Handling Lien Payoffs when buying inventory
Running a business is all about cash flow and opportunity.
Do you know how much time and money gets tied up when you purchase a vehicle or take a trade from a customer with a lien/pay off?
Paying off a customer’s car is a necessary part of our business however you should be aware of how much effort and how long the process takes.
- Contacting the bank and verifying the pay-off
- Going to your bank and getting certified funds
- Mailing a check out to the lender
- After the lender receives the certified funds they wait at least 10 business days before they mail out a title
- Office staff tracking the title
- Once the title is received you contact your finance company to see how much they’ll floorplan it for
- Send all the documents to your floorplan company for approval
- Receive funds from your floorplan company
With our lien payoff program we do all the work!
- Complete a lien pay off sheet and send it to Auto Use
- Auto Use reaches out to bank and sends money
- Auto Use does all the leg work and follow up so that your title is received quickly
- Vehicle is already floored (rather than waiting up to 45+ days for the title to floor)
- Nothing due out of pocket for the first 90 days!
This program gives dealers the ability to focus their time and money on other things that require their attention without tying any of it up on trades and inventory. Smart, simple, easy!
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