WHAT YOU CAN EXPECT

At FinCo, we focus on collateral based financing (versus credit based lending). What that means for the customer:
A consumer with bad credit or no credit may be unable to get a loan through a traditional lender. However, the dealer may be willing to take your payment over time - as long as you have enough cash to cover certain expenses. FinCo enables dealers to finance their payment over time, with no outside lender involved. We enable you the customer to purchase a car you may not be able to finance through a traditional lender.

Build Better Credit
Holding a contract with FinCo - provided you make your payments on time - is good for your credit report. We make it easy for you to build good credit by reminding you to make your payments on time. You will receive a written notice by mail 10 days before your payment is due. You can also choose to receive a text message 2 days before your payment is due. And, if for some reason your payment will be late or you cannot pay, we want you to call us in order to come to an agreement - we do everything we can to work with you without involving the collection agency.

World Class Customer Service and Online Education
Getting an auto loan can be a confusing and overwhelming process to the typical consumer. It doesn't have to be. At FinCo, we help customers understand every part of the process - from filling out the credit application, through understanding your paperwork, and making your payments. We even offer online educational videos answering your Frequently Asked Questions and explaining your documentation. Most importantly, you are always treated with respect. We are here to help YOU.


FREQUENTLY ASKED QUESTIONS
Feel free to call 1-800-435-3403 anytime with questions

Understanding Credit
Q. What is meant by Credit History and Credit Score?
A. When you make payments on a credit card or a loan, your payment is reported to the credit bureaus. The credit bureaus keep a record of your payment history and assign a numerical credit score based on whether you paid on time, paid late, or if you declare bankruptcy. With your permission, lenders can request copies of your credit report and credit score when you apply for a loan or a credit card.

Q. Why did my application get turned down by other lenders?
A. With a traditional auto loan, the lender is in essence buying a car from the dealer and you are promising to pay back the bank. Most lenders decide whether they are going to lend you money based on your credit history. If you have had credit cards or loans in the past and made all your payments on time, your credit history tells the bank that you will probably continue to make payments on time on future loans. If you have a history of late payments, a bankruptcy, high balances on your credit cards, or if you have never had a credit card or loan in the past, lenders have no proof that you will pay back your loan on time, and are hesitant to lend their money to you.

Q. How is FinCo different?
A. FinCo is not a credit based lender. Although we do need to pull your credit report in order to verify your identity, our decision to finance your vehicle is not based on your credit score. When FinCo finances your vehicle, we do not advance any cash to the dealership. You are not borrowing any money from a bank, you are agreeing to pay back the dealership directly, over time. The decision to finance the deal is entirely the dealer's, and is based upon the amount of cash you pay at closing and the value of the vehicle. If you have enough cash to cover certain dealer expenses, the dealer may agree to take the rest of your payments over time.

Q. What is meant by "Collateral"?
A. Collateral refers to an asset, in this case the vehicle, which is pledged for the repayment of a contract if the contract is not repaid as agreed. Collateral based financing assumes there is enough value in the vehicle so that in the event that you cannot repay your debt to the dealer, the dealer can repossess the vehicle and recover its losses, including the expenses the dealer incurred to sell you the car in the first place, and the cost of repossessing and remarketing the vehicle.

Q. Why is the down payment so important?
A. When a dealer sells a car, there are certain costs that must be covered. For example, sales tax, registration and title fees, and documentation fees. When you finance a car through FinCo, the dealer needs to make sure these costs are covered. Therefore, your down payment may be higher than it might be through a traditional credit based lender, where the dealer is receiving funds from the lender to cover these costs.

Q. What can I do to improve my credit score?
A. The best way to improve your credit history and credit score is by making payments on a loan or credit line. Unfortunately, if you already have poor credit or no credit, it can be difficult to get a loan or credit line, making it difficult to improve your situation. Holding a contract with FinCo gives you the opportunity to improve your credit history. When you make your payments, our servicer reports your timely payment to the credit bureaus. Over time as you continue to pay off your contract, your credit history will improve.

Understanding Your Documentation
Q. Why do you ask for so much personal information?
A. Most of the information we ask you to provide on your credit application is in order to verify your identity. We are required by Federal Law to verify the identity of everyone we sign a contract with.

Q. What are all the documents I signed when I bought my car?
A. The documents are what the dealership calls a "deal jacket." There are a lot of documents. Some of the documents are needed to complete the sale of the vehicle and many of the documents are required by law.
  • You have to fill out identifying information and give permission for the dealership to get a credit report on you.
  • The retail installment contract gives you the numbers: how much you paid and how much you owe and the interest on the amount you owe.
  • The Bill of Sale shows what you bought and for how much.
  • There are documents for the state department of motor vehicles to register and title your car and to verify the car you are buying.
  • The Retail Installment Contract Seller's Assignment states the dealership is giving the contract over to FinCo Management.
  • The Privacy Policy gives us permission to share some of your payment information with the dealership.
  • If you don't pay your payments and do not call us to work it out, the Electronic Self Help Rider explains that we can recover what is owed to us however we feel is necessary.

There are other documents that may be required if you choose to have your payments automatically taken from your checking account or if there is a cosigner on your vehicle, or if you have purchased other products such as an extended warranty.

Q. Why do I need to prove I have insurance?
A. If you are in an accident insurance pays for damages. In some cases, if the car cannot be repaired, the insurance company pays for the value of the car. This also applies if your car is stolen. The insurance protects you, the buyer, with not being responsible for paying on a vehicle you can't use, and allows FinCo Management to be paid for the rest of the money owed. This is why we require you to have insurance on the car the whole time you are making payments with FinCo Management listed as the lien holder. Not having insurance is considered defaulting on the contract you signed with us.

Q. What is a lien holder?
A. A lien holder is someone who has a stake in a property and has a say in what happens to it. FinCo will be listed as the lien holder on the title of the vehicle until it is paid off, and we need to be listed with the Insurance company as a lien holder on the Insurance policy.

Payment and Payoff
Q. What do I do if I can't make a payment?
A. Call us!! We can give you options and work with you on how to handle the payment of what you owe. Part of what we do is to help you repair or establish your credit. We can only do that if you work with us.

Q. What if I can't afford my payments anymore?
A. Again, give us a call. We will help you with figuring out what is the best thing to do. One option may be to sell the car yourself, and then pay us back for what you owe. We don't want to have to repossess your car. It is inconvenient for everyone. But if we don't have contact with you, don't receive payments on time or receive no payments, we have no choice but to repossess the car. If that happens, we will be attempting to contact you. You do still have the right to redeem your car. The laws on this are different in every state. You must communicate with us so you can get your car back.

Q. What if I sell my car?
A. You are still responsible for paying off what you owe on the car, so please call us and we will let you know how much is needed to pay off the car. When we receive your payment, we will release the title to your car so you can transfer it to the new owner.

Q. Why does my payoff amount change every time I call for it?
A. Simple interest is applied to the price of your car. Each monthly payment is part principal (a portion of the cost of the items purchased listed on your Bill of Sale) and part interest. At the beginning, your payments are paying off mostly the principal, and toward the end of your payment schedule, payments are mostly the interest that has built up. When you call to ask the payoff amount, it will be for whatever principal portion left to pay plus the interest that has built up at that time. If you make more payments on your car, that payoff amount will be less.

To make your monthly payments:
FinCo Management LLC
PO Box 740724
Cincinnati, OH 45274

You can also make payments using MoneyGram:
For locations, go to www.moneygram.com and click 'find us' or call 1-800-MONEYGRAM

The charge from MoneyGram will be $7.95
At any Walmart, the charge will be $7.50

You will need our address above.
You will need our receiver code: 6808
You will need your FinCo account code which is located on your contract information and any correspondence from FinCo.

Important: You must call FinCo Customer Service at 1-800-435-3403 and provide the MoneyGram confirmation number in order to confirm your payment was made.

If you are paying off the balance owed on your vehicle or want to write to us:
FinCo Management LLC
PO Box 1570
Williamsville, NY 14231-1570

To call us: 1-800-435-3403
To fax us: 1-716-531-5744