Searches
Where can you find existing and past business credit history with TFS?
Insight or CEP
Can we do a “business only” deal for a sole proprietorship?
No, The owner must be listed as the primary co-applicant
The business solutions financial calculator can be found where?
The Regional Analyst Tool
There are 5 types of business tax returns we reviewed, name three by number or name.
Corporation - 1120, S-Corp - 1120-S, Partnership - 1065, Non-Profit - 990, Sole Proprietor - 1040 Sched. C
On a business deal with a co-applicant, what’s the 1st item to review?
The Credit worthiness of the co-app
Where can you verify a business name, address and tax ID number?
RMS
Along with tax returns on a business only deal, how many months of bank statements are required to review?
3 Months
There are two required documents on every business deal, what are they?
A signed, completed business credit application and the Certified Resolution and Incumbency Cert.
When reviewing most business tax returns, how many pages are we extracting information from?
Two, the 1st page and Schedule L
When unable to verify authorized signers, what documents should be requested?
Articles of Incorporation/Formation and or Corporate Bylaws
Where do you find the legal business name and start date for a business?
SOS, Secretary of State search
On a business only deal, how many years must the business be established for us to consider the deal?
5 years
What types of businesses are not eligible for leasing?
Vehicles used for rental, livery (such as taxi cabs, Uber, and Lyft), Driver’s Education (private companies or school districts), emergency, or law enforcement are not eligible to lease under Business Solutions program; however, may be considered as retail transactions.
From page 1 of a business tax return, what info are we looking for?
Gross receipts or sales and taxable income
When searching the Secretary of State for a business, what status should the business be in?
Active. We cannot consider, Inactive, not in good standing, terminated or foreign jurisdiction.
In Data Insight, what’s the dashboard name used for researching business info?
Business Credit History
General questions to ask on each deal, name at least two.
*What's the industry, is it seasonal? Examples, trucking, construction, landscape, real estate, transportation, import/export. * How many vehicles do they have and what types of vehicles, along with primary use and who's it for. * How many units does the business plan on opening over the nest 12 months.
There are two forms that are issued to businesses regarding their Tax ID number from the IRS, name one.
IRS SS-4 and LTR-147C
From Schedule L of a tax return, what info are we extracting?
Assets from lines 1-6, Liabilities from lines 16-18, Retained earnings line 25
At what credit score does a Co-applicants FICO need to be at to obtain T1 pricing?
A score of 610 will provide the business with T1 pricing, any score lower, the deal must be done at the earned tier.
In what search can you find the, Identifying Business Information, the Risk Dashboard and Business Facts?
Experian Business IQ
Per FOPP, when a business is at what dollar exposure should we consider doing a Vehicle Credit Line?
$100k
Which of these “entity types” is not considered a business entity? Corporation; general partnership; limited partnership; trade union; limited liability company; municipality; sole proprietorship
trade union
What other type of Financials do we accept for review besides tax returns?
Audited Financial Statements by a CPA.
For sole proprietorships, there are three documents that the Credit Analyst can obtain to verify the authenticity of the business. Name one.
Copy of the Fictitious Business Name filing, Copy of Schedule C from the business owner’s most recent tax return or a copy of the current Business License.