Frequently Asked Questions

Getting Started

Am I eligible for Skopos' financing program? How do I get signed up with Skopos? How do I get a username and password? How do I change my temporary password? What happens if I forget my username or password? Is your Dealer Agreement classified as non-recourse? Do I need any special forms if my dealership is a Limited Liability Company (LLC) or Limited Liability Partnership (LLP)? How do I add multiple dealerships in my group to the Dealer Agreement when signing up? Who is required to sign the Dealer Agreement? Where do I send my Dealer Agreement once it is completed and signed? What do I need to do if my dealership has a change in ownership, management and/or location?

Credit

What does Skopos offer that other lenders don't? What kinds of loans do you fund? How do I submit a credit application to Skopos? Can I send a credit application over for a payment call? How does Skopos determine credit approval status? Where do I find forms like an assignment form and a funding checklist? How fast can I expect an approval on my credit application? What stipulations do most subprime customers need to supply for funding? Does Skopos accept self-employed individuals? Where can I get a rate sheet? Is there an application fee? What kind of contracts does Skopos accept? Can I send more than one contract in an overnight package to the Funding Department?

Funding

How long does it take for Skopos to fund a deal? What is included in a complete contract package for funding? Once I submit my contract to funding, when will it show up in DealerTrack/RouteOne? How do I view the status of a pending deal? Where do I send my contract package for funding? Does Skopos have a preference of what overnight service I use? What is the loss payee address for the customer' s auto insurance policy? What if my contract I submitted to funding is lost? What should I do if I do not receive my ACH funding? How will I know if my contract is being returned? How will my contract be returned?

Customer Service

Where can I get payoff information about Skopos vehicles? Who do I call if I have a question about the title? What happens if I send in the wrong title documents by mistake? What if I contracted the wrong VIN by mistake? Does Skopos allow substitution of collateral? How do I unwind a funded contract? How can I submit questions, suggestions or comments to Skopos? How can I contact Skopos?

Getting Started

Am I eligible for Skopos' financing program?

Skopos is currently working with franchise dealerships in:

  • Arizona
  • Alabama
  • Colorado
  • Florida
  • Georgia
  • Illinois
  • Indiana
  • Maryland
  • Michigan
  • Missouri
  • North Carolina
  • Ohio
  • South Carolina
  • Tennessee
  • Texas
  • Virginia

We plan to operate nationwide, and new states are added every month. If you are a franchise dealer in one of the states currently served, we invite you to sign up with Skopos today.

Back to Top

How do I get signed up with Skopos?

1) Visit our Dealer Sign-Up page.

2) Have the following available before you get started:

  • Dealer license #
  • Tax ID #
  • DealerTrack or RouteOne #
  • Bank ACH information
  • Phone and email addresses for upper management

3) Follow the prompts and fill out the Dealer Agreement.

Back to Top

How do I get a username and password?

During the dealer sign-up process, once you are established as an eligible dealer, your username and temporary password will be provided.

Back to Top

How do I change my temporary password?

Upon your first time to log in, you will be prompted to replace your temporary password with a new password.

Back to Top

What happens if I forget my username or password?

If you forget your username or password, just click the "Forgot Password?" link below the login box.

Back to Top

Is your Dealer Agreement classified as non-recourse?

Yes, Skopos' Dealer Agreement is non-recourse.

Back to Top

Do I need any special forms if my dealership is a Limited Liability Company (LLC) or Limited Liability Partnership (LLP)?

No, you do not need any special forms. On the signature page of the Dealer Agreement, just replace the term "corporation" with "LLC" or "LLP," and replace the term "secretary" with "member."

Back to Top

How do I add multiple dealerships in my group to the Dealer Agreement when signing up?

1) Visit our Dealer Sign-Up page.

2) Choose the dealerships that are in your group. If they are not in the system, you can add them after you receive your username and password.

Back to Top

Who is required to sign the Dealer Agreement?

The Owner, CFO, COO, President or any authorized officer of the dealership can sign the Dealer Agreement.

Back to Top

Where do I send my Dealer Agreement once it is completed and signed?

Skopos' Dealer Agreement process is electronic. Instructions for sending the agreement are included in the process. Get started now.

Back to Top

What do I need to do if my dealership has a change in ownership, management and/or location?

If an ownership change:

1) Visit our Dealer Sign-Up page.

2) Have the following available before you get started:

  • Dealer license #
  • Tax ID #
  • DealerTrack or RouteOne #
  • Bank ACH information
  • Phone and email addresses for upper management

3) Follow the prompts and fill out the Dealer Agreement.

If a management and/or location change:

You need to fill out a Dealer Information Change form that will be coming soon in the Resources section under the Dealer Services tab.

Back to Top

Credit

What does Skopos offer that other lenders don't?

Here are just a few reasons why franchise dealers nationwide choose Skopos for their most difficult deals:

  • Fast underwriting
  • Fast approvals, along with suggested structure changes to maximize dealer profit
  • Fast funding
  • Complete deal structuring
  • Electronic verification of most stipulations
  • Competitive rates and fees
  • No unexpected or surprise charges
  • Program designed specifically for deep subprime customers, including those with no credit, low FICO scores, or a previous bankruptcy, repossession or foreclosure; first-time buyers and self-employed individuals are also OK (with the proper stipulations)
  • Sophisticated, patented technology like our iLender underwriting and analytics platform, which makes closing deals easier
  • Convenient access through dealer portals, DealerTrack and RouteOne
  • Backed by Lee Equity Partners with over $1 billion in capital

We invite you to see for yourself, and sign up with Skopos today.

Back to Top

What kinds of loans do you fund?

Skopos provides funding for the following types of deals:

Credit

  • FICO: No minimum; subprime credit
  • Bankruptcies: Open Chapter 13, letter from trustee; dismissed/discharged OK
  • Tax ID Programs
  • Other Programs: First-time buyers; previous repossessions OK

Customer

  • Income $1,850 minimum
  • Employment & Residence: 6 months with 2-year history
  • Self-Employed/1099: With 2 years tax returns or 3 months bank statements
  • Co-Signer: Must reside at the same residence

Collateral

  • Year model: 7 year maximum
  • Mileage: 100,000 maximum

Deal Structure

  • Loan Amounts: up to $25,000
  • Term: 72 months maximum on late-model and/or low-mileage vehicles
  • Down Payment: Minimum of 10% or $2,000 Cash/Trade ACV, maximum 25% rebate applied to down payment
  • Advance Maximum: Up to 120% NADA Clean Trade +/- adds, + Warranty/Gap, Maximum 130%
  • Warranty: $2,000 maximum
  • GAP: $800 subject to federal and state maximum
  • PTI: 15% maximum
  • Maximum APR usury for your state, up to 24.9%

Learn more about why dealers choose Skopos, or sign up today.

Back to Top

How do I submit a credit application to Skopos?

Please submit your credit application through the DealerTrack or RouteOne dealer portal.

Back to Top

Can I send a credit application over for a payment call?

Yes. Please send your credit application through DealerTrack or RouteOne. To be most effective, be sure to match the right collateral to the right consumer.

Back to Top

How does Skopos determine credit approval status?

We approve and decline deals using iLender , our patented underwriting and analytics platform.

Back to Top

Where do I find forms like an assignment form and a funding checklist?

Go to the Resources section under the Dealer Services tab.

Back to Top

How fast can I expect an approval on my credit application?

You will receive a credit decision within minutes of submitting the application.

Back to Top

What stipulations do most subprime customers need to supply for funding?

1) W-2 computerized paystub less than 30 days old

2) Five references

3) Valid Drivers License

4) Proof of Insurance

Back to Top

Does Skopos accept self-employed individuals?

Self-employed customers are acceptable, provided they can prove their income with 3 months of bank statements or 2 years of professionally prepared tax returns with signed 4506-T.

Back to Top

Where can I get a rate sheet?

Using our patented iLender technology, Skopos' rates are customized to the combination of collateral and consumer. See below for our program guidelines:

Credit

  • FICO: No minimum; subprime credit
  • Bankruptcies: Open Chapter 13, letter from trustee; dismissed/discharged OK
  • Tax ID Programs
  • Other Programs: First-time buyers; previous repossessions OK

Customer

  • Income $1,850 minimum
  • Employment & Residence: 6 months with 2-year history
  • Self-Employed/1099: With 2 years tax returns or 3 months bank statements
  • Co-Signer: Must reside at the same residence

Collateral

  • Year model: 7 year maximum
  • Mileage: 100,000 maximum

Deal Structure

  • Loan Amounts: up to $25,000
  • Term: 72 months maximum on late-model and/or low-mileage vehicles
  • Down Payment: Minimum of 10% or $2,000 Cash/Trade ACV, maximum 25% rebate applied to down payment
  • Advance Maximum: Up to 120% NADA Clean Trade +/- adds, + Warranty/Gap, Maximum 130%
  • Warranty: $2,000 maximum
  • GAP: $800 subject to federal and state maximum
  • PTI: 15% maximum
  • Maximum APR usury for your state, up to 24.9%

 

Back to Top

Is there an application fee?

No, Skopos does not have an application fee.

Back to Top

What kind of contracts does Skopos accept?

Skopos accepts simple interest contracts only.

Back to Top

Can I send more than one contract in an overnight package to the Funding Department?

Yes, but please use separate folders to prevent delays in funding.

Back to Top

Funding

How long does it take for Skopos to fund a deal?

With a complete funding package, ACH funding will typically be posted within 24 to 48 hours after receipt of contract documents.

Back to Top

What is included in a complete contract package for funding?

  • A simple interest contract signed by the dealer and customer
  • Complete title work with Skopos Financial, LLC, listed as lien holder
  • Odometer statement
  • Bookout
  • Buyer's order
  • Notice to co-signer
  • A valid W-2 computerized paystub less than 30 days old
  • Five references, each with a different address and phone number
  • Valid Driver License
  • Proof of Insurance

Back to Top

Once I submit my contract to funding, when will it show up in DealerTrack/RouteOne?

Notification of receipt of contract will show up in DealerTrack/RouteOne the day after it is received.

Back to Top

How do I view the status of a pending deal?

The status of your contract will be updated through DealerTrack/RouteOne.

Back to Top

Where do I send my contract package for funding?

Skopos Financial, LLC
8616 Freeport Pkwy, Suite 2B
Irving, TX 75063

Back to Top

Does Skopos have a preference of what overnight service I use?

You can use any overnight service you choose, but DHL has a hub located at our imaging center. This gives you the opportunity for a 48-hour turnaround.

Back to Top

What is the loss payee address for the customer' s auto insurance policy?

Skopos Financial, LLC
Attn: Funding
P.O. Box 1008
Coppell, TX 75019-1008

Back to Top

What if my contract I submitted to funding is lost?

Please call 877.505.6779.

Back to Top

What should I do if I do not receive my ACH funding?

Check the status of your contract in DealerTrack/RouteOne.

The ACH process is started upon your funding notice. You should see an ACH pending notice in your bank account within 72 hours.

If it is not in funded status, please check your notes in DealerTrack/RouteOne.

Back to Top

How will I know if my contract is being returned?

If your contract is being returned, you will receive a notice through DealerTrack/RouteOne.

Back to Top

How will my contract be returned?

Your contract will be returned via overnight to the address provided in the dealer sign-up process.

Back to Top

Customer Service

Where can I get payoff information about Skopos vehicles?

Please call 855.475.6767.

Back to Top

Who do I call if I have a question about the title?

Please call 855.475.6767.

Back to Top

What happens if I send in the wrong title documents by mistake?

This situation would be recognized in the verification process, and you would then receive a message in DealerTrack/RouteOne.

Back to Top

What if I contracted the wrong VIN by mistake?

Please call 877.505.6779. You may need to re-contract or unwind your funded contract.

Back to Top

Does Skopos allow substitution of collateral?

No, Skopos does not allow substitution of collateral.

Back to Top

How do I unwind a funded contract?

Please call 214.520.4601.

Back to Top

How can I submit questions, suggestions or comments to Skopos?

Send an e-mail to sales@skopos.us.

Back to Top

How can I contact Skopos?

For funding questions, call 877.505.6779. For customer service inquiries, call 866.637.3769. Other contact information is listed on our Corporate Facts & Contacts page.

Back to Top
Forget?