FAQs
>
Getting Started
>
What are your Line of Credit eligibility requirements?

What are your Line of Credit eligibility requirements?

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.

Vehicle Eligibility Requirements:

  1. The model year cannot be more than 8 years earlier than the date on which you request the Advance to buy it.
  2. Eligible Vehicles must have less than 85,000 miles.
  3. Vehicles can be Eligible Vehicles only if manufactured by U.S. Approved, licensed Original Equipment Manufacturers (“OEM”s).
  4. The vehicle must have a clean a marketable title or MSO (Manufacturer Statement of Origin)
    1. Salvaged or otherwise similar branded titles are NOT eligible.
    2. Gray market, lemon law or rebuilt titles are NOT eligible.
    3. 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.
  5. Commercial Vehicles are NOT eligible.
  6. Motorcycles, Recreational Vehicles (RV), Boats, Water and Aircraft are NOT eligible.
  7. For Retail transactions the Selling Dealer must, at Carputty’s sole discretion, be approved.
  8. Vehicles must be registered in the Flexline account holder’s name.
  9. The maximum number of vehicles allowed on any given line are not to exceed the lesser of
    1. 15 Vehicles
    2. For commercial Flexlines accounts the amount of the FlexLine divided by $40,000 rounded to the nearest whole number
  10. Eligible vehicles must be properly insured including but not limited to the following:
    1. Comprehensive and Collision insurance
      1. Maximum deductible of $1,500
    2. Minimum 100k/300k liability limits
    3. Carputty listed as the Lienholder/Loss Payee
  11. We will fund Advances requested that satisfy the following additional terms:
    1. The amount requested is at least $10,000 but not more than $150,000.
    2. For Eligible Vehicles, the amount of the Advance does not exceed the maximum LTV % plus taxes and the cost of registration.
      1. For Used Eligible Vehicles, the amount of the Advance does not exceed the maximum LTV % of 110% of the V3 value or
        1. 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
      2. For New Eligible Vehicles, the amount of the Advance does not exceed the maximum LTV % of 100% of the V3 value or
        1. 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