What is an Auto Conversion? Its an auto loan with out the auto. The dealer will give you cash for a fee and if you get one or two of these after 3 months payments it will make your profile very strong if it has 5 good accounts over 10k and minimum 3 years if your short then you need to get other Au's (Authorized Users Tradelines) so it will enable you to get 30K to 90K in funding or more with stronger file like 200k if have other compensating factors.
What's needed to do this? Ideally 5 Au's* 10K minimum in amount and 3 years minimum in age. Some have done it with less but its rare so the bigger in amount and more age on the tradeline the better. Yes Au's count to your fico score and work. This can be done on SSN. NO CPNs for many many reasons it doesn't work plus you can't get millions on that and if your not wanting
How do you start? You apply for an Auto Loan at a local NON MILITARY Credit Union ) ( IT CAN NOT BE any auto specific lender, bank or any auto only lender ONLY A NORMAL CU will work for this) and tell them that you want to apply for a used auto but you don't know what auto or dealer yet and you just want to get a pre approval.
You would want to ask if they can get you approved to buy an auto from an out of state dealer cause you would say you can't find any good auto's in your state or you have sister, mother, child, or friend your buying auto for who is out of state.
Apply for a USED Auto for 45K or 60K/65K (if have big accounts or prior auto with good pay history) or 30K if weak only Au file.
This will take usually an hour to one day for the approval. Tell them you want to apply for a 30K if your file has only 5 Au's on it or less (if you have an existing auto and your file is just weak or low credit score down to 630 Fico and you want to improve it apply for an auto that is 10K over your existing auto).
How much do I apply for? If just have 5 big AU s aged apply for 45K if you have a good car pay history but apply for 10k to 30k higher then your original car loan you have been paying on. Lenders will counter to lower loan amount if cant get hight mostly as long as dont go way to much over target range.
EXAMPLES basically every set of 10k of every 3 cc s of good aged primary history will let you get 30k increment in a car loan amount
> AUTO WITH low FICO 630/640 and good car pay history of original loan of 30k then apply for 65K
>if 630+ fico small to med cc real primary accounts and never had AUTO apply for 35k
>if your FICO is HIGH and have more good accounts bigger then 10k and with good history go for more that are your real primaries apply for 50K
> if only AUs the 5 au file even if they are 10k and 3 yrs apply for 40k if have any extra anything on file apply for 45K.
Purpose is to transition to BIG loans the first set of 100k to 300k then only months later can get fleet trucks and or even a rolls on your file (and auto s are the easiest) to open door for big and bigger corporate loans to get 1m and more as we build file. Then 1 year later when we ad one minimum com re on the corp we get 10m line and a jet on your file basically only after 1 yr of paying on those.
Once get the Pre Approval have them email it to you and all their requirements, they will try not to but make them send it so we can get all the info we need which is: Credit Union info, Contact Person & all they are wanting.
Email this to us with your DL,SSN, Util Bill & cell phone & work phone it can be forwarded to the dealer. Call us if need help at this point pretty much done!
Whats Next After These Subprime Loans?
This loan has to be paid and can't be defaulted on or yes you will do time, but if you are responsible and pay it like your supposed it will help you get you to the next level of funding which is 3 months out and then can get you funding from 100K to 300K which can do this 4 xs a year and as well as corporate funding which is always done after personal (for many reasons) which can get you 200K to 800K 4 xs per year.
What is an Authorized User* Or Primary Tradeline
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