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Transportation Funding Overview
(page 3 of 3):
PROCESS TO RECEIVE A CAR
LOAN
1.
Active Participation is important and will speed
the process.
2.
Return completed application with the required
verification’s along with the $20 application fee. You
will receive notification confirming receipt of your
application and any further verification’s needed or
clarified.
3.
Attend Financial Literacy Class: More Money More $ense.
This class is 2 hours in length and offered on different
dates and times in each of the counties we serve.
(click here for class schedules). When you arrive at
class, make sure to legibly write your name on the
sign-in sheet. Once this class has been completed,
contact the Loan Coordinator to schedule an interview.
Be prepared to bring the remaining outstanding required
verification’s.
4.
Attend the 1-1 interview; plan on at least 1 hour. Please
do not bring children to the interview.
5.
All required verifications, application fee, Financial
Literacy class, and interview must
be completed prior to presentation of your application
to the Loan Committee.
Application will be automatically denied if all
verifications are not received within 30 days.
6.
Application is presented to Loan Committee for
approval, approved contingent upon, or denial*. If
approved contingent, you will be asked for additional or
updated information.
7. A
Loan Committee approved applicant will have their
information submitted to a banking partner.
8.
The banking partner will approve or deny (financial
institution has final authority and determines loan
amount).
If denied:
You may try to improve your credit or current
situation (CIF/Transportation Funding staff can help) and submit
an application again in 90 days.
If approved:
Applicant looks for a suitable vehicle. Once a vehicle is
found, a certified mechanic, other than dealers
mechanic and at participants' expense (average $25-$50)
needs to complete the mechanics checklist form.
Note: Vehicle
inspection checklist, purchase agreement, and copy of
title must be delivered to the CIF/Transportation
Funding staff before a loan closing appointment is
scheduled.
9.
The applicant meets with the banking partner and CIF
staff to complete
loan paperwork. Some Financial Institutions may require
a Capital Share Membership account fee.
10. 1
set of keys to purchased vehicle will be held in the
loan file until loan is paid in full
*If
your loan is denied by the Loan Coordinator and/or the
Transportation Funding Committee, you may file a written
grievance to the Transportation Funding Committee within 15 days
of your denial date (denial date = the date the denial
letter is written). If you miss this deadline, your
right to grieve the application will be denied. You can
reapply for a Transportation Funding/Car Loan after 3 months of
your denial date. Your grievance must contain a
detailed explanation why you feel you should be approved
for a loan application and disprove the information that
caused your initial loan application denial. Please
remember that a financial institution could still deny
your application. There is no grievance process for a
financial institution denial.
Send
grievance to CIF, c/o Transportation Funding
Committee, 2093 153rd Avenue, Mora, MN 55051.
TransFunding
Overview <page1><page
2><page3>
For more
information, please contact us at:
www.investinfamilies.org
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