` American Motor Credit
UNDERWRITING GUIDELINES Eligibility: A B C D Credit Score: >590 589-530 529-480 <479 LTV: 130% APR: 8% - 16.99% FEES: *CMP X 1 *CMP = Contracted Monthly Payment Mileage Guidelines: Import Domestic 0 – 50k 72 Months 72 Months 130% 17% - 19.99% *CMP X 1.5 50 – 80k 66 Months 60 Months 130% 120% 20% - 22.99% 23% - 29% *CMP X 2 *CMP X 3 (up to 4) *$100.00 Application Fee 80 – 100k 54 Months 48 Months 100 – 120k 48 Months 42 Months CUSTOMER ELIGIBILITY A complete and legible credit application, with credit report if available, is required for initial consideration A proven employment history and a proven residence history are required for underwriting approval. A down payment is required and should be approximately 10% of amount financed with a minimum down payment of $1,000.00. Buyer’s payment to income ratio should be no more than 15%. The preferred PTI is 11% to 13%. Buyer’s with an annual income of $50,000.00 or more up to 20% PTI. Buyers with repossessions are considered on a case-by-case basis, if REPO is at least six (6) months old. Buyers with a bankruptcy or multiple bankruptcies will be considered based on timing of discharge or dismissal. Self-employed customers must provide three (3) months of recent bank statements. TERM AND RATE The term of the loan is based on vehicle’s estimated life cycle and buyer’s monthly payment to income needs. Vehicles must be matched to buyer’s ability. We accept simple interest contracts only. MINIMUM AND MAXIMUM LOAN AMOUNTS: The minimum loan amount is $5,000.00 and the maximum loan amount is $25,000.00. Higher loan amounts will be considered on a case-by-case basis. VEHICLES Any eligible vehicle must be included in Black Book or NADA. Any vehicle that is more than 10 model years old will be an exception that will require approval from a senior underwriter. A GPS tracking device is required in most cases. Exceptions will be evaluated on a case-by-case basis. www.AmericanMotorCredit.com Tel: (678) 213-5626 Fax: (678) 213-5627
© Copyright 2024