (3 years)
- New at job??= at least 3 months
- They also work with 1099 employees (self-employed)
- Possibly can get young buyers bought (25 years or younger with poss. Co-buyer and $2000-$2500 down
- No delivery vehicles or uber drivers
- Will work with buyers who wants to put vehicle in theirs and their business’s name
VEHICLE PREFERENCES
- They will do $10,000 or less cars
- 11 years old or newer
- No foreign cars like bmw (expensive to repair)
- Car = 120,000 miles or less (maybe 130,000)
- Truck = 140,000 miles to 150,000
- They will do 150% of nada
- Can work with biweekly payments timed with customers pay periods (when they get paychecks)
- 36-39 months (can go up to 42 months)
- Requires $1500 down
- Bigger down payment = longer term
- 30 days until 1st payment
- Their gap penetration is at 90% (no more than $895 on gap)
- We can sell a warranty but must be affordable to the customer
STIPULATIONS
- Proof of income (p.o.i) 100% of the time
- Proof of residency (p.o.r) 100% of the time
- Five references
- Full coverage insurance ($1000 deductible with gap)
- Welcome call (possibly a phone interview in store)
- They do background checks (criminal record and driving record)
- They will possibly require GPS installation
- $199 in back screen of UCS
- Disclosed to customer
- Customer will sign form in back office