The Premier Plan is a unique opportunity that we at Premier CDJR of new Orleans can offer as a result of our special relationship with the Credit Acceptance Corporation. The CAC reports directly to the Credit Bureau, meaning the payments you make on your new vehicle go directly to improving your credit score. After 6 months you should begin to see significant results and might even qualify for an upgrade, and after 12 months your credit score should allow you to qualify for better loans and a better vehicle!
Customer Guidelines for the Premier Plan
- Make all your payments on time.
- Deposit all funds in your bank. A bank statement is proof of income. Any deposits are considered income, so if you make money on the side, deposit into your account first then withdraw it.
- Don’t write a bad check.
- Don’t increase your debt, and keep credit cards under %50.
- Maintain a current proof of residency and have bills delivered to that address.
- Monitor your credit score and address any discrepancies quickly.
- Payoff any outstanding debt if possible or work with lender on payment plan. Watch out for Lender agreements which have you pay less than what you owe, this information will be recorded on your credit score and could be detrimental to the entire process.
A. (Tip) Have the finance company do a direct withdrawal from your bank so you do not have to remember to make a payment.
B. When trying to build your credit you cannot go into the 10 day grace period.
A. (Tip) Make sure you have overdraft protection with the bank if possible!
A. You will get a lot of credit card approvals after the purchase of your vehicle. Take up one. (If there are 2 purchasers then get 2 cards)
B. Use your card to pay for consistent expenses like gas, and make sure to double down on your payments in order to drive your debt down to 0.
A. Make sure that items on your credit report are your items and not someone else’s.
B. It can take 30 days to put something on your credit score, but up to 6 months to get it off.