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Fresh Start Program

FRESH START PROGRAM

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
<h3>FINANCE
  • 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



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