Fair Lending


Veros Credit ("Veros") is committed to making quality automotive credit services available to all applicants on an equal opportunity basis. Veros has adopted a Fair Lending Policy that affirms our commitment to comply with fair lending laws and regulations, and our expectations for those with whom we do business.

Fair Lending laws apply to all vehicle sale and leases. The Equal Credit Opportunity Act ("ECOA") prohibits discrimination and requires equal treatment of all credit applicants, without regard to race, ethnicity, color, marital status, national origin, religion, sex, age (provided the applicant has the legal capacity to enter into binding contracts), receipt of income derived from any public assistance program, or exercise in good faith of any right under the consumer protection laws. It is important to recognize that some states have adopted laws that expand the definition of "prohibited basis" and may include categories such as familial status, disability, sexual orientation, or military or veteran service.

As a provider of credit subject to ECOA, you may not, based on any of the above factors:

  • Fail to provide the information regarding any aspect of the lending process, including credit availability, application procedures, or lending standards.

  • Selectively discourage or encourage consumers regarding inquiries about or applications for credit.

  • Refuse to extend credit or use different standards in determining whether to extend credit.

  • Vary the terms of credit offered, including the amount, interest rate, duration, or type of credit extension.

  • Use different standards to evaluate collateral.

  • Require that a co-signer be a spouse of the applicant.

In order to ensure compliance with our fair lending obligations, we periodically review applications and contracts received from dealers determine if any potential fair lending concerns exist. If we discover any concerns, we will review them with each dealer to determine what steps may be needed for correction. In the event there are ongoing issues, we may discontinue accepting credit applications from that dealer.

Tips on Complying with Fair Lending Rules

  1. Interest rates, fees, charges and insurance premiums must only be based on objective empirical risk-based factors (e.g. FICO, LTV, DTI, auto year, mileage, etc.).

  2. A sales price should be the same whether a consumer pays cash or purchases the vehicle with financing.

  3. Provide consistent levels of assistance, patience and flexibility to all applicants.

  4. Use consistent and objective standards in determining whether to extend credit and refrain from basing decisions on assumptions, opinions or stereotypes regarding potential customers.

  5. Offer additional products consistently to all eligible applicants with clear, transparent and understandable disclosures related to the cost, features and restrictions.

  6. Utilize messages, images and media in your marketing and advertising programs that are inclusive to all applicants and customer demographics.

  7. Thoroughly investigate and respond in a timely and appropriate manner to consumer complaints that allege discrimination or unfair, deceptive, or abusive acts or practices.

  8. Maintain a credit compliance program with written policies, training and audit components.

We value our relationship with you and thank you for joining us in this commitment to fair lending. If you have any questions or comments, please contact your credit and sales team or the Veros Credit Compliance Department.