LINE OF CREDIT
Build wealth and Maintain your customer relationships while improving cash flow and your financial condition.
What are the Benefits?
- Line of Credit Specific to Your Dealership or Finance Company
- Focus on what you do best, originate loans through collaboration with your financial partner
- We will provide the loan servicing with our best-in-class team
- Easy to Understand Borrowing Base and Collateral Reporting
- Build a captive buying partner. No need to sell to different parties every month.
- Advance Rates Determined by Vehicle Cost and Expected Collateral Recovery Rate
- Monthly Finance Receivable Reporting
- Family office. Personal relationships. Collaboration.
Simply submit your data tape via our secure line. Our experts will review and draft a custom Term Sheet based on your portfolio. We will also help you complete the Due Diligence Request List.
Diligence Site Visit
During this visit, we’ll complete a Contract File Review, Management Interviews, and an Audit to verify all information before closing the deal.
Following the Diligence Visit, Spartan will complete our underwriting and work with our Credit and Compliance teams to address any outstanding items.
Documentation / Closing
IDA Acceptance 360 will Draft Agreement documents with the client, hold an onboarding call between the client and IDA Operations, review files for funding, and close/fund the deal.
IDA Acceptance 360 requires you to complete a Line of Credit application as well as have valid in-house contracts, written policies and procedures, a compliance management system, a web-hosted DMS, and tax returns.
Below is a complete list of required data tape fields from your inventory. Please provide the following:
- Account/Loan Number
- Amount Financed
- APR • Contract Date
- Finance Charge
- Interest Collected
- Current Principal Balance
- Down Payment & Deferred
- Original Term
- Payment Frequency
- Payment Amount
- Total of Payments
- Last Payment Date
- Next Payment Date
- Months Remaining
- Vehicle Make
- Vehicle Model
- First & Last Name
- Social Security Number
- Street Address
- Date of Birth
- Home Phone
- Cell Phone
- Work Phone