Used Auto Loans and Carfax Reports

Carfax Report Requirement for Used Auto Loans

• Alliance Catholic Credit Union (ACCU) requires a Carfax report for all used auto loans before closing.
• The Carfax report must be reviewed to ensure the vehicle has never been declared totaled, rebuilt, or salvaged.
• ACCU will not approve auto loans for vehicles that have been salvaged or rebuilt.
• The Carfax report is an additional requirement to the NADA (National Automobile Dealers Association) value, which is still needed before closing.

How to Obtain a Carfax Report

• Members can request a Carfax report through ACCU by calling or visiting any branch.
• There is a fee of $20.00 for each report, which must be paid at the time of the request.
• The funds for the Carfax report should be deposited into GL- 801095.branch, with the member's name and account number included in the comment field.
• Carfax reports are valid for 60 days.

Accessing Carfax

• To access the Carfax website, use the following URL: http://www.carfaxbig.com/home/credit-union
• Each user needs a unique username and password.
• The user ID will be provided to the MSR (Mortgage Servicing Representative) via email.
• Do not use your email address as your username.
• If a password needs to be reset or a new employee needs access, contact Lending.
• The initial password is only valid for 14 days; upon first login, the user will be prompted to change it.

Obtaining and Providing the Report

• Enter the VIN (Vehicle Identification Number) of the vehicle to be researched on the Carfax website.
• The Vehicle History Report will appear by default, and the report can be printed for the member.
• If a loan application exists for the vehicle, scan the Carfax report under the application.
• There are two ways to email the report to the member:
  • Method 1:
    • Select "Print Report"
    • Choose "Microsoft XPS Document Writer"
    • Select "Print"
    • Save the file to the desktop.
    • Change the file name and email it as an attachment to the member.
  • Method 2:
    • Scan the report and email it as an attachment to the member.

Carfax Report Scan Requirement

• The Carfax report must be scanned along with the NADA value for all used vehicles before closing.

Example of an RD 108 Carfax Report

• An RD 108 Carfax report indicates that the vehicle's title will be a salvaged title when the DMV transfers the ownership of the vehicle.
• This type of report will disqualify a vehicle from receiving a loan.

This quiz covers the requirements for obtaining used auto loans at Alliance Catholic Credit Union, specifically focusing on the need for a Carfax report. Learn about the process of requesting the report, associated fees, and the importance of ensuring the vehicle's history before closing on a loan.