Take these seven key steps to funding with Santander Consumer USA

Our first funding guideline describing a “typical customer” says a lot about Santander Consumer USA: We are a full-spectrum lender, and will accept all applications.

That kind of assurance means a lot to the dealers who regularly do business with us.

“We want to tell you how much Santander has stepped up,” said one dealership. “You guys are a relationship bank, and we know that no matter what the scenario is that’s presented, there is someone we can contact and work with. In our business, that type of reassurance is priceless.”

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That being said, here are some key lending program guidelines, general rules determining what type of contract Santander Consumer USA will approve and purchase:

RESIDENCE
We prefer customers with one year at their current residence, and we may request a five-year history of residence on each buyer. Each customer must have a phone.

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EMPLOYMENT
We prefer a customer have one year with their current employer. Customers must be employed when they sign their contract(s) unless they are on a permanent fixed income. Generally, self-employed customers are acceptable if they can prove their income. And military customers may need to provide a copy of their current Leave and Earnings Statement, which indicates dates of service, a valid military identification and valid state driver’s license.

OTHER FINANCIAL
Minimum income required, Debt-to-Income / Payment-to-Income, Loan-to-Value (LTV) and amount financed and term all vary by program. Down payment is required for some programs.

CONTRACT FUNDING
A completed checklist, a buyer’s order and stipulations may be required for contract funding. Upon receipt of the completed contract package from the dealer, we will verify the application. All employment, residence and other applicable information on the application should be correct as of the day the papers were signed. All contracts must be simple interest (see video below).

CUSTOMER INTERVIEW
Customers may be contacted to verify the information submitted in the deal documents.

REFERENCES
The number requested references varies by tier.

INELIGIBLE VEHICLES
No RVs, van conversions, vehicles made by defunct manufacturers or “Gray Market” vehicles (salvage or reconditioned titled vehicles) are acceptable.

For more details see the Santander Consumer USA underwriting guidelines on our website.

Then get ready to do some business and put customers in cars.

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