We have been approached by a local commercial vehicle dealership (box trucks, refrigerator trucks etc.) that would like to be able to preapprove business applicants who wish to purchase business purpose vehicles at their dealership and have them financed through our bank. Since the closing documents would be signed at the dealership, the bank would also like to have the dealership preapprove and offer one of our business credit cards to qualified applicants at the time of loan closing. This dealership would use an underwriting matrix approved by the bank. My gut tells me this would not be allowed, but I can't find anything to support it. Would FACTA rules cover business purpose loans?
any thoughts would be appreciated.
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What we think, we become.
Buddha