Fleet and Business FAQs

What is a Business Link Dealer?
  • 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.
Who are Commercial customers?
  • 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.
What products does Chrysler Capital Fleet Services offer?
  • Business
  • Business with a co-buyer
  • Business with a third-party guarantor
  • Commercial lines of credit
What are commercial vehicles?
  • New vehicles
  • Used vehicles
  • Upfitted vehicles
How does a business only approval work?
  • 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
What if Chyrsler Capital cannot approve the customer in business name only? Is there any other “way to go?”
  • 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.
How do I submit a business deal with a co-buyer?
Dealer submits the deal with the business information on the front and the co-buyer information on the back.
How do I submit a business deal with a third-party guarantor?
Dealer submits the deal with the business information on the front and the third-party guarantor information on the back.
What is the difference between a co-buyer and a guarantor?
  • 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
Why does a customer want to do a loan in 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
How does a dealer contract a commercial deal?
  • 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
Does Chrysler Capital prefer a co-buyer versus guarantor?
  • 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.
What makes an individual a candidate for a commercial deal?
  • 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).
What is an upfitted unit?
  • 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
What are examples of upfits?
  • 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.