Deal Of The Week
Dealer needs his customer approved
The Problem: Dealer Needs To Build The Truck But Wants To Be Sure His Customer Can Get Financing
Customer with terrible credit wants to purchase a dump truck. The dealer can sell him one but it needs to be built to meet the specs the customer is looking for. The dealer wants to have the customer set up on financing so he is sure to get paid. Here's were the particulars:
- It was going to take about six weeks to order the truck body and have it installed on the chassis
- The dealer would have about $30,000 invested in this truck to bring it up to spec for the customer
- The customer had terrible credit so the dealer wanted extra assurance that he had the financing to pay for the truck
The truck, when completed would cost $75,000. But the vendor was going to have to invest money out of his pocket to get the truck ready.
The Solution: The Dealer Had Us Pre-Approve The Customer
The dealer sent us the transaction to have his customer pre-approved. This way the financing was in place and he could successfully close the sale when ready. Here's how it happened:
- The dealer required a deposit from the customer to off set his cost should the customer not go through with the deal
- We had a hard approval for the customer so we could fund the deal once the customer was ready to pick up the truck
- The dealer delivered the truck last week, one week sooner than expected
This is also a common scenario with engine rebuilds, sleeper installations, etc. By providing a contingent free approval all parties know the financing is ready when they are.
We can help you put your truck financing deal together. Give us a call for more information.