Lending Policy: Vehicle Financing

At IRC's Center for Economic Opportunity (IRC-CEO), we are committed to maintaining our client's financial security and trust. This vehicle financing policy safeguards our investments while promoting responsible lending practices and cooperation between the borrower and IRC-CEO. This policy applied to all secured loan products such as Auto Purchase Loans, Auto Refinance Loans, and Business Loans.

1. First Lienholder Requirement

To strengthen IRC-CEO's reputation as a trusted lender, we require being the first lienholder on all financed vehicles. This ensures priority access to collateral in case of financial issues, allowing us to better protect our investments. This requirement is detailed in the closing document under "Security."

2. Collateral Listing and Lienholder Position

IRC-CEO promotes transparency and accountability by using the purchased vehicle as collateral in the loan contract. This clarifies the agreement and responsibilities for both parties. The borrower must work with IRC-CEO to finalize the lienholder status on the vehicle title, ensuring legal protection for IRC-CEO's interests as the lienholder.

3. Handling Title Transfer Issues

If the dealer doesn't add IRC-CEO as the lienholder on the title, the borrower must notify us immediately upon receiving the title. This helps us quickly correct the issue and keep our lienholder status secure.

4. Prohibition of loan funds as Down Payment

To maintain our lending integrity, we do not allow IRC-CEO loans or third-party loans as down payments for vehicles financed through CEO. Using a loan for a down payment may cause financial strain and increase default risk. A down payment should come from your own funds to show your commitment and ability to manage finances responsibly.

5. Consequences of Breach of Contract

Cooperation with the loan contract is crucial. Failing to add IRC-CEO as the lienholder or breaching the contract is a serious offense. In such cases, the CEO may demand full repayment of the loan.

IRC-CEO's vehicle financing policy reflects our commitment to maintaining transparency, trust, and financial security for all stakeholders involved. We value our clients and their financial well-being and are dedicated to upholding the highest standards of integrity and professionalism in all our transactions. By adhering to this policy, we can foster an environment of mutual trust and transparency, contributing to our client's financial health and our institution's long-term success.