Credit Acceptance Corporation & Guaranteed Credit Approval:
The Whole Story
Guaranteed Credit Approval is available through Credit Acceptance Corporation out of Detroit, Michigan. Credit Acceptance is a proven industry leader, and has been copied by many. The difference between Credit Acceptance and others trying to emulate their business model is experience and their commitment to helping deserving consumers receive a fresh start.
Credit Acceptance was founded in 1972 by Don Foss, one of the world's largest independent used car dealers in the 1970's and 1980's. Credit Acceptance is an indirect auto finance company, working with car dealers nationwide to enable them to sell cars to consumers on credit regardless of their credit history. Without their product, consumers may be unable to purchase a vehicle, may purchase an unreliable one, or may not have the opportunity to improve their credit score.
There are some big differences between Credit Acceptance and buy here - pay here companies. First and foremost, Credit Acceptance reports to the 3 main credit bureaus. As you make your timely payments, your efforts are reported, and your credit score goes up. Many buy here - pay here companies don't report to the credit bureaus unless you miss payments or have a vehicle repossessed. You usually pay MORE for LESS of a vehicle, and have nothing to show for it in the end. Also, when working a Credit Acceptance deal, we try to tailor your payments to what you can afford. We want you to succeed and improve your credit!
There are 2 ways to apply for Guaranteed Credit Approval. You can come in to Key Powersports, sit down with Chuck or Bonnie, and do the credit application right there; or you can go to http://www.owatonnaautocredit.com
to fill out an on-line credit application. The on-line credit application goes directly to Chuck or Bonnie. They will send you an email when they receive the application.
There is no waiting with Credit Acceptance! Once you decide on a vehicle that works for you, Chuck or Bonnie can let you know the exact terms and down payment.
You required down payment is usually around 25% of the vehicle's price. We try to keep your monthly payments affordable - around $200 - $300.
Your registration, title, sales tax, dealer fees, and warranty will be included in your deal. Your only concern is the down payment and your monthly payments afterwards.
- We provide the service of transferring your title and getting your new registration, plates, and tabs. This saves you time, and the hassle of standing in line at the DMV office.
When you are actually ready to purchase your vehicle, there are certain proofs required by Credit Acceptance.
You may need the following:
1. Copies of your 2 latest pay stubs (must show deductions and year-to-date income) / or most current award notices for fixed-income.
If you are self-employed, your will need to provide bank statements that document the income.
2. Copies of your most current bank statement. This must show at least 30 days of activity on your account.
3. Your most recent utility bill (within last 30 days)
4. Your most recent cell phone bill (within last 30 days)
5. Your most recent cable bill
6. Landlord or mortgage information (name, address,
7. Current insurance information
8. Valid driver's license
9. 5 references - can be family members, friends, co-workers, etc. (no duplicate addresses or phone numbers, no employers, no landlords)
* All copies of documents must be printed in PDF form, or they cannot be accepted. Non-PDF form copies can delay the process.
* All proofs (utility bill, cell phone bill, bank statement, etc.) must be in your name and reflect your current address.
** In most cases paystubs, a bank statement, utility bill, driver's license, and references are the basic documents you will need.
*** If you have self-employment income, you must be able to prove the income with a business checking account, or it will not count towards your income.