Q - How much is it?
A - $500 set up fee, $199 per month connection fee and 99 cents per Instant Screen.
Q - What must I do to be compliant with the law?
A - According to the Fair Credit Reporting Act (FCRA) a "soft" credit bureau inquiry can be used to "pre-screen" a consumers credit as long as a "firm offer of credit" is offered to the consumer. Below is an example of the terms and conditions that could be offered in a "firm offer of credit", and it must be noted that any combination of the items below could be used for a specific offer for a specific consumer. For example, one consumer with very good credit, and a high income could be offered a loan for $40,000 with an APR of 5.99%, for 72 months, and with only $500 down, while a consumer with very poor credit and a low income may only qualify for a loan of $5,000 at an APR of 18.99%, for 24 months and requiring 40% down.
It must be noted a "firm offer of credit" is not at all a guaranteed offer of credit. A consumer still must fit all the terms and conditions, meaning if he falls short of job time, income or down payment, then they may not qualify for any credit, but yet the pre-screen was perfectly legal to perform.
Q- What are my options for informing the consumer they have been pre-approved for a "firm offer of credit"?
A- The dealership can give them a Pre-approved Certificate with the terms, conditions, and other criteria of the "firm offer of credit" at the store (a great and very positive way to let "unsold" showroom traffic leave the store!) it can be given verbally such as "Congratulations you have been pre-approved for an auto loan at our store for $5,000 to $40,000 if you want to fill out a credit application my finance manager can give you the details, or finally you can mail them the certificate with the "firm offer of credit" or as a total safeguard you can have us automatically mail all unsold showroom traffic the certificate for a small charge. This is also a great way to follow up on unsold prospects!
Q- Can I "Instant Screen" my Internet Leads?
A- Yes. Screen all your internet leads as long as they have a name, address, and email address. We can Instant Screen only certain lead providers you want or all of them. You choose.
Q- Are there any compliance regulations or benefits by using Instant Screen?
A- The only compliance regulation is to inform the customer they have been pre-approved as described above. There is no requirement to give the customer a Risk Based Pricing Exception Notice or an Adverse Action Notice based on pulling an Instant Screen like there is when pulling a Credit Bureau.
Q- How are the most successful dealers using Instant Screen, automatically pulling an Instant Screen on all showroom Traffic and Internet Leads as they are initially entered into ProMax or downloaded from the Internet, or using it selectively one customer at a time?
A- By far the most successful dealers are using Instant Screen on every prospect, showroom traffic and Internet Lead. All lenders now have multiple tiers and they are typically based on the CB score. Knowing whether a customer is sub-prime right away and directing him to the right car from the very beginning will mean the difference between him buying a car at your dealership or at your competition. Knowing whether a customer has the score to qualify for the special lease payment offered by the factory will again save hours of time for both the salesperson and the customer. Instant Screen will help your managers work smarter on EVERY customer and in the end EVERYBODY benefits!
Call our Lead Generation Department at: 800-322-9034 or send us an email below.