How does credit life insurance work, and is it for me?

Credit life protection pays off the loan (and any remaining "unused" interest) in the event of death OR accidental dismemberment (includes: irrevocable loss of sight in one or both eyes, loss of one or both legs at or above the ankle, loss of one or both arms at or above the wrist.) Credit life protection supplements your current insurance. You may receive approval without a medical exam. Credit life protection goes into effect immediately upon the starting date of the loan. The insurance terminates when the loan is paid off. To help decide if this is for you consult the dealership's business manager.

How does credit disability insurance work, and is it for me?

Credit Disability Protection benefits start, when the customer is out of work due to illness or injury, after a short elimination period. The coverage will reimburse the customer or make payments directly to the lender (depending on the severity of illness or injury). The injury does not have to be work related.
Credit disability protection supplements your current insurance. You may receive approval without a medical exam. Credit disability protection goes into effect immediately upon the starting date of the loan. The insurance terminates when the loan is paid off. To help decide if this is for you consult the dealership's business manager.

What if I belong to a credit union?

We do business with nearly every major credit union in the state of Florida and some outside of the state. In most cases your Ed Morse dealership can even process the credit union's paperwork for you on-site at the dealership. Please consult with one of the business managers at the dealership if you have any questions about a specific credit union.

What does an "Auto Care" maintenance agreement do for me?

Auto Care is pre-paid routine maintenance. Auto Care includes oil and filter changes, tire rotations and injector flush. With Auto Care there are records of all maintenances performed. Auto Care includes the additional benefit of rental reimbursement on covered factory warranty repairs. Auto Care pre-paid maintenance is very popular on leases where a customer wants all of the typical costs of driving, other than fuel and insurance, included in their monthly payment. Auto Care is accepted anywhere in the USA and Canada.

What is my rate / what is my payment?

There are many factors that go into determining what rate or payment that a customer may qualify for. Because of that you should consult with the dealership's business manager regarding your rate and/or payment. Items that the lender or lessor may consider are:

Stability

• How long has the applicant been at the same job?
• How long has the applicant lived at the same address (residence)?

Income

• How much does the applicant earn?
• Is the applicant's income increasing, decreasing, or fixed?
• What is the applicant's industry, company, and job?
• How is the applicant paid? (salary, commissions, fee)

Expenses

• How much are the applicant's regular expenses?
• How many dependents does the applicant have?
• Does the applicant have any special financial obligations?

Payment History

• Does the applicant have a credit history?
• Does the applicant meet his or her obligations according to the agreed upon terms?
• Does the applicant's credit history include a previous obligation of similar amount or term?

Assets

• What is the applicant's net worth? (i.e. savings, insurance, investments, real estate, or other types of property)

What is the applicant financing? (What is the collateral?)

• Is the applicant financing a tangible product such as a car, a home, furniture, or appliances that can serve as "security" for the loan?

The lender is in the business of lending money. If a lender increases the number of loans they make then their portfolio improves. If a lender stops making loans they are out of business. The lender's final decision will be based in part, on how well the applicant presents his or her credit picture and the amount of the down payment.