What is the Desjardins Ready-to-Drive Loan preauthorization?
It's a new service that allows Desjardins members to complete an online financing application through AccesD. They will then obtain a Desjardins Ready-to-Drive Loan preauthorization certificate in order to finance the purchase of a vehicle.
What happens if a customer wants to finance with conditions differing from those of the certificate?
For example, the customer:
wants to finance an amount larger than what is on the certificate;
wants a different type of good than the one on the certificate;
can't meet the conditions specified on the certificate (term, down payment, proof of income);
wants to add a co-applicant
- The information on the certificate reflects what the customer wrote in their AccesD online application
- To use the certificate, the conditions written on it must be met as is
- If the conditions can't be met, you must complete a DealerTrack application as usual
*A 10% extension of the preauthorized amount (maximum $1,500) can be allocated to allow some modifications
Are rates and commissions the same as for regular financing?
Yes, the rate isn't specified on the certificate, You can therefore offer the fixed or variable rate of your choice.
Should all the fields be completed in DealerTrack?
The DealerTrack portal has been slightly modified and a new field added to enter the preauthorization number appearing on the customer's certificate. This limits the information that needs to be completed.
- The required fields are identified in yellow and with an asterisk
- You don't have to complete the customer's personal information (income, employer, etc.)
- You don't need a signature on the credit application
- You don't need a signature for the Desjardins consent form
Amount for trade-in vs required down payment?
Is an amount specified for a trade-in equivalent to a down payment required in the transaction?
- For example, if the net trade allowance is $5,000, that amount must be specified in the allowance field of the trade-in section.
Why is a down payment automatically required for durable goods?
- Being done automatically, a preauthorization requires that certain conditions are met
- The customer is informed of the required down payment for the amount requested when he does his application on AccesD:
Cost of vehicle
(taxes and additional costs included)
Minimum down payment
Less than $25,000
$25,000 to $49,999
More than $50,000
Are the documents required for the payout the same?
You have to fax all completed documents for approval like for regular files.
- A copy of the preauthorization certificate is required
- No need to send the Desjardins consent form
What happens if the customer is not approved for preauthorization?
The customer is not necessarily declined, but can't obtain a preauthorization considering the information provided.
The customer has the option to:
- complete an application directly with the merchant (without using the preauthorization)
- reapply for a Desjardins Ready-to-Drive Loan preauthorization if his situation has changed
Is a printed copy of the certificate required?
If the customer sends a copy of the certificate by email does a paper copy need to be printed or can the preauthorization number simply be taken down?
- A paper copy must be printed outby the customer or the merchant since this document needs to be faxed to us for the payout.
What happens if the customer loses his certificate?
The customer can reprint the certificate from AccesD. The certificate is available for 30 days after obtaining it.
Does the preauthorization amount cover taxes, warranties and complementary products?
- It is highly recommended on AccesD to add an amount to the preauthorization request for these costs.
- The customer can automatically add 20% more than the cost of the vehicle by checking a specific box in the preauthorization application.
What happens if the delivery or payout is not made within 30 days?
The customer has 30 days to use the certificate to purchase a vehicle.
Once the application is entered in DealerTrack the usual time for delivery applies:
- Used vehicles: 30 days from the first DealerTrack approval
- New vehicles: 90 days from the first DealerTrack approval
Does the credit application need to be signed?
- The credit application will be empty and doesn't need to be signed because we have the customer's consent in AccesD.
- A consent box still needs to be checked in DealerTrack.
What are the benefits of the preauthorization vs a regular application?
- Reduces the waiting time to receive an approval (instant approval when the conditions of the certificate are respected)
- Eliminates the need to ask for the customer's personal information
- Makes the sale of complementary products easier
- Accelerates the application process (no need to fill in a complete application)
- Improves service