Auto Loan FAQ: What is the "Good Deal" Auto Purchase Standard?

CEO Auto Loan Approval and Purchase Process

When clients are approved for a CEO Auto Loan to purchase a car, we will send an approval notice to the borrower via email, along with the Dealer Instructions letter as an attachment. Clients need to bring this letter with them when they go car shopping. In the letter, we ask the dealer to provide a drafted Bill of Sale or Buyer's Order for the specific vehicle the client wants to purchase. In the case of a private party seller, we will also require a copy of the title to ensure that the seller has the legal authority to sell the car. Once we receive these documents, we have implemented several measures to safeguard buyers from potential fraud or unscrupulous dealers.

• Review the Bill of Sale to verify that the taxes, fees, and other charges are reasonable to the sale price. IRC's CEO generally does not provide financing for additional costs such as equipment add-ons or warranties.
• Obtain a vehicle history report (via https://vincheck.info/) to assess any recalls, accident history, salvage title, and other relevant information.
• Refer to the KBB value (via https://www.kbb.com/car-prices/) for the specific mileage and location of the vehicle. The Fair Purchase Price is based on the "Buy from a Dealer" category and the "Good Condition or Better" condition.

The “Good Deal” Auto Purchase Standard

In addition to the actions listed above, we maintain a set of internal “Good Deal” standard for all vehicles purchased with CEO Auto Loans. All vehicles being purchased must:

1. NOT have a salvaged title;
2. NOT have existing liens (unless refinancing and existing lien will be transferred to the CEO);
3. Be registered in the name of the seller, and;
4. Have a vehicle sale price no more than 30% over KBB Fair Purchase Price

For a more detailed explanation of the entire process, please refer to the following article: Auto Loan FAQ: How to buy a car with CEO Auto Loan?

The IRC's CEO retains the authority to postpone or decline financing for acquiring any vehicle that fails to meet the four standards outlined above. Although we accept purchases from private sellers, certain checks mentioned above cannot be verified. Buyers should be aware that purchases from private sellers entail higher risk and offer limited avenues for recourse in the event of an unsatisfactory transaction. For more information, please refer to the article: CEO Private Party Auto Sales - Friends & Family program.