• How does the ACA website benefit the overall market?
  ACA offers Automated Credit Acceptance with end-to-end instant pre-approval lender selection. ACA drives smart decisions with access to consumer and commercial credit reports. Our advanced multi-lender selection systems software helps the credit specialists eleminate gray areas and receive instant answers that are needed in today’s changing market with prime and sub-prime reporting and queue management. This process can pre-approve a loan application for a customer before they go to a dealership, thus helping them select the right vehicle and getting into their vehicle quickly.
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• Why should I use ACA's participating dealers to select my vehicle?
  • Because their is more financing acailable. Most banks only loan money to people with less than perfect credit when there is a qualified dealer involved. This is called an indirect loan.
  • Banks prefer indirect loans because:
  • The dealer makes certain representations and warranties to the lender pertaining to the quality of the vehicle.
  • The bank receives your application along with all the necessary paperwork to complete your loan.
  • The sale is properly structured with the banks underwriting guidelines.
  • Not every dealer has the expertise and resources available to be selected as one of our participating dealers. If you choose a dealer that is not qualified in processing bad credit loans they may submit your application to numerous lenders whose underwriting guidelines you do not meet. They will continue to submit your application until they have exhausted all their lender resources creating numerous inquires on you credit report.

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• What are the Qualification for an Auto Loan ?
  While each program differs, most lenders lend according to the SAW and Equity principle; Stability, Ability, and of course Willingness to repay, combined with the Equity position of the loan.

If you have Good Credit lenders focus their attention on Willingness. In short, if your credit report is perfect the lender does not care about your job stability, income, or down payment. For Example: Most lenders would approve an auto loan for non working spouse with perfect credit.

If you have Bad Credit lenders focus on your Job and Residence Stability, Income, and the Equity Position of the Loan.

Job Stability
Example: Full time, non-temporary employees, with one year on the job, or a three year verifiable work history.

Residence Stability
Example: Homeowner. Renters with one year at current residence or three years in the same area unless transferred by employer.

Income (Ability)
How much is left over after paying all your bills?. Lenders focus on what you have left over after paying your existing obligations. Not on the amount of your salary.

Willingness (Credit Report)
Applicants whose credit problems can be isolated to a single historical event such as a medical emergency or loss of a job have a better chance of approval.

Equity Position (Down Payment)
A large down payment can be used to overcome any shortcoming in the Stability and Willingness factors. Regardless of your down payment, however, lenders will not grant a loan with monthly payments that exceed your disposable income.

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• How long does it take to get pre-approved for an auto loan?
  Norrmal approval times are within 5 seconds to 3 hours, however, there are circumstances that delay the process for example:
  • Employment verification
  • Mortgage verification
  • Applications processed outside of normal business hours.
  • After submitting your credit application you will receive follow-up instruction from a credit specialist assigned to you.That specialist and this service is FREE!
    

• Can I trade in the car I have now?
  Of course you can. You can negotiate the trade value of your old car with the dealer.
  

• Had a bankruptcy will I still qualify for auto financing?
  Each lender has different guidelines concerning bankruptcies. Following is acouple of examples that may affect your general qualifications for an auto loan:

Concerning your trade?
If you owe more money on your trade than what it's worth (negative equity) the difference (trade difference) will be added to the finance amount of the new sale. There are limits to the amount of negative equity that can be added to the finance amount, limits are based on your credit rating and the value of the vehicle you are purchasing. If you exceed the limit set by the lender additional cash down payment may be required. Manufacturers rebates on new car purchases can also be used to overcome negative equity.

Chapter 7 Bankruptcies
Before Discharge applicants may be eligible for financing after the "deadline to file complaints" has expired. This is commonly referred to as a "341 meeting". After Discharge applicants are eligible for financing.

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• Public can they access the credit application process through AutoCreditAccept.com?
  No. Access to ACA or E-Net's web sites is granted to only registered credit specialists that have their own logon and password. Eligible lenders or dealers are given a username and password to gain access to the site.
• Explain To me what happens after the credit application is approved?
  E-Net knows that paper-based business processes and manual routing can not keep up with the demand to provide better and faster services for the customer, dealer or lender. As a result, more and more dealers, lenders, banks and credit unions rely on the Web for new efficiencies. E-Net brings this services to all parties in the transaction and it provides them with a secure, auditable and enforceable transactions trail for the convenience of all stakeholders. When all parties eventually use this services it will eventually Eliminate the Costly Paper-based Transaction Proces

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• Does ACA do any background checks on dealers who use our services?
  Yes we verify the participants are state licensed dealerships, wholesalers; remarketing and fleet companies. We have each company that uses our system verified by ComplyTraq. ComplyTraq, LLC provides robust FCRA compliance, credentialing, audit and training services to the credit and data industries.
  
  Contact us if we have not answered your questions, please click here and email us your questions.