If you’re interested in learning how to sell auto notes, we’ve made a qucik reference for you so that you know exactly how the process works and to make it as easy as possible. This will also enable an expedited sale and get you the cash that you’re looking for, as fast as possible.
The lender will almost always require the following basic info:
Account number, borrower name, contract open date, original amount financed, apr, original contract term, number of payments made/ payments remaining, payment amount, current principal balance, payment frequency, down payment, vehicle year, make, model , vin # & mileage, next payment due date, last payment made date, days past due & gross balance.
Some additional info may be required, but usually the above information is enough to get a bid so that you may sell your auto notes.
Usually, after you’ve sent your spreadsheet of auto notes to the purchaser, they will send a proposal and start the due diligence process. This time period may vary lender to lender and will vary depending on how robust your list is. Typically, the time period falls into the 24-48 hour window and after this time you will receive a Letter of Intent (LOI).
Once the LOI is signed by the seller, the buyer will go in and review the accounts. This is usually the final step prior to closing when selling your auto notes. Additional info may be gathered, such as disclosures, power of attorney for leins and a schedule of listed accounts.
Typically, the overall process to sell bulk auto notes can take anywhere from 5 days to 2 weeks. In the end you free up a lot of cash and cut down on your company’s liabilities.
We hope that you’ve found this posting- How to Sell Auto Notes was helpful.
