 Internet Credit Applications
Definition
The Company accepts credit applications via the internet from consumers interested in purchasing or leasing a vehicle.
Policy
Credit applications accepted over a secured site which contain an electronic signature are to be handled as if the consumer were at one of the Company’s dealerships and submits a credit application. The process steps include:
1. As soon as a credit application is transmitted with an electronic signature, the Company automatically returns a Privacy Notice to the consumer’s e-mail.
2. Once we pull the consumer’s credit report, the Company will automatically return a Risk Based Pricing Notice to the consumer by e-mail.
3. If the Company and the consumer do not consummate a sale within five business days, the Company will automatically return an Adverse Action Notice to the consumer by e-mail.
4. The electronic credit application and documentation of the process to provide a Privacy Notice, a Risk Based Pricing Notice and an Adverse Action Notice must be retained for five years. |
