Credit Guidelines Provided by Industrial Acceptance Corporation

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To determine if customers credit qualifies for IAC approval, the following criteria is recommended:

1. Credit applications must be neat and legible. If we can't read or understand the application, an unnecessary delay will result while waiting for clarification and may ultimately result in a rejection. We highly recommend that you obtain the Buyer AND Co-Buyer's name, address, phone numbers, and Social Security number are required. SS# must be legitimate and in some cases proof of ownership is required. Both Buyer and Co-Buyer MUST sign the Credit Application and the Sales Order.

2. Applications must be complete with current and previous addresses and the length of time, own or rent home, name of landlord or mortgage holder, and phone # if possible, the payment amount of the mortgage or rent, and the telephone number must be in the name of applicant.

3. Applicants must state current employment, and if less than two years, previous employment is necessary. Business telephone number is required, along with the position or pay grade (for military). If applicant is self employed, then proof of earnings is recommended. For retired applicants, please provide us with some proof of income. We do not accept applicants with sole income from AFDC, or any form of Welfare, Public Assistance, Child Support, or Unemployment Compensation.

4. Bank information should be complete with account numbers for checking and savings. A photo-copy of the down payment check will help; sometimes this is the only thing we will have to determine the creditworthiness of the applicant.

5. A listing of any credit or trade references for cross referencing with the Credit Bureau, or local jewelry or furniture store purchases on credit.

6. A list of at least 2 or 3 personal references with address and telephone numbers.

7. A minimum of a 5% down payment is required, however, the amount required will vary depending on the applicants credit history.

The completed Applications and Sales Order can be faxed or batched to IAC from Dealer for approval.

Next, a credit report is pulled on each customer for credit status (Trans Union and/or TRW) if not otherwise provided by Dealer. The report is then qualified by Credit Dept. to determine acceptability and dealer will be notified of status (approval or rejection) usually within the same day in which the application was received.

Once approved, the original contract will be submitted to IAC by the Dealer for order verification and/or verification of merchandise. The verification call will consist of a series of questions and confirmations relating to the sales contract.

Applicants with NO CREDIT history can be considered, however, we will ALWAYS recommend a co-signer when possible. There are several of requirements for situations where a co-signer is not available.