How Does A Counteroffer Work?
If your customer is eligible for a lower loan amount, Sunlight may provide a counteroffer.
What is a "Counteroffer"?
When your customer submits a credit application, if the customer is not eligible for the requested loan amount due to creditworthiness or product maximums (rather than pend or decline the application), Sunlight may offer an approval for the maximum loan amount that the customer is eligible for.
An Example of a Counteroffer
1) A customer runs a credit application with a loan amount. (In this case it is $80,000)
2) After completing the credit application, if the customer is not eligible for the initial requested loan amount, but is eligible for a lower loan amount based on creditworthiness, the customer will receive a counteroffer like the picture below.
Please keep in mind that a customer may be declined because the customer does not meet other credit requirements, including debt-to-income requirements. The customer can call the support line to confirm the reason for decline.
3) Please review the updated loan amount and monthly payment with your customer to make sure they are on board.
- If your customer wants to move forward with the updated loan amount, click "Send Loan Documents" and have the customer proceed with signing.
- If your customer would like to finance a loan amount that was lower than what was approved, click "Go to Dashboard", select the customer tile and click "New Quote" to update the loan amount and loan documents.
- If your customer is not satisfied with the updated loan amount, you can either run an application with a different titleholder, run a co-application or call our support team for guidance on next steps.