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Access Funding Center, Inc. is now providing consulting services relevant to an innovative Pet Store Financing program.. There is a pet store financing program now available which provides instant approval for your customers so they can leave your store the same day with the pet of their choice. After the pet is examined by a veterinarian and found to be in good health, there is no recourse to you as a pet store owner. This financing program allows you to close a sale while your customer is there in your store and motivated to move forward with the purchase.
CUSTOMER PROFILE
This pet store financing program allows you to provide financing to your customers who have A and B credit. Usually, this means customers who have a credit score of 625 and above. However, contracts are not purchased solely on credit scores alone. You may have customers with scores lower than 625 who may still qualify, while there may be customers with scores over 625 who do not qualify. Every item on the credit report is examined as well as the customer's income, before a decision is made. For example, a customer with good credit, but a couple of small medical collections, may very well be approved for financing. Likewise, a customer who has a discharged bankruptcy that was filed more than a year ago, and has re-established good credit for a year's time, may be approved for financing.
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THE FINANCING PROCESS
With pet store financing contracts are funded once all signed original documentation has been received, verification has been made that the customer has received the pet and the customer's employment is verified. Generally, this requires about 1-3 days from the time the original documentation is received. Pre-approvals are good for 3 days and delays beyond that point are subject to another credit check.
If you use the online application system, approvals are received usually within about 10 seconds of submitting the application. This means you can close the sale while the customer is still in your store and motivated to move forward to purchase the pet of their choice.
In cases where the customer has questionable credit, you'll get a "further review" answer. This means that the credit department will manually look at the customer's credit and make a decision. In these "further review" situations, you will receive an answer the following day and historically about half turn out to be approvals.
THE A AND B CREDIT PET STORE FINANCING PROGRAM
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Finance Program – A/B Credit
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APR
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21%
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21%
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21%
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21%
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21%
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Term
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6 months
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12 Months
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18 Months
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24 Months
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36 Months
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Discount
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17%
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18.5%
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20%
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22%
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25%
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Payout
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83%
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81.5%
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80%
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78%
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75%
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NON RECOURSE
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Sale Price
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$2,000
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$2,000
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$2,000
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$2,000
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$2,000
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Down Payment
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$200
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$200
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$200
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$200
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$200
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Amount Financed
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$1,800
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$1,800
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$1,800
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$1,800
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$1,800
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MFS Payout
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$1,494
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$1,467
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$1,440
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$1,404
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$1,350
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Total Cash (includes
down payment and MFS Payout)
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$1,694
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$1,667
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$1,640
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$1,604
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$1,550
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Consumer’s Monthly Payment
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$318.64
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$167.60
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$117.44
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$92.49
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$67.82
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Please note that if your store offers a money-back guarantee or a refund policy, then all contracts are full recourse. This means that if a contract is purchased where the customer is entitled to a refund, then the pet store will be responsible to repurchase the contract or replace it with a new contract of equal value. The pet store will need to provide a written copy of the full refund policy, guarantee policy or warranty policy in writing to the financing source.
The financing source will assume the credit risk of the contracts once they are purchased. You as a pet store owner will not be responsible for defaults, bankruptcies, or deaths of customers once the contract is purchased by the financing source, provided you have delivered the pet to the customer.
ADDITIONAL SERVICES
There is also a loan servicing and collection service available.
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