FAQs

FAQs
Q. Who is eligible for your program?
A. Honor Finance works with both Franchise and Independent dealerships and is licensed to service dealers in

Q. How do I get set up?
A.If you are a dealership located in the aforementioned states, please contact your respective branch and we will have a Regional Vice President contact you with a New Dealer Application, Dealer Agreement, and funding package.  Once the application is complete and approved, Honor Finance will connect with the dealer in either RouteOne or DealerTrack.  The whole process is completed in 24 hours.

Q. What is the cost to get set up with Honor Finance?
A. There are no upfront or monthly fees.

Q. How fast can I expect an answer on an application?
A. Because we do not utilize a scoring model, most approvals are received within 15 minutes or less.  If you have a customer in the showroom and need an immediate decision, we ask that you contact your regional branch.

Q. Do you use credit scores in the application process?
A. Honor Finance takes pride in providing automobile financing to individuals who might otherwise be overlooked by traditional lenders.  For that reason, we do not use credit scores as a single determining factor, however, a customer’s credit score will determine which buying tier they will fall into (contact your local branch to request our Program Sheet).

Q. What type of book-out do you use to calculate advance?
A. NADA clean trade – hard adds only; Kelly Blue Book in

Q. Does Honor Finance have recourse on contracts it funds?
A. No.  Once we fund a deal, the customer is ours.  We do require a title within 90 days, which is required through our Dealer Agreement.

Q. Do you have a look to book?
A. Honor Finance recognizes it is a niche program for dealerships and we do not have a look to book.  Because of the laborious process of our underwriting process, we ask that dealerships give some consideration to our guidelines before sending an application.

Q. What do you provide on dealer participation or backend products?
A. Honor Finance does not pay points or dealer reserve.  We will finance a warranty and add six (6) months to the term; GAP is available on a deal-by-deal basis (contact your local branch to request our Program Sheet).  Those are the only back end products.

Q. How can I be sure I’ve got everything together when submitting a deal?
A. Dealers can attain a funding checklist and dealer packet through:

  • • Dealer Track or RouteOne
  • • or contact your representative to have one faxed or emailed.

Q. How long on average does it take for a deal to be funded?
A. We have the capability to fund a deal within 24-48 hours of receipt of contract.  This is contingent on the accuracy and completeness of the contract packages submitted by dealers.

Q. What kind of contracts do you use?
A. Honor Finance requires Simple Interest Retail Installment Contracts.  Below is an accepted list of contracts.  If you do not see an example of your contract, please contact your local branch for approval.

  • • AZ: A-D-S, Inc. Form: No. 12
  • • FL: ILAW 553-FL 5/14
  • • GA: LAW Form: 553-GA-ARB
  • • ID: IADA Simple Interest
  • • IL: Illiana Form: IFI-26
  • • IN: 553-IN-ARB
  • • MI: LAW Form: 553-MI-ARB
  • • NV: BPI Form: SAIZN-NV or LAW Form: 553-NV-ARB
  • • OH: LAW Form: 553-OH-ARB
  • • SC: 533-SC
  • • UT: UT-103-ARB and UT-102
  • • WI: WBA 431S

Q. What is your Lienholder address for title?
A. Honor Finance, LLC
P.O. Box 1817
Evanston, IL 60204