Third Party Guaranty
Differentiating and managing debt-to-income ratios in personal credit bureaus
can be a challenge for any business owner today. Imagine your customer making
all their previous loan payments on time, but still being denied a loan simply
because they have too many other obligations on their personal credit bureau.
Business owners need a way to keep their personal obligations separate from
their business debts. For this reason, Hall Chevrolet Commercial Division created our Third Party Guaranty
program.
Designed exclusively with the business owner in mind, our
Third Party Guaranty allows business owners to keep their business
transactions at arm’s length – and their personal name off of the vehicle
contract and title. The business owner would still provide the additional
financial backing that Hall Chevrolet Commercial Division may require, while keeping their personal credit
free and clear.
Benefits:
- Build credit in a business name only.
- Debt will not show up on owner's personal credit bureau report,
unless Guarantor is unable to pay in the event of default.
- Added protection from liability, since Guarantor’s name remains off
of vehicle’s title and contract.
- Provides additional security to a transaction, without requiring a
co-buyer on the transaction.
- Guarantor will only be contacted for repayment in the event of
default.
To obtain a flyer so that you may discuss this program with your customer,
please
click here
.
* Hall Chevrolet Commercial Division reserves the right to amend this
program at anytime without written consent. All Third Party Guaranty
transactions are subject to prior submission and approval of transaction and
Guarantor. Guarantor must be an authorized officer of the Company. Guaranty
remains in effect for the entire life of the contract and cannot be
withdrawn. Valid on Business Transactions only.