1. For Official Use Only
CALIFORNIA CHEAT SHEET
Fees
Age 18 +
Forms of ID CA State ID
Soc Sec Card
# of References Six
Required Docs Promissory Note
Arbitration Agreement
Post Funding Q/A Review
Applicant Qualifications
Clear
Proof of Income
Residency
Bankruptcy
.
CA only
none,
current
or planned
OFAC, Pacer,
& b/g checks
Loan Structure
Minimum
$24.50
Min book value collateral $2,600
Max LTV 65%
Late fee
payment
not less than $7
Late Fee Credits
After 10 days overdue
$2.5K
96%
36 mos.
$50K
120%
36 mos.
NSF fee
$75 Loans
< $5K,
10% > $5K
$15
not part of past due
calculations
Special Notes
Managers only can make exceptions
Additional funds after 2 months of payments
DocuSign required to execute documents
Refinancing after first 6 months
Notice of Intent
Send
Date of sale
via cert. mail to last address on file w/in
3 business days of repossession.
set 10 days after NOI sent
CL must sell w/in 90 days of Repo, if 60% of
loan principal has been paid
NOI informs the customer .
Broker Permitted Yes
Surplus/Deficiency Repo
“Reasonable”
expenses
recoverable; but not
collection expenses,:
- skip tracing
- failed repos
- door knocks
“Reasonable”
attorney fees
recoverable, 15% unpaid
debt, exception
- loan interest > 18%
- principal ≤ $3.5K
Details
Recove
rable
Customer-
requested
Send w/in
14 days
Send w/in 10 days
after auction
- Sale fee
- Recondition
- Wash
- Keys
- Mechanical
- Transport
- Gas
Explanation
one every
6 months
Additional
Explanations
$25 each
Waiver of
Recovery
send w/in
14 days
Explanation
how to get their vehicle back after a repo
RequirementsLoan, customer residence, &
collateral must all be in CA
Free
ServicingGuidelines
SalesGuidelines
Maximum
65% ≥
$2,600
Loans $10K +
Collateral Value
Title
CL Lien
KBB value
Photos
Insurance
Auto Check
in Applicant’s name on CA state Vehicle Record
before funding
6 , with date
Must pass
Full Coverage
- Driver’s side
- Passenger side
- Rear View
- Front View
- VIN
- Odometer
under refinanced terms
5% of
* doesn‘t cause late
payments
due
Tracking device
≥ 1,200/mo
All applicants live in
same household.
Unemployment
accepted by mgr.
NO st. aid/welfare
DMV fee
Admin
Not under the influence of drugs or alcohol