Commercial Vehicle Appendix

Stip Requirements

Commercial Vehicle Class Breakdown

Westlake-Approved Backend Providers

Vehicle Service Contract Provider

Premier Dealer Services (PDS)  – All commercial vehicles

Truck Master Warranty – All commercial vehicles

MPP – Light Duty only (Vehicle Gross Weight <= 14K lbs)

 

GAP Provider

Premier Dealer Services (PDS)

  • Amount Financed and Vehicle Weight eligibility will be controlled by the BuyProgram.
    • Light to Medium Duty Truck (UP TO 16,000 LBS. GVWR)
      • Amt Fin <= Min ($200K, 150% of MSRP for new vehicles or 150% of Retail for used vehicles)
    • Medium to Heavy Duty Truck (16,001-37,000 LBS GVWR)
      • Amt Fin <= Min ($200K, 115% of MSRP for new vehicles or 115% of Retail for used vehicles)

Contract Requirements:

Title should be always in the name of the individual borrower. The dealer is required to select the check box below in the contract

Restrictions:

  • Commercial Vehicle loan cannot be financed under a company name, must be financed by an individual
  • Commercial Vehicles cannot be operated outside of the United States.

Emission Rules – applied to California only:

Vehicles must follow the below schedule for compliance based on engine year. If their engine is older than the schedule allows, they must replace it or they will not be able to register with the DMV or transfer ownership.

Below is the Engine and Model year restriction by Truck Class as of Jan 1, 2020:

  • Light Duty: No Restriction
  • Medium Duty: 2008+
  • Heavy Duty: 2008+

Commercial Vehicle Program Stip examples and explanation:

 

Passed truck inspection/DOT form – (ONLY required for Heavy Duty vehicles):

Most important thing to look at  – Has it been signed off on/check off that it qualifies?

Important to note: these reports may vary between dealerships, but they all look at the same general attributes.

Proof of Usage – (ONLY required for Heavy Duty vehicles):

Most important thing to look atDoes it have an official company branding/letterhead?

Examples: Haul letter, Reference Letter or Company’s Letter stating what the truck will be used for.

RigDig report – (ONLY required for Heavy Duty vehicles):

Most important thing to look atPage 2 of the RigDig report has a “Vital History” section. If each of the three subsections begin with “Great News!”, the truck is clean.

Engine Plate – (ONLY required in CA for Medium and Heavy Duty vehicles):

Most important thing to look at  – Check date in red. If the year is more recent than the year in the Engine and Model Year restriction by Truck class listed above, then it is good!

Picture of Engine Hours – (ONLY required for Heavy Duty vehicles):

Most important thing to look at  – Use this formula

Hours of use (on left) ≤ Miles (on right) x 0.03 – If this is not true, lender fee will be added.

Below is an example of where to find the Engine hours:

Please note: Dealers may provide the ECM report instead of the engine hours.