CEO Auto Loan Approval and Purchase Process
When clients are approved for a CEO Auto Loan to purchase a car, CEO will send out an approval notice (pre-approval letter) to the borrower via email with the Dealer Instructions letter attached. Clients should take this letter with them when car shopping. In the letter, we ask the dealer to send us a drafted Bill of Sale or Buyers Order for the vehicle that the client wishes to purchase.
Once the requested documents are received, CEO will provide a complimentary vehicle review check to better protect clients from potential fraud and/or predatory dealers.
- Review the Bill of Sale to confirm the taxes, fees, and other charges reasonable to the sale price. Generally, we will not finance additional costs like equipment add-ons, warranties, etc.
- Run a vehicle history report to check for recalls, accident history, salvage title, etc.
- Check the Kelley Blue Book (KBB) value of the vehicle with exact mileage and location of sale. The Fair Purchase Price is based on “Buy from a Dealer” in “Good Condition or Better.”
CEO reserves the right to delay or deny financing for the purchase of any vehicle that does not meet all four standards listed below:
- NOT have a salvaged title
- NOT have existing liens (unless refinancing and an existing lien will be transferred to CEO)
- Be registered in name of the seller
- Have a vehicle sale price no more than 20% over KBB Fair Purchase Price
If we approve the vehicle purchase, we will contact the seller to coordinate payment. There are two options for payment to a seller by ACH digital transfer to a bank account (usually within two business days or by paper check (may take up to five business days). We will initiate the transfer of funds once the loan contract is signed by the borrower.
CEO requires our name to be listed as the first lienholder, thus becoming the legal owner of the vehicle until the loan is paid in full. In each state, CEO has a different lien holder record and ELT# which can be found on the CEO Lienholder Information document.
Borrowers may not trade or sell the vehicle without permission from CEO. If a trade or sale is necessary before the loan is paid in full, you must contact us for details on the trading process. If a borrower receives a title after auto purchase or refinance, they must contact us immediately so we can advise on the steps necessary to add our information as the lienholder.
Please see the attached files for a printed copy of the CEO's Good Deal Auto Purchase Standards, and a chart representing each step in the auto purchase process with CEO.