With regards to Member Eligibility:
You must be 18 years old or otherwise have the ability to legally contract for vehicle financing in your state of residence, and either a U.S. citizen or resident alien (permanent or non-permanent) with proof of status. You must be employed and live in a state** where Carputty offers Credit Accounts.
At this time, the Flexline is intended for applicants that have good-to-excellent credit (generally corresponding to a credit score of 680 or higher, though this alone is not a guarantee of approval).
Vehicle Eligibility Requirements:
- The model year cannot be more than 8 years earlier than the date on which you request the Advance to buy it.
- Eligible Vehicles must have less than 85,000 miles.
- Vehicles can be Eligible Vehicles only if manufactured by U.S. Approved, licensed Original Equipment Manufacturers (“OEM”s).
- The vehicle must have a clean a marketable title or MSO (Manufacturer Statement of Origin)
- Salvaged or otherwise similar branded titles are NOT eligible.
- Gray market, lemon law or rebuilt titles are NOT eligible.
- At Carputty’s sole discretion, any vehicle that has a diminished value based on negative data contained within commercially reasonable services such as CarFax, AutoCheck or other similar sources are NOT eligible.
- Commercial Vehicles are NOT eligible.
- Motorcycles, Recreational Vehicles (RV), Boats, Water and Aircraft are NOT eligible.
- For Retail transactions the Selling Dealer must, at Carputty’s sole discretion, be approved.
- Vehicles must be registered in the Flexline account holder’s name.
- The maximum number of vehicles allowed on any given line are not to exceed the lesser of
- 15 Vehicles
- For commercial Flexlines accounts the amount of the FlexLine divided by $40,000 rounded to the nearest whole number
- Eligible vehicles must be properly insured including but not limited to the following:
- Comprehensive and Collision insurance
- Maximum deductible of $1,500 for personal and $2,500 for business
- Carputty listed as the Lienholder/Loss Payee
- We will fund Advances requested that satisfy the following additional terms:
- The amount requested is at least $10,000 but not more than $150,000.
- For Eligible Vehicles, the amount of the Advance does not exceed the maximum LTV % plus taxes and the cost of registration.
- For Used Eligible Vehicles, the amount of the Advance does not exceed the maximum LTV % of 110% of the V3 value or
- For current year used Eligible Vehicles, when vehicle valuations do not exist or have not been released, the Value will be defined as 90% of MSRP
- For New Eligible Vehicles, the amount of the Advance does not exceed the maximum LTV % of 100% of the V3 value or
- For current year New Eligible Vehicles, when vehicle valuations do not exist or have not been released, the Value will be defined as 100% of MSRP
