With the Deferment Program,
your customers can defer their first payment for up to 90 days from the
contract date on retail contracts submitted to Subaru Motors Finance
(SMF).
Applicant Qualifications
• A
FICO score of 700 or higher is required for all applicants.
• Business borrowers must have an
individual as a co-borrower.
• Standard credit criteria apply.
•
Minimum 5-year credit bureau history with five (5) satisfactory trade
lines.
• Bureau history must be free of
any repossession, bankruptcies or foreclosures.
Program
Requirements
• New and
current year used vehicles are eligible.
• Program is for standard retail and Manufacturer Special Low Rate
Program contracts only.
• Lease
agreements are not eligible.
• Total amount financed, including tax, title and license (TT&L)
and all aftermarket products, is
limited to $50,000.
o See your current Product Reference Sheet for more information.
• Amount financed can't exceed 75% of
applicant's gross annual income.
•
Maximum term is 60 months.
Additional
Information
• State standard
and Manufacturer Special Low Rate Program APR rates apply. The rate
will
be reflected in your approval notice.
• The customer's monthly payment must be calculated using the actual
days to first payment.
• Avoid funding delays: Before submitting a contract, use the Comments
to Analyst function on
Dealertrack® or RouteOne® to let an underwriter know that you're
submitting the contract
with the deferred payment option.
•
This program can't be used with any other special programs.
• This program isn't available in
Pennsylvania.
• All standard Indiana
and Ohio retail contracts must disclose the Loan Origination Fee
(LOF). The LOF does not apply to retail contracts with Manufacturer
Special Low Rate
Program rates.
• Some GAP products
can't be sold on the Deferment Program since they don't all cover
losses on contracts with a deferred first payment. Check the terms of
all GAP products to
confirm coverage and if unequal or irregular first payments are covered.
All
applications subject to credit approval by JPMorgan Chase Bank N.A.
through Subaru Motors
Finance (SMF) and programs may change at any time. Not all programs
available in all states.
