Archives: FAQs

FILO represents and warrants full compliance with all loan packages in accordance with state and federal regulations. All we do is indirect auto lending, meaning our internal auditing team has the advantage of experience and industry knowledge. Our Demographic Statistics on Customers Acquired continually prove that we do an excellent job monitoring compliance:  

• 93% average loan-to-value
• 740+ average FICO score
• <25 basis points in annual losses
• Delinquencies below industry average

At FILO, we thoroughly vet our dealer partners to ensure they are a good fit for our program. Dealers must sign an agreement that provides comprehensive representations and warranties regarding the vehicles, the borrowers, and applicable state and federal regulations. In the event representations and warranties are violated, there is a repurchase clause in the contract. In addition, FILO provides comprehensive representation and warranties regarding the retail installment contracts on behalf of their financial partners.

For independent dealers, we take additional steps, including vetting two years of financials, auditing the condition of the vehicles on the lot, and getting a written contract to ensure they will buy back the contract in the event of term violations.

A partnership with FILO allows financial institutions to reclaim their market share of the competitive and lucrative auto lending business, with little overhead and virtually no risk. Our turn-key service allows your institution to set parameters on the type of loans you’d like to service. We then supply audited, compliant, ready-to-book loans. This offers your institution a new stream of interest revenue, portfolio diversification, and excellent customer acquisition opportunities.