Dealer FAQs

When are we funded on our deals?

Once Sterling Credit Corp. has received all requested original customer documents, and all Purchase & Sale closing documents have been properly executed, then funding will be issued within 2 business days.

 
How do customers make payments or arrangements?

Sterling Credit Corp. has a dedicated customer service line at 1-877-859-8401. You can speak with a live agent Monday thru Friday from 8am – 7pm (EST) to make a payment or arrangement. We also have a 24 hours auto automated phone system at 833-507-6760 also free of charge for customers to use. There are several other options the customers can take advantage of such as: online payments, checks by mail, money orders by mail, or MoneyGram.

 
Who is my direct contact for recourse questions?

Dealer relations manager – Luis Sanabria – 407-551-2221 Ext: 126

 
How do we receive notification of past due accounts?

Sterling Credit Corp. provides a weekly report to the dealer during the recourse period containing all past due accounts and reason for delinquency. This report is sent by email every Thursday.

 
How does recourse work?

Recourse is determined at the time Sterling Credit Corp. negotiates the purchase with the Dealer. Recourse begins on the Settlement Date of the Contract of Purchase & Sale. During the Recourse Period, all customers are required to have direct contact and collections with Sterling Credit Corp. Dealers will be notified of past due customers by the weekly status report and may be asked to assist with contact and communication efforts in order to improve account performance.

 
How are buybacks determined?

Account buybacks are reviewed on a case-by-case basis. Buybacks are determined during the Recourse Period when a customer is unable or unwilling to make scheduled payments or payment arrangements, or if customer is uncooperative with collection efforts. A Buyback may also be based on the collateral issues such as total loss, inoperable, wrecked, or mechanical issues. Dealer’s are notified via email of any account deemed a buyback.

 
How can I avoid buybacks?

There is no guaranteed way to eliminate buybacks, but proper preparation and communication with your customers can greatly reduce the potential. Even at origination, make sure the retail contract is structured appropriately for the customer and inform them that their loan may be transferred at some point. You know your customers better than we do; try to avoid selling accounts that you feel will refuse the transfer. During the verification process and recourse period, stay involved. The main way to avoid buybacks is to make sure your customers have updated contact information on file and open communication with Sterling Credit Corp. The more we know, the better we can service or collect the accounts.

 
What happens when the recourse expires?

Dealers will receive an email approximately one week prior to the Recourse expiration, requesting any final assistance on accounts deemed Potential Redemption. On the day of expiration (or the Friday prior, if expiration falls on weekend) Sterling Credit Corp. will submit a final status, via email, advising Dealer of any Buybacks and proving a summary of Deal’s performance and reserve, if any. In the event of a negative reserve, resulting from Buyback(s) due, Dealers are required to cover the amount owed within 10 days of Notification. After recourse expiration, any Dealer assistance that helps with collections is appreciated but not required.

 

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