What exactly is this?
I have heard two different terms: indirect dealer paper and dealer paper. Are they used interchangably?

The term Dealer Paper means Loans "Paper" that the dealer has originated and your bank purchases the loan (normally immediately, or as soon as the dealer gets the paper to the bank - 1 or 2 days).
Indirect Lending - means basically the same thing, you have loans because you purchased them, you did not directly make the loan to the borrower.

My opinion is that "Indirect dealer paper" is just a mixing of the terminology, because dealer paper is by definition indirect.

Thanks so much for clarifying that for me.
I've heard the terms over the years but never knew for sure exactly what it meant.