If you are considering our auto loan, you may have inquiries regarding the car-buying process. We have created a flow chart to assist you in navigating the auto purchase process with CEO financing.
Loan Pre-Approval Process
1. Please review this article on our Auto Loan. If you want to apply, work with a financial counselor to submit your application on Happy Mango.
2. Following the verification of your information by your financial counselor, the CEO underwriting team will conduct a review of your application. They may request supplementary documentation and inquire about your bank deposits. We kindly ask that you respond to our emails in a timely manner. Upon approval of your application, you will receive a loan pre-approval notification. You may check your application status at any time by logging into Happy Mango (for further details, please refer to this article).
3. Log in to Happy Mango to accept the pre-approval offer and link your bank account for payments. The offer is valid for 60 days, with a one-time 30-day extension available. If not accepted in 90 days, you'll need to restart the application.
4. You'll receive a Dealer's Instruction letter with your pre-approval notice. Start shopping for a car only after obtaining pre-approval. We cannot expedite the underwriting process or guarantee approval if you've already chosen a vehicle.
Car Shopping Process
5. Once you have found the car you want to buy, please provide the dealership representative with the attached dealer's instruction letter included in your pre-approval offer email.
- If you purchase a car from a private party, please take a look at the additional requirements in this article - Private Party Auto Sales.
6. The dealer or seller is required to reach out to us directly (contact information is listed in the dealer's instruction) and submit the bill of sale. Our loan financing team will evaluate the vehicle's details to ensure adherence to the Good Deal Standards.
7. If the vehicle is approved, we will provide the dealer or seller with the necessary lienholder information and payment options like ACH transfer, wire transfer, or certified check. All auto loan funds will go directly to the vehicle seller.
8. Meanwhile, you'll get a notification about your loan approval from Happy Mango. The loan contract is now ready for your signature on Happy Mango's platform.
Loan Approval and Closing Process
9. Please log in to Happy Mango and proceed to sign the loan contract. For detailed instructions on how to complete this loan closing step, kindly refer to the following article - how to complete this loan closing step.
- If you have not yet submitted a valid driver's license, it is imperative that you do so at this time by sending it to our email address, support@irc-ceo.org.
- At this stage, you are also required to have secured comprehensive, collision, and uninsured motorist coverage with policy limits of at least 75% of the vehicle's resale value.
10. Our finance team will start the loan funding once the contract is signed on Happy Mango and the dealer gives us their transfer details. The timing of the transfer will vary based on the method selected. The seller will be notified when the funding process begins and when it is complete.
Congratulations on Your New Car
11. After the fund disbursement, the seller will reach out to you and finalize the sale and arrange vehicle pickup. For questions about car collection, please contact the seller directly or request your financial coach for assistance.
12. Your loan application has been successfully completed and activated. You will benefit from a one-month grace period prior to the due date of your first payment, which is scheduled for 30 days following the disbursement of the loan. Payments will be automatically deducted on a monthly basis. To monitor and manage your auto loan, please log in to your Happy Mango account. There, you will find your payment schedule and the signed contract available for your review.
13. Congratulations on your new car! Should you have any inquiries or require assistance regarding your auto loan or Happy Mango, please refer to this support article.
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