If the asset is currently encumbered and NOW Finance is not paying off the finance relating to the encumbrance as part of the purchase, you need to contact the dealer or the private sale vendor to get the encumbrance removed before we can settle the loan.
If there is still finance owing on the loan, NOW Finance can restructure the loan to pay off the finance as part of the purchase. The settlements team will reject the loan at settlement so you can make the necessary changes.
Follow these steps to make the changes:
- Obtain a Copy of the Payout Letter.
- Edit Settlement Details:
- On the contract settlement tabof the application Click “Edit Settlement Details” at the bottom of the page.
- Edit Credit Details:
- Click “Edit Credit Details” at the bottom of the page.
- The system will automatically redirect you back to the application page.
- Add Loan Purpose and Details:
- Add a second loan purpose as “Asset Purchase Refinance.”
- Add the payee as the financier with the encumbrance listed.
- Ensure the amount for the asset refinance matches the amount on the lender’s payout letter.
- Any extra funds will be paid to the vendor, so list that amount in the Asset Purchase Private Sale “amount” field.
- Submit for Immediate Approval:
- Click “Submit for Immediate Approval.”
Next Steps:
- Once re-approved, regenerate the contracts for resigning.
- Complete the settlement process.