Is there a question that keeps popping up? Let Santander Auto Finance (SAF) provide some answers to help keep your deals on track. Here are answers to some frequently asked questions we receive during the busy tax season.
Dealer Question: What forms of Proof of Income (POI) are accepted during tax season?
SAF Answer: SAF will accept W2s and 1099s as POI until March 31, 2015.
Dealer Question: Sometimes during tax season, there is no stip for POI on my callback. When is POI waived?
SAF Answer: Many times during tax season, a customer will come into the dealership with a large amount of cash from a tax refund. If the customer can provide a cash down payment of 30 percent or more, SAF can waive POI. Other times, a customer’s credit score will dictate whether or not his or her POI will be waived. Check with your buyer if you have any questions about your stips.
Dealer Question: What other forms of down payments will SAF accept during tax season?
SAF Answer: If your callback requires Proof of Down (POD), SAF will take copies of the following tax items to fill that stip:
- Tax refund check
- Tax loan check
- Tax refund debit card
- State-licensed tax preparer’s debit card/prepaid credit card
Dealer Question: Say I want to add a backend product to my deal. What is the best way to make changes to my deal structure?
SAF Answer: When adding a backend product or switching vehicles, make sure you get the change approved before sending the deal into funding. Your ASM or buyer can help you. You also can visit the Dealer Extranet and take advantage of our Rehash Tool to make real-time adjustments to your deal. Always remember to send your final approval into funding.
Finding solutions to help our dealers is the goal at SAF. Should you have any other questions, don’t hesitate to contact your ASM or your buyer.