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END USER LICENSE AGREEMENT
BY COMPLETING THE AUTO LOAN PROFILE AND ELIGIBILITY INQUIRY
FORM (“PROFILE”) PROVIDED ON BEHALF OF THE PREQUALIFICATION AGENT, AUTO EQUITY, INC, ADDRESS 377
FISHER GROSSE POINTE, MI 48230, AND PHONE NUMBER OF 313 885-6007, YOU
(“YOU” OR “THE USER”) ARE AGREEING TO BE BOUND BY THE FOLLOWING TERMS AND
CONDITIONS OF THIS END USER LICENSE AGREEMENT (“AGREEMENT”) DESCRIBED
BELOW. YOU UNDERSTAND THAT SERVICE PROVIDER CONTRACTS WITH OTHER SOFTWARE
VENDORS, CONSUMER REPORTING AGENCIES, LENDERS, CREDITORS, FINANCIAL
INSTITUTIONS, AND/OR OTHER VENDORS AND SERVICE PROVIDERS (COLLECTIVELY
“PARTNERS”) WITH REGARD TO LOAN ELIGIBILITY DETERMINATION SOFTWARE, CREDIT
APPLICATION PROCESSING SOFTWARE, FINANCING SERVICES, WEB STORAGE AND/OR
RELATED TECHNOLOGY AND SERVICES (“SERVICES”) AND THAT THIS AGREEMENT SHALL
GOVERN THE TERMS OF SERVICE BETWEEN YOU AND SERVICE PROVIDER.
BY SELECTING THE “Yes, pre-qualify me and show finance offers on this vehicle.”
CHECK BOX, YOU AGREE AND CERTIFY THAT ALL OF THE
STATEMENTS IN THIS PROFILE ARE TRUE, ACCURATE, AND COMPLETE AND ARE MADE
FOR THE PURPOSE OF IDENTIFYING CREDIT WORTHINESS AND/OR LOAN ELIGIBILITY
FOR FINANCING AN AUTOMOBILE. YOU AUTHORIZE SERVICE PROVIDER TO SHARE YOUR
PROFILE AND RELATED INFORMATION WITH PARTNERS IN ORDER TO COMPLETE YOUR
LOAN ELIGIBILITY DETERMINATION. YOU AUTHORIZE SERVICE PROVIDER AND ITS
PARTNERS TO RETAIN AND RELY ON YOUR PROFILE. YOU AUTHORIZE SERVICE
PROVIDER AND ITS PARTNERS TO ACCESS YOUR CREDIT REPORT IN A MANNER THAT IS
BOTH INVISIBLE TO ANYONE OTHER THAN YOU AND IN A MANNER THAT HAS NOT
ADVERSE AFFECT ON YOUR CREDIT SCORE.
BY SELECTING THE “Yes, pre-qualify me and show finance offers on this vehicle.”, YOU FURTHER AUTHORIZE SERVICE
PROVIDER AND ITS PARTNERS TO SHARE INFORMATION IN YOUR PROFILE AND ANY
OTHER CREDIT INFORMATION IT OBTAINS WITH OTHER THIRD PARTIES, INCLUDING
BUT NOT LIMITED, LEAD PROVIDERS, AUTOMOBILE DEALERSHIPS, AND CREDITORS,
WITH WHICH IT CONTRACTS TO OFFER THE SERVICES, AND WHO MAY BE ABLE TO
OFFER OR ARRANGE FOR A DIRECT LOAN AND/OR AUTOMOBILE DEALER FINANCING.
YOU ACKNOWLEDGE THAT YOU HAVE READ THE STATE SPECIFIC DISCLOSURES
CONTAINED BELOW IN APPENDIX A RELATED TO YOUR PROFILE AND AGREE TO RECEIVE
ELECTRONIC DOCUMENTS UNDER THE TERMS PROVIDED BELOW IN APPENDIX B AND
INCORPORATED HEREIN.
IT IS STRONGLY RECOMMENDED THAT YOU PRINT A COPY OF THIS AGREEMENT
FOR YOUR RECORDS.
AGREEMENT
This Agreement is between You, as the end user, and SERVICE
PROVIDER. SERVICE PROVIDER agrees to provide You with access to its
Services, including those completed by its PARTNERS.
You are granted access to the Services via an API (Application
Program Interface). Any use of the API, including use of the API through a
third-party product or otherwise, is bound by the terms of this
Agreement. The Services are implemented using hardware and software to
allow you to input, modify, and transmit personal information to and from
SERVICE PROVIDER’s and its PARTNERS’ remote servers through your Web
browser.
1. Agreement. By entering into this
Agreement, you agree to abide by all terms in this Agreement for use of
any and all Services provided by SERVICE PROVIDER.
2. User’s Warranties. You warrant that (a)
You are at least eighteen (18) years of age or are a duly organized and
validly existing entity; (b) You possess the legal right and ability to
enter into this Agreement; (c) You have read and understand this
Agreement; (d) You agree to be bound by and perform the obligations of
this Agreement; (e) You will use the Services only for lawful purposes and
in accordance with this Agreement and all applicable policies and
guidelines; (f) You will be financially responsible for the use of your
account; and (g) You have verified the accuracy of the information
provided.
3. SERVICE PROVIDER’S Obligations. SERVICE
PROVIDER will provide the following services:
3.1. SERVICE PROVIDER’S Auto Loan Profile Form. SERVICE
PROVIDER will allow You to access its Services via its website and allow
You to complete Your Profile at one of its websites. SERVICE PROVIDER may
collect Your name, email address, address, date of birth, social security
number, as well as information related to whether You own Your own home,
the length of time at that home, Your monthly rent/mortgage payment, the
length of Your employment, the name of Your employer, Your occupation,
Your monthly income, whether you have declared bankruptcy in the past, and
whether you have a consignor available.
3.2. SERVICE PROVIDER’S Services. SERVICE PROVIDER will
provide its Services in conjunction with the services and offerings of its
PARTNERS. You acknowledge that SERVICE PROVIDER’S Services are subject to
the service of PARTNERS and other third parties (including, but not
limited to, Internet service providers, telephone service providers, and
others) over whom SERVICE PROVIDER and/or PARTNERS have no control. You
acknowledge that SERVICE PROVIDER and its PARTNERS make no
representations, warranties, or assurances that (i) the Services will meet
your specific requirements; (ii) the Services will be uninterrupted,
timely, secure, or error-free; (iii) the results that may be obtained from
the use of the Services will be accurate or reliable; (iv) the quality of
any products, services, information, or other material purchased or
obtained by You through the Services will meet your expectations; (v) any
errors in the Services will be corrected; and (vi) your equipment,
software, and communication connections will be compatible with SERVICE
PROVIDER’s hardware and service. You accept that due to power
interruptions, “down time” and/or other factors, or due to any computer or
software malfunction, your data may be lost or unavailable by or through
SERVICE PROVIDER or its PARTNERS. SERVICE PROVIDER and its PARTNERS have
no obligation to provide any backup of your files. Therefore, you are
responsible for backing up your own files. SERVICE PROVIDER and its
PARTNERS shall not be responsible or liable for lost data or service
unavailability, whatever the cause.
3.3. Temporary Outages for Scheduled Maintenance. You
acknowledge and agree that SERVICE PROVIDER and its PARTNERS reserve the
right to temporarily suspend Services for the purpose of maintaining,
repairing, or upgrading its systems and network.
4. Warranties and Limited Liability.
4.1. Disclaimer. ALL SERVICES, SYSTEMS, AND PRODUCTS
PROVIDED BY SERVICE PROVIDER AND/OR ITS PARTNERS UNDER THIS AGREEMENT ARE
PROVIDED “AS IS” WITHOUT WARRANTY OF ANY KIND. YOU ACKNOWLEDGE AND AGREE
THAT SERVICE PROVIDER AND ITS PARTNERS EXERCISE NO CONTROL OVER, AND
ACCEPTS NO RESPONSIBILITY FOR, THE CONTENT OF THE INFORMATION PASSING
THROUGH SERVICE PROVIDER’S AND/OR PARTNERS’ COMPUTERS, NETWORK HUBS, AND
POINTS OF PRESENCE, OR THE INTERNET. SERVICE PROVIDER AND ITS PARTNERS DO
NOT WARRANT THAT THE OPERATION OF THE SERVICES WILL BE UNINTERRUPTED OR
ERROR-FREE, OR COMPLETELY SECURE, AND DOES NOT MAKE ANY WARRANTIES WITH
RESPECT TO PATENT, COPYRIGHT, TRADE SECRET, OR TRADEMARK INFRINGEMENT. ALL
SERVICES PERFORMED UNDER THIS AGREEMENT ARE PERFORMED “AS IS” AND WITHOUT
WARRANTY AGAINST FAILURE OF PERFORMANCE, INCLUDING, WITHOUT LIMITATION,
ANY FAILURE DUE TO COMPUTER HARDWARE OR COMMUNICATION SYSTEMS. SERVICE
PROVIDER AND ITS PARTNERS DO NOT MAKE AND HEREBY DISCLAIM, AND YOU HEREBY
WAIVE, ALL RELIANCE ON, ANY REPRESENTATIONS OR WARRANTIES, ARISING BY LAW
OR OTHERWISE, REGARDING THE SERVICES, INCLUDING, WITHOUT LIMITATION,
IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE,
OR CONDITIONS OF QUALITY, AND ANY WARRANTIES WITH RESPECT TO PATENT,
COPYRIGHT, TRADE SECRET OR TRADEMARK INFRINGEMENT.
4.2. Limitation of Liability. IN NO EVENT SHALL SERVICE
PROVIDER OR ITS PARTNERS HAVE ANY LIABILITY WHATSOEVER FOR DAMAGE,
UNAUTHORIZED ACCESS TO, ALTERATION, THEFT OR DESTRUCTION OF INFORMATION
PROVIDED TO SERVICE PROVIDER AND/OR ITS PARTNERS, DISTRIBUTED OR MADE
AVAILABLE FOR DISTRIBUTION VIA THE SERVICES. SERVICE PROVIDER AND ITS
PARTNERS SHALL HAVE NO LIABILITY UNDER THIS AGREEMENT OR OTHERWISE FOR
DIRECT, INDIRECT, INCIDENTAL, CONSEQUENTIAL, EXEMPLARY, SPECIAL, OR
PUNITIVE DAMAGES, INCLUDING BUT NOT LIMITED TO, DAMAGES FOR LOSS OF
PROFITS, GOODWILL, USE, DATA, OR OTHER INTANGIBLE LOSSES (EVEN IF SERVICE
PROVIDE AND/OR ITS PARTNERS HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH
DAMAGES) RESULTING FROM: (i) THE USE OR THE INABILITY TO USE THE SERVICES;
(ii) THE COST OF PROCUREMENT OF SUBSTITUTE GOODS AND SERVICES RESULTING
FROM ANY GOODS, DATA, INFORMATION, OR SERVICES PURCHASED OR OBTAINED OR
MESSAGES RECEIVED OR TRANSACTIONS ENTERED INTO THROUGH OR FROM THE
SERVICES; (iii) UNAUTHORIZED ACCESS TO OR ALTERATION OF YOUR TRANSMISSIONS
OR DATA; (iv) STATEMENT OR CONDUCT OF ANY THIRD PARTY ON THE SERVICES; (v)
OR ANY OTHER MATTER RELATING TO THE SERVICES. THESE LIMITATIONS APPLY TO
ALL CAUSES OF ACTION IN THE AGGREGATE, INCLUDING, WITHOUT LIMITATION, TO
BREACH OF CONTRACT, BREACH OF WARRANTY, NEGLIGENCE, STRICT LIABILITY,
MISREPRESENTATIONS, AND OTHER TORTS. ACCORDINGLY, YOU HEREBY RELEASE AUTO
EQUITY FROM ANY AND ALL OBLIGATIONS, LIABILITIES, AND CLAIMS IN EXCESS OF
THE LIMITATION STATED IN THIS SECTION. BECAUSE SOME STATES DO NOT ALLOW
THE EXCLUSION OR LIMITATION OF LIABILITY FOR CONSEQUENTIAL OR INCIDENTAL
DAMAGES, IN SUCH STATES, AUTO EQUITY’ LIABILITY FOR ANY SUCH DAMAGES IS
LIMITED TO THE FULL EXTENT PERMITTED BY LAW.
5. Term and Termination.
5.1. Term. This Agreement shall remain in effect
indefinitely, until terminated by You or SERVICE PROVIDER as set forth
below. Despite termination by either party, Your representations,
warranties, and also Your obligations to indemnify shall survive the
termination of this agreement.
5.2. Termination of Agreement. This Agreement shall
terminate: (i) in the event of a breach by You of any provision of this
Agreement; (ii) in the event You provide written notice to SERVICE
PROVIDER at least fifteen (15) days prior to the first day of the
following month that You desire to Terminate this Agreement.
6. Indemnification. You will defend,
indemnify, and hold SERVIC PROVIDER and its PARTNERS harmless and its
officers, directors, shareholders, employees, consultants, agents,
affiliates and suppliers (an “Indemnitee”) from any and all threatened or
actual claims, demands, causes of action, suits, proceedings, losses,
damages, fines, penalties, liabilities, costs and expenses of any nature,
including attorneys’ fees and court costs, sustained or incurred by or
asserted against any Indemnitee by any person, firm, corporation,
governmental authority, partnership or other entity by reason of or
arising out of or relating to: (i) your violation or breach of any term,
condition, representation or warranty of this Agreement or any applicable
policy or guideline; (ii) your conduct, including, but not limited to,
your negligence, gross negligence, or willful misconduct; (iii) your use
of the Services, including any improper or illegal uses; (iv) any claim by
a former employee of yours whose employment has been or may be terminated
in connection with or as a result of the execution of this Agreement and
performance of the Services by SERVICE PROVIDER and/or its PARTNERS; (v)
any claim relating to your services or products, or your installation
and/or use of any third-party software, including, but not limited to,
advertising, product liability claims or infringement of any trademark,
copyright, patent, trade secrets or non-proprietary right of a third party
(including, without limitation, defamation, libel, or violation of privacy
or publicity); or (vi) any compromise of your web site security or
encryption.
7. General.
7.1. Entire Agreement and Understanding. This
Agreement constitutes the entire agreement between the parties, and
represents the complete and entire understanding of the parties with
respect to the subject mater of this Agreement.
7.2. Modifications. SERVICE PROVIDER reserves the right to
change or modify any of the terms and conditions contained in this
Agreement and any policy or guidelines incorporated by reference at any
time in its sole discretion. Your continued use of Services, with or
without SERVICE PROVIDER’S notice, of any changes or modifications will
constitute your acceptance of such changes or modifications.
7.3. Governing Law, Jurisdiction, and Venue. You shall first
notify SERVICE PROVIDER and together meet before filing any litigation in
state or federal court or filing any arbitration documents.
Any disputes arising out of or relating to this Agreement, or concerning
the validity, interpretation, breach, or violation or termination hereof,
will be finally and conclusively settled by arbitration. The parties
understand and irrevocably submit to the personal jurisdiction of any such
arbitrator and/or arbitration proceeding. The arbitration will be held
within the county in which the SERVICE PROVIDER is located, pursuant to
the commercial arbitration rules of the American Arbitration Association
(“AAA”) before a single arbitrator. The arbitrator will decide the claim
on the basis of applicable legal principles and will have discretion to
award costs and fees. However, the losing party shall be required to pay
the prevailing party’s reasonable attorney’s fees. It is agreed that the
determination or award of the arbitrator may be entered as a judgment in
any court sitting within the county in which the SERVICE PROVIDER is
located or that has jurisdiction over the subject matter.
7.4. Severable. The total invalidity or unenforceability of
any particular provision of this Agreement shall not affect the other
provisions hereof and this Agreement shall be construed in all respects as
if such invalid or unenforceable provision were omitted.
7.5. No Waiver. The failure of either party to enforce any
term or condition of this Agreement shall not be deemed a waiver thereof
and shall not prevent its later enforcement.
7.6. Force Majeure. SERVICE PROVIDER and its PARTNERS shall
not be liable for any failure of performance which is due to forces or
circumstances beyond its reasonable control.
7.7. Notices. Any notices required to be made hereunder must
be given in writing and sent via regular mail to the address provided by
the parties.
7.8. Benefit of SERVICE PROVIDER. This Agreement shall inure
to the benefit of SERVICE PROVIDER and its successors, heirs, and assigns.
7.9. No Assignment. This Agreement may not be assigned,
transferred, or encumbered by You and any attempt by You to do so shall be
null and void and shall constitute a breach of this Agreement.
7.10. No Fiduciary Relationship or Third-Party Rights. No
agency, partnership, joint venture, or employment relationship is created
by this Agreement and neither party has the power to bind the other
party. No third-party rights are contemplated or created by this
Agreement.
Appendix A: State Specific Disclosures
For Maine Applicants
You have the right of free choice in the selection of the agent and
insurer through or by which insurance in connection with a loan is to be
placed. Obtaining insurance products from a particular agent or broker
does not affect credit decisions by the lender.
For New York Applicants
A consumer report may be requested in connection with your application.
Upon your request, we will tell you whether or not the consumer report was
requested and give you the name and address of the consumer reporting
agency that furnished the report.
For Ohio Applicants
The Ohio laws against discrimination require that all creditors make
credit equally available to all creditworthy customers and that credit
reporting agencies maintain separate credit histories on each individual
upon request. The Ohio Civil Rights Commission administers compliance with
this law.
For Wisconsin Applicants
Wisconsin law provides that no provision of a marital property agreement,
a unilateral statement under the marital property law, or a court decree,
will adversely affect a creditor’s interests unless the creditor, prior to
the time the credit is granted, is furnished with a copy of the agreement,
statement or decree or has actual knowledge of the adverse provision. If
you are making this application individually and not jointly with your
spouse, you understand that Wisconsin law requires that your spouse be
given notice of this credit obligation.
For Delaware Applicants
Notification - Every licensee shall furnish to every applicant, a copy of
this regulation at the time when such application is made. Posting of this
regulation in the office of the licensee in a place both prominent and
easily visible to all potential applicants shall satisfy this requirement.
An explanation as to the contents and limitations contained herein shall
satisfy this requirement when transactions occur telephonically. An
informational screen containing these limitations with an affirmative
acknowledgement by the consumer, prior to application, shall satisfy this
requirement for internet transactions.
Interest
(a) A lender may charge and collect interest in respect to a revolving
credit plan or closed-end loan at such a daily, weekly monthly, annual, or
other periodic percentage rate or rates as the agreement governing the
plan or loan provides, or as established in the manner provided in such
agreement. Periodic interest may be calculated on a revolving credit plan
using any balance computation method provided for in the agreement
governing the plan. Periodic interest may be calculated on a closed-end
loan by way of simple interest or such other method as the agreement
governing the loan provides.
(b) If the agreement governing the revolving credit plan or closed-end
loan so provides, the periodic percentage rate or rates of interest may
vary in accordance with a schedule or formula. Such periodic percentage
rate or rates may vary from time to time as the rate determined in
accordance with such schedule or formula varies and such periodic
percentage rate or rates, as so varied, may be made applicable to all or
any part of the outstanding unpaid indebtedness or outstanding unpaid
amounts. In the case of revolving credit, such rate shall become
applicable on or after the first day of the billing cycle that contains
the effective date of such variation. In the case of closed-end loan
transactions, such rate may be made applicable to all or any part of the
outstanding unpaid amounts on and after the effective date of such
variation. Without limitation, a permissible schedule or formula hereunder
may include provisions in the agreement governing the revolving credit
plan or closed-end loan agreement for a change in the periodic percentage
rate or rates of interest applicable to all or any part of outstanding
unpaid indebtedness or outstanding unpaid amounts, whether by variation of
the then applicable periodic percentage rate or rates of interest,
variation of an index or margin or otherwise, contingent upon the
happening of any event or circumstance specified in the plan or agreement,
which event or circumstance may include the failure of the borrower to
perform in accordance with the terms of the revolving credit plan or loan
agreement.
Additional Fees and Charges; Limitations - If the agreement governing the
plan or loan so provides, in addition to, or in lieu of, interest at a
periodic percentage rate or rates permitted by Chapter 22, Title 5 of the
Delaware Code, the licensee may charge and collect the following fees and
charges, subject to the limitations provided below, in respect to
revolving credit plans or closed-end loans:
(a) Revolving Credit - with respect to a borrower, a lender may charge,
collect, or receive one or more of the following fees and charges under
plans subject to the provisions of Subchapter II, Chapter 22, Title 5 of
the Delaware Code:
(i) periodic charges - a daily, weekly, monthly, annual or other periodic
charge, in such amount or amounts as the agreement may provide for the
privileges made available to the borrower under the plan;
(ii) transaction charges - a transaction charge or charges in such amount
or amounts as the agreement may provide for each separate purchase or loan
under the plan;
(iii) minimum charges - a minimum charge, in such amount or amounts as the
agreement may provide for each daily, weekly, monthly, annual or other
scheduled billing period under the plan during any portion of which there
is an outstanding unpaid indebtedness under the plan;
(iv) fees for services rendered or reimbursement of expenses - reasonable
fees for services rendered or for reimbursement of expenses incurred in
good faith by the licensee or its agent in connection with such loan,
including without limitation, commitment fees, official fees and taxes,
premiums or other charges for any guarantee or insurance protecting the
licensee against the borrower's default or other credit loss, or costs
incurred by reason of examination of title, inspection, recording and
other formal acts necessary or appropriate to the security of the loan,
filing fees, attorney's fees, and travel expenses. In the event a borrower
defaults under the terms of a plan, the licensee may, if the borrower's
account is referred to an attorney (not a regularly salaried employee of
the licensee) or to a third party for collection and if the agreement
governing the revolving credit plan so provides, charge and collect from
the borrower a reasonable attorney's fee. In addition, following a
borrower's default, the licensee may, if the agreement governing the plan
so provides, recover from the borrower all court, alternative dispute
resolution or other collection costs (including, without limitation, fees
and charges of collection agencies) actually incurred by the licensee;
(v) overlimit charges - a charge in such amount or amounts as the
agreement may provide, for each daily, weekly, monthly, annual or other
scheduled billing period under the plan during any portion of which total
outstanding indebtedness exceeds the credit limit established under the
plan;
(vi) delinquency charges - a late or delinquency charge upon any
outstanding unpaid installment payments or portions thereof under the plan
which are in default; provided, however, that no more than 1 such late or
delinquency charge may be imposed in respect of any single such
installment payment or portion thereof regardless of the period during
which it remains in default; and provided further, however, that for the
purpose only of the preceding provision all payments by the borrower shall
be deemed to be applied to satisfaction of installment payments in the
order in which they become due.
(vii) returned check charges - a returned check charge may be assessed to
consumers, in such amount or amounts as the agreement may provide,
provided the amount(s) of such charges are customary and reasonable for
checks that are returned unpaid.
(viii) termination fees - a charge in such amount or amounts as the
agreement may provide to terminate revolving credit plan.
(ix) charges incurred in connection with real estate secured transactions
- in the case of revolving credit secured by real estate such additional
charges as outlined in item (3)(c) of this regulation may also be
collected within the limitations stated therein.
(b) Closed-end Credit - with respect to a borrower, a lender may charge,
collect, or receive one or more of the following fees for loans subject to
the provisions of Subchapter III, Chapter 22, Title 5 of the Delaware
Code:
(i) fees for services rendered or reimbursement of expenses - reasonable
fees for services rendered or for reimbursement of expenses incurred in
good faith by the licensee or its agent in connection with such loan,
including without limitation, commitment fees, official fees and taxes,
premiums or other charges for any guarantee or insurance protecting the
licensee against the borrowers default or other credit loss, or costs
incurred by reason of examination of title, inspection, recording and
other formal acts necessary or appropriate to the security of the loan,
filing fees, attorney's fees, and travel expenses. In the event a borrower
defaults under the terms of the loan, the licensee may, if the borrower's
account is referred to an attorney (not a regularly salaried employee of
the licensee) or to a third party for collection and if the agreement
governing, or the bond, note or other evidence of, the loan so provides,
charge and collect from the borrower a reasonable attorney's fees. In
addition, following a borrower's default, the licensee may, if the
agreement governing, or the bond, note or other evidence of, the loan so
provides, recover from the borrower all court, alternative dispute
resolution or other collection costs (including, without limitation, fees
and charges of collection agencies) actually incurred by the licensee;
(ii) deferral charges - a deferral charge may be assessed to a borrower in
accordance with an agreement to permit the borrower to defer installment
payments of a loan;
(iii) delinquency charges - if the agreement governing the loan so
provides, a late or delinquency charge may be imposed upon any outstanding
unpaid installment payment or portions thereof under the loan agreement
which are in default; provided, however, that no more than 1 such
delinquency charge may be imposed in respect of any single such
installment payment or portion thereof regardless of the period during
which it remains in default; and provided further that no such delinquency
charge may exceed 5% of the amount of any such installment or portion
thereof in default;
(iv) returned check charge - if the agreement governing the loan so
provides, a returned check charge may be assessed to consumers for checks
that are returned unpaid provided the amount(s) of such charges are
customary and reasonable.
(v) charges incurred in connection with real estate secured transactions -
in the case of closed end credit secured by real estate such additional
charges as outlined in item (3)(c) of this regulation may also be
collected within the limitations stated therein.
(c) Real Estate Secured Transactions - with respect to a borrower, a
lender may charge, collect, or receive one or more of the following fees
and charges subject to the limitations herein, for loans subject to the
provisions of Subchapters II (Revolving Credit) and III (Closed-End
Credit), Chapter 22, Title 5 of the Delaware Code when such loans are
secured by real estate:
(i) loan origination points - points charged to the borrower on the
lender's behalf for any purpose other than to reduce the periodic interest
rate applicable to the mortgage loan may not exceed 10% of the principal
amount of the loan. Such points may be deducted from the gross proceeds of
the loan. For purposes of this regulation "gross proceeds" is the amount
financed as defined in Federal Reserve Regulation Z;
(ii) loan discount points - points charged to the borrower as a function
of rate for the purpose of reducing the periodic interest rate applicable
to the mortgage loan. Such points may be deducted from the gross proceeds
of the loan;
(iii) property appraisal fees - property appraisal fees shall be limited
to the amount paid to a third party for such appraisal and shall be
limited to those amounts that are customary and reasonable;
(iv) credit report fees - credit report fees shall be limited to the
actual cost of the report if paid to a third party, not an employee of the
lender or affiliate. Such amounts shall be customary and reasonable;
(v) mortgage loan broker compensation fees - mortgage loan broker
compensation may be deducted from the gross proceeds of the loan. Such
amounts shall reasonably reflect the value of the goods, services and
facilities provided;
(vi) tax certification and service fees - fees for agreements to provide
certification of the current tax status of the property as well as fees
for ongoing monitoring and notice to the lender of all tax and improvement
lien payments as they become due shall be limited to those amounts
actually expended for such purposes. Such amounts shall be customary and
reasonable;
(vii) flood hazard certification or determination fees - determination
fees may be charged for determining whether the property is or will be
located in a special flood hazard area. This fee may also include the cost
of life-of-loan monitoring. Such amounts shall be customary and
reasonable;
(viii) title abstract/search/examination and title insurance premiums -
title insurance and/or cost of a title certificate search, examination and
binder shall be limited to those amounts actually expended for such
purposes. Such amounts shall be customary and reasonable and may, at the
borrower's discretion, include owner's coverage in addition to lender's
coverage;
(ix) legal fees - legal fees incurred in securing or closing a loan shall
be limited to amounts actually paid to an attorney not in the employ of
the lender, its parent, or affiliate, and such charges shall not exceed
those which are customary and reasonable;
(x) recording/satisfaction fees - recording/satisfaction fees shall be
limited to those actually expended by the lender to any governmental
authority for protection of interest in collateral tendered. The State
Bank Commissioner may approve the payment of alternative fees for this
purpose provided the amount of said fee (payable by the borrower) shall
not exceed the amount which would be payable to any governmental authority
for protection of interest in collateral tendered;
(xi) property survey fees - property survey fees to obtain a drawing that
delineates the exact boundaries of a property, including lot lines and
placement of improvements on the property, shall be limited to those
amounts actually expended for such purposes. Such amounts shall be
customary and reasonable;
(xii) pest inspection fees - pest inspection fees to cover inspections for
terminates or other pest infestation on the property shall be limited to
those amounts actually expended for such purposes. Such amounts shall be
customary and reasonable;
(xiii) fees incidental to loan closing - other fees and charges including
but not limited to: odd days interest, hazard and mortgage insurance
premiums, escrow reserves, lender's inspection fees, mortgage insurance
application fees, assumption fees, underwriting fees, document preparation
fees, settlement or closing fees, notary fees, funding fees, fees for lead
based paint or other inspections and overnight mail fees may be charged
and such amounts shall be customary and reasonable;
(xiv) prepayment penalties - a charge in such amount or amounts as the
agreement so provides imposed in connection with the payoff and
termination of a revolving credit plan or closed end loan secured by real
estate;
(xv) notwithstanding the provisions of this item (3)(c) of this
regulation, Licensed Lenders who are making mortgage loans pursuant to the
rules, regulations, guidelines and/or loan forms established by the State
of Delaware or federal governmental or quasi-governmental entity
(including, without limitation, the Federal Housing Administration, the
Government National Mortgage Association, the Federal National Mortgage
Association and the Federal Home Loan Mortgage Corporation) shall be
permitted to charge and collect any fees, charges or sums prescribed to be
charged and collected in connection with a mortgage loan originated
pursuant to a lending program conducted or supervised by any such entity.
Appendix B: Consent for Electronic Documents Under the
Electronic Signatures In Global and National Commerce Act
Please read this information carefully and print a copy and/or
retain this information electronically for future reference.
1. Introduction. You are submitting a soft
credit application for an automobile loan (“Application”) that may be
submitted to SERVICE PROVIDER or its PARTNERS to whom SERVICE PROVIDER may
forward your Application. In order to continue this process, SERVICE
PROVIDER and its Partners must provide you with certain disclosures,
notices, information and documents related to your Application
(“Documents”) electronically. This Consent for Electronic Documents
informs you of your rights when receiving these Documents
electronically. By agreeing to receive Electronic Documents, you
acknowledge receipt of this Consent for Electronic Documents, and agree to
the electronic delivery of such Documents via the internet to the e-mail
address designated on your Application.
2. Hardware and Software Requirements. Before
you decide to receive your Documents electronically, you must determine if
you have the necessary hardware and software described below to access and
retain these Documents electronically. To access your Documents, you will
need an electronic mailing address, Adobe Acrobat Reader, and a personal
computer or other access device which is capable of accessing the
internet. To retain your Documents, your access device must have the
ability to either download to your hard drive or any external media
storage, or print web pages as well as embedded HTML files.
3. Withdrawing Consent. You may withdraw
your consent to receive your Documents electronically at any time (a) from
SERVICE PROVIDER by sending an email to the following address info@autoapproval.net
or calling 313-885-6007 (b) from the Partner which responded to you, by
contacting such Partner at the mailing address, e-mail address or
telephone number which they provided to you in their response or
offer. With the exception of email communications, we will continue the
loan process in non-electronic form at no charge. If you decide to
withdraw your consent, the legal validity and enforceability of prior
electronic Documents will not be affected, and you will not have the
option to later receive your Documents electronically.
4. Copies. If you wish to obtain a paper
copy of any of the Documents, contact SERVICE PROVIDER by telephone at
[Insert SERVICE PROVIDER telephone number here] and request a copy at no
charge.
5. Updating Your Contact Information. To
update your electronic or mailing address, contact SERVICE PROVIDER by
telephone at [Insert SERVICE PROVIDER telephone number here].
6. Consent and Acknowledgement. BY
SUBMITTING YOUR PROFILE AND APPLICATION ON THIS WEBSITE, YOU ACKNOWLEDGE
THAT YOU CAN ACCESS AND RETAIN THE ELECTRONIC DOCUMENTS IN THE FORMAT
DESCRIBED ABOVE, AND YOU CONSENT TO HAVING SERVICE PROVIDER AND ITS
PARTNERS PROVIDE DOCUMENTS TO YOU ELECTRONICALLY VIA E-MAIL.
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