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Santander Consumer USA Underwriting Guidelines

This file contains the underwriting guidelines for Santander Consumer USA, outlining the rules for approval and purchase of deals. It includes information on customer criteria, ineligible vehicles, income criteria, insurance requirements, and necessary references. Detailed instructions for funding, contract submission, and potential errors are also provided.

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How do I fill this out?

To fill out this form, follow the provided guidelines to ensure all information is accurate and complete. Make sure to provide all required documents and verify all details before submission. Carefully review the guidelines for specific requirements related to employment, residence, vehicle eligibility, and down payments.

How to fill out the Santander Consumer USA Underwriting Guidelines?

1
Review the customer and vehicle eligibility criteria.
2
Gather necessary documents such as proof of income and insurance.
3
Complete the required sections on the credit application.
4
Verify all information before submission.
5
Submit the contract package for funding as per the guidelines.

Who needs the Santander Consumer USA Underwriting Guidelines?

1
Dealers who need to understand underwriting guidelines for submitting applications.
2
Customers seeking to finance their vehicle purchase through Santander Consumer USA.
3
Independent dealerships needing to understand acceptable deal structures.
4
Military personnel who need to provide specific documents for application approval.
5
Self-employed individuals required to prove their income for financing.

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What are the instructions for submitting this form?

What are the important dates for this form in 2024 and 2025?

What is the purpose of this form?

Tell me about this form and its components and fields line-by-line.

What happens if I fail to submit this form?

How do I know when to use this form?

What are the instructions for submitting this form?

To submit this form, ensure all sections are completed and required documents are attached. Send the completed contract packages to the appropriate addresses provided in the guidelines. For FedEx, UPS, and USPS, use the addresses for Santander Consumer USA Inc., eDocs Program. For proof of insurance, send to P.O. Box 1984, Carmel, IN 46082. First payments should be mailed to 5201 Rufe Snow Dr. Suite 400, North Richland Hills, TX 76180-6036. My advice: carefully review all guidelines to ensure accuracy and completeness before submission for smooth processing.

What are the important dates for this form in 2024 and 2025?

There are no specific dates listed for this form in 2024 and 2025.

What is the purpose of this form?

The purpose of this form is to outline the underwriting guidelines of Santander Consumer USA, which dictate the approval process for vehicle financing deals. The guidelines are designed to ensure all applications meet specific criteria related to customer stability, vehicle eligibility, and financial requirements. By adhering to these guidelines, both dealers and customers can ensure smoother transaction processing and greater chances of approval.

Tell me about this form and its components and fields line-by-line.

This form is composed of various fields that gather essential information for the underwriting process.

1. Typical Customer: Information about the ideal customer profile and acceptable applications.
2. Residence Stability: Details about customer's residence history and stability requirements.
3. Employment Stability: Employment history and current employment status of the customer.
4. Self-Employed: Criteria and required proof for income verification of self-employed customers.
5. Military Personnel: Special documentation requirements for military personnel.
6. Ineligible Vehicles: List of vehicles that are not eligible according to guidelines.
7. Down Payment Requirements: Down payment criteria based on various programs.
8. Income Criteria: Minimum income expectations and verification requirements.
9. Bankruptcies: Rules regarding applications from individuals with bankruptcies.
10. Debt-to-Income / Payment-to-Income: Program-specific debt-to-income and payment-to-income ratios.
11. Insurance: Insurance coverage requirements and verification process.
12. Advance: Loan-to-value ratio details based on program criteria.
13. Maximum Payment: Allowed amount financed and terms based on program.
14. References: Number of references required varying by tier.
15. Funding: Checklist and requirements for contract funding, including verification processes.
16. Pre-Funding Customer Interview: Customer verification protocol before funding.
17. Contracts: Submission addresses and requirements for contracts.
18. Titles: Address for title submission.
19. Proof of Insurance / Loss Payee Address: Submission address for proof of insurance.
20. Back-End: Financeable items on the back-end including GAP, credit life, etc.
21. Contracting Errors: Policies for handling errors in contracts.
22. First Payments: Guidelines for handling first payments when the deal is not received on time.
23. Independents: Acceptance criteria for contracts from approved independent dealerships.

What happens if I fail to submit this form?

Failure to submit this form according to the guidelines could result in rejection of the deal, delays in processing, or potential financial penalties. It is crucial to adhere to all submission requirements to avoid complications.

Deal Rejection: Non-compliance with guidelines may result in the deal being rejected.
Processing Delays: Incomplete or incorrect submissions can lead to delays in processing.
Financial Penalties: Errors or non-adherence to financial requirements may incur penalties and deductions.

How do I know when to use this form?

This form should be used when submitting a vehicle financing deal to Santander Consumer USA. It ensures that all necessary guidelines are met for approval.

1. Financing Application: Used when a customer applies for vehicle financing.
2. Deal Verification: Ensures all submitted deals meet the necessary criteria.
3. Customer Eligibility: Evaluates whether the customer meets the eligibility requirements.
4. Vehicle Eligibility: Confirms that the vehicle being financed is eligible under Santander guidelines.
5. Income and Employment Verification: Verifies the customer's income and employment stability as per requirements.

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What documents do I need to attach?

Refer to the guidelines for necessary attachments like proof of income and insurance details.

Can independent dealerships use this form?

Yes, contracts from approved independent dealerships with necessary documentation are accepted.

Is there a minimum income requirement?

The minimum income requirement varies by program as outlined in the guidelines.

How are employment stability and verification handled?

Employment stability is preferred with at least one year with current employer, and all information must be verified on the application date.

Are 'Gray Market' vehicles eligible?

No, 'Gray Market' vehicles, salvage or reconditioned titled vehicles are ineligible.

What happens if there’s an error in contracting?

Contracting errors are corrected without returning the contract to the dealer, though any excess advance or mistakes may be addressed from dealer proceeds.

What should I do if the first payment is due soon?

If the deal is not received within 15 days of the payment due date, the customer should voluntarily submit the first payment as required.