Credit Evaluation School Dec 2022

CONSUMER LOANS MOTOR VEHICLES

What is it: A consumer loan to an individual for personal reasons, typically to purchase automobiles, boats, trucks, truck tractors, trailers, semi-trailers, motorcycles, motor scooters, buses, or recreational vehicles.

1. PRIMARY DOCUMENTS REQUIRED:

☐ Signed Consumer Credit Application ☐ Credit Report ☐ Promissory Note

☐ Security Agreement (may be included within promissory note) ☐ Certificate of Title or Certificate of Origin (properly filed). ☐ If Applicable, Financing Statement (properly filed) ☐ Evidence of Insurance ☐ Income Information (Tax Returns, Payroll Stubs, etc.)