MTB Recreational Finance

SPOT Program Checklist

Dealer & Customer Information

Unit Information

Verify collateral isn't on the excluded list

Instant Approval Checklist
Criteria Minimum Customer Information
Bureau Score FICO must be 720+
Credit History Must have 5+ yrs
Trade Lines Must have 5+ lines
High Credit Must have an $8,000+ line
PTI
Payment Below 12% GMI
Front End Advance
Less than 120%
Down Payment N/A %
Maximum Term
Maximum Warranty Warranty Under $3,000, or 10% of Unit Valuation
Maximum GAP Insurance GAP Under $1,500 or $140 in NY, not Allowed under 70% LTV
Maximum Backend Backend Does Not to Exceed 15% of Unit Valuation
Program Parameters & Exclusions
Deal/Collateral Parameters
  • No Multiple Recreational Vehicle Financings
  • No Buy Downs Allowed
  • No: Truck Campers, Pop-Up Campers, Park Models, Horse Trailers, or Non-Diesel Units Greater Than 38'
  • Fifth Wheels up to $75k
  • No Co-Signers / Trusts / Business Applicants
  • Unit May Not Have Greater Than 8,000 in Annual Mileage Usage.
Applicant Parameters/ Credit Parameters
  • Self-Employed - Must Be in Business 5+ yrs
  • Co-Applicant Must Have Prior Joint Credit Experience
  • Applicant Must Have a Continuous Source of Verifiable Income - Proof Upon Request
  • No Bankruptcies, Foreclosure, Repos, Charge-Offs or Credit Counseling/Settled (App/Co-App)
  • Minimum Co-Applicant Score of 680
  • Proof of citizen ship if SS card issued after 2011
  • Resident alien cards must be valid for 10 years
  • Previously Declined Applications Do Not Qualify
  • No Fraud Alert (App/Co-App)
  • No Currently Delinquent Bank or Finance Company Credit
  • Authorized User and Student Loan Accounts Do Not Qualify for Minimum Requirements
  • No Tax Liens, Judgments or Unpaid Collections Exceeding $200 (Applicant/Co-App)
  • No: Full-Timers, Camp Sites, Mobile Home parks or Applicants Intending to Use The Unit as a Dwelling