image description

Cars on Credit is a used vehicle leasing corporation serving New Car dealerships and Premium Used Car dealers in the Province of Ontario.

We offer leases to customers with a maximum advance of $13,000 per transaction and an average term of 42 months. The dealer advance is determined by both market value guidelines and Canadian Black Book pricing. We are currently using 120% of adjusted black book pricing as a measurement tool. Each application is submitted through our own portal. Communication, paperwork and funding requirements are accessed directly from the portal and executed by the dealer.

Underwriting Criteria

  • Maximum dealer advance - $13,000.00; advances over $13,000.00 may be considered with a minimum 25% down payment
  • Maximum vehicle age range is current model year to 10 years
  • Minimum down payment of $500.00
  • Minimum monthly income of $1,600.00; combined household income of $3,000.00 will also qualify
  • Proof of income two consecutive pay stubs not more than 90 days old, T4’s within 6 months of application, job letter accompanied by 2 months worth of bank statements, NOA’s or Business Statement of Activities
  • Minimum transaction of $4,000.00
  • Maximum rate of 29.99%; light commercial vehicles may be higher
  • Maximum term of 48 months
  • Salvage or Rebuilt vehicles do not qualify
  • Proof of clear title required
  • Maximum mileage of 180,000 kms
  • Vehicles over 180,000 kms to 220,000 may qualify with minimum 20% down payment
  • G1 licensed drivers do not qualify
  • Ontario residents only
  • Courier, Delivery or Taxi vehicles do not qualify
  • We do not fund any aftermarket products or warranties
  • Minimum residual obligation of $500.00
  • Maximum residual obligation of $1,500.00
  • Every vehicle must be equipped with a GPS device and starter interrupter
  • Proof of residence required
  • No post-dated down payments can be accepted by the dealer
  • Delivery disclosure form must be signed by all lessees
  • Maximum total accident claims of $6,500.00; total claims in excess may be considered with minimum 30% down payment

Process

  • Dealerships across Ontario submit applications through our customized Portal
  • Equifax credit bureaus are automatically obtained electronically and the file is ready for review
  • Applications are decisioned using the following criteria: Credit, Situational Insight, Trend, Employment, Stability, Equity, and Vehicle Value
  • Where “Conditional Approval” or “Approval” is received, the dealer and the lessee review the terms
  • Contracts are printed directly from the Portal and delivery is executed by the Dealer
  • Once the documents are received at our offices, they are verified and reviewed
  • Upon approval of documents the dealer is funded electronically within 72 hours