Fleet and Business FAQs

  • Business Link is the manufacturer’s term for a dealership that has a designated department that serves commercial customers.
  • Dealerships must meet service, inventory, staffing and training criteria to receive the “Business Link” designation.
  • Business Link dealers are primary customers for Chrysler Capital’s commercial business.
  • Any customer who purchases a vehicle for business use.
  • A commercial customer’s business may be oragnized as an LLC, LLP, corporation, partnership, or as a sole proprietor.
  • Business types include doctors, lawyers, construction, delivery, plumbers, contractors, farmers, real estate agents, etc.
  • Business
  • Business with a co-buyer
  • Business with a third-party guarantor
  • Commercial lines of credit
  • New vehicles
  • Used vehicles
  • Upfitted vehicles
  • Dealer sends an application via Route One/DealerTrack in the business name only.
  • Chrysler Capital Fleet Services has a number of advantages for both dealers and commercial customers.
    • Chrysler Capital exclusively offers incentivized rates
    • Chrysler Capital has competitive stardard rates
    • Chrysler Capital uses Experian Business Bureau vs. DNB(industry common)
    • Every business will have an Experian Business Bureau, but businesses don’t have to subscribe to Experian to have this bureau score
  • If Chrysler Capital is unable to give an approval in the business name only, a Chrysler Capital Fleet Services underwriter will ask for a co-applicant.
  • The co-applicant can be a co-buyer or guarantor.
  • The co-applicant’s credit file is used to support the deal.
  • “Business name only” declines are often result from the customer not having enough information and/or their business is too new.

Dealer submits the deal with the business information on the front and the co-buyer information on the back.

Dealer submits the deal with the business information on the front and the third-party guarantor information on the back.

  • Contracted differently
  • Co-buyer appears on contract, title and insurance
  • Third-party guarantor does not appear on contract, title or insurance
    • Less liability for owner
    • Advantage for owner – doesn’t tie up personal credit
    • In both cases, customer still gets tax credit for purchasing in the business name
  • Tax advantages / write-offs
  • Less liability in business only / 3rd Party.
  • Does not tie up personal credit (unless there is a co-buyer)
  • Some businesses do not have a co-buyer or third-party guarantor available (large businesses, non-profits, schools, municipalities)
  • Establishes a credit history for business
  • Business name only – Contracted in business name only
    • Example: ABC Plumbing by Joe Smith, President/co-buyer field is left blank
    • Corporate Resolution required – this can be Chrysler Capital’s, the company’s or another lender’s document
  • Business w/a Co-Buyer – Contract in business name and the co-buyer’s name, customer signs
    • ABC Plumbing by Joe Smith, President/co-buyer field is completed
  • Business w/a Guarantor – Same as business only
    • Required forms are the Notice to Cosigner and Third-Party Guaranty Form
  • No, this is a customer/dealer decision
  • Chrysler Capital is unable to approve a sole proprietor for a commercial deal if the tax ID and social security number are the same. The application must be submitted in the name of the dba business.
    • Example: Joe Smith dba JS Plumbing
    • Individuals often purchase in the individual name only.
  • The vehicle they want to lease or purchase is for commercial use.
  • The vehicle type is commonly used for commercial purposes – Livery unit, Ram 2500 – 5500, upfitted vehicles.
  • Often, individual business owner and or dealership are not educated about commercial (don’t know can do in business name).
  • Any unit that has an aftermarket product added to the vehicle.
  • A unit that has accessories/features that gives the vehicle a more specified use in a specific line of business
  • Flatbed
  • Crane
  • Service body
  • Landscape body
  • Snow plow
  • Wrecker body/tow truck
  • Garbage truck
  • Box trucks
  • Refrigerator bodies
  • Utility body

Chrysler Capital will allow up to 100% for upfits.

  • Ex.
    • Truck Invoice = $30,000
    • Upfit Invoice = $10,000
    • Total needed = $40,000
  • We can finance the entire $40,000 (for qualifying customers).
  • Chrysler Capital will determine how much of upfit can be financed. Larger upfits may need cash down.
  • All adds are not considered upfits. Ex. Lift kits, tires, wheels – these types of packages are not considered upfits.
  • An upfit must add value to the vehicle from a commercial perspective. Otherwise, the upfit cost should be added to the cash selling price of the vehicle.