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Customers

Consumer Financing

Spain

  • What documentation is required to apply for financing?
    • To apply for financing, the following documentation is required:
  1. Personal Information:
    • Valid identification document with a photo (e.g., passport, national ID).
    • Proof of ownership of a bank account (e.g., bank statement or account certificate).
  2. Vehicle Information:
    • Vehicle’s technical sheet and registration certificate.
  3. Proof of Income:
    • For financing amounts up to €30,000:
      • Salaried employees: Most recent payslip. (Non-EU nationals must also provide proof of employment history).
      • Pensioners: Pension revaluation letter or bank statement showing pension payments.
      • Self-employed individuals: Tax form 130/131 for the last quarter + annual Tax form 100 (IRPF) + proof of employment history.
    • For financing amounts exceeding €30,000:
      • Salaried employees: Last three payslips + proof of employment history.

  • What does the payment protection insurance cover?

    • The coverage provided by the payment protection insurance depends on the financial institution managing your financing. Below is an overview of the coverage offered by key providers:
      • Sofinco:
        • Death from any cause up to the age of 74 (accident coverage extends up to 84 years).
        • Permanent and total disability.
        • Temporary disability due to illness or accident (specifically for self-employed individuals and public sector employees).
        • Unemployment (only applicable to employed workers).
        • Retirees: Only death coverage is included.
        • Note: The applicant must meet the following criteria:
          • Reside and/or work in Spain.
          • Be of legal age.
          • The sum of the applicant's age and loan duration must not exceed 84 years.
      • BBVA:
        • Death from any cause.
        • Permanent and total disability caused by an accident.
        • Note: The applicant must:
          • Reside and/or work in Spain.
          • Be between 18 and 70 years old.
      • COFIDIS:
        • Death.
        • Severe disability.
        • Temporary disability.
        • Unemployment.

  • When does the buyer of the vehicle receive the loan disbursement amount?

    • The financial institution will disburse the amount within 24 to 48 hours after the financing has been formalized by the buyer and the financial entity.

  • Where is the loan disbursement amount deposited for the buyer of the vehicle?

    • The amount is generally transferred by the financial institution to the seller's Infinit account. In some exceptional cases, it may be deposited into the seller's bank account.

  • When are commissions for formalized vehicle financings paid?

    • Infinit will process the payment of commissions for formalized operations within the natural month, no later than the 15th of the following month.

  • Where are commissions for formalized vehicle financing operations deposited?

    • Commissions are deposited monthly into the seller's Infinit account.

  • Are there minimum and/or maximum amounts for financing vehicles?

    • Yes, each financial institution has its own limits. As a general guideline:
      • The minimum financing amount is €2,000.
      • There is no upper limit for financing with certain financial institutions.

  • Does the customer loan include an origination fee?

    • Yes, the loan includes an origination fee, which is financed and incorporated into the monthly loan payments. The origination fees, depending on the financial institution, are as follows:
      • BBVA: 3.95%
      • Sofinco: 4.50%
      • Cofidis: 3.95%–4.15%

  • What penalties do financial institutions apply if a customer cancels their loan early?

    • Penalties vary by financial institution:
      • BBVA:
        • Insurance early cancellation: % commission relative to insurance
        • Loan early cancellation:

          • 6 months = 100% commission

          • 7-12 months = 50% commission
          • 13-18 months = 25% commission
      • Sofinco:
        • Insurance early cancellation: % commission relative to insurance
        • Loan early cancellation:

          • 6 months = 100% commission

          • 7-12 months = 50% commission
          • 13-24 months = 25% commission
      • Cofidis:
        • Loan early cancellation:

          • 12 months = 100% commission

          • 13-18 months = 50% commission

  • When can the vehicle be delivered to the buyer?

    • The vehicle cannot be delivered until the financial institution has authorized and communicated that the transaction has been formalized and disbursed.
    • What should be done if the buyer doesn't collect the vehicle after the loan amount has been paid?
    • The seller must immediately notify Infinit and/or the financial institution of this situation.

  • How long will it take to get a response from the bank?

Italy

Who can I finance with Findomestic?

Individuals or Companies.

For companies, the following types of entities can be financed:

  • Sole proprietorships
  • Partnerships and equivalent entities (Simple Partnership, General Partnership, and Limited Partnership)
  • Corporations and equivalent entities (Limited Liability Company, Joint Stock Company, Limited Partnership by Shares, Simplified Limited Liability Company, Single-Member Limited Liability Company)
  • Self-employed professionals

Are there minimum and/or maximum amounts for financing vehicles?

Overall, the minimum amount will be €500, and we can finance without a maximum limit with any financial entity.

In addition to vehicle financing, can I offer insurance products?

Currently, this is not possible. We are working to offer this in the future.

What documentation is required for a financing request with Findomestic?

  1. Individuals

    Identification Documents & Privacy

    • Health card, Driver's License, and ID Card (front and back)
    • Completed and signed Privacy Form

    Income Documents:

    • Employee: Latest Pay Slip
    • Retiree: Latest Pension Slip or Model OBIS/M or latest CU fiscal year or latest 730
    • Self-employed and Freelancer: Latest Unico form with submission receipt and copy of professional registration (if absent, VAT number attribution certificate)

    NB: For foreign citizens, the following is required: 1 year of employment with the same employer or 2 years if the employer has changed + Residence Permit (covering the duration of the financing) + Recent utility bill in the applicant's name or residence certificate (≤ 3 months)

  2. Documents required for Legal Entities (Findomestic):

    Identification Documents & Privacy

    • Health card, Driver's License, and ID Card (front and back)
    • Completed and signed Privacy Form
    • Tax code of individuals with signing authority
    • ID and tax code of the beneficial owner, if applicable

    Income Documents:

    • Freelancers: Latest Unico form with submission receipt, professional registration certificate (if absent, VAT number attribution certificate)
    • Sole proprietorship: Latest Unico form with submission receipt, Latest Irap form and submission receipt, Financial statements (if ordinary accounting is used), and for agricultural companies, VAT forms with submission receipts
    • Corporations and equivalent entities: Latest Unico form and submission receipt, official financial statements deposited and related to the latest accounting period, including the explanatory note
    • Partnerships and equivalent entities: Unico form related to the latest fiscal year, with telematic submission receipt, latest Irap form and submission receipt, Financial statements

When is the amount corresponding to the financing disbursed to the vehicle buyer?

The financial institution will pay the amount within 24/48 hours of the formalization of the financing by the buyer and the financial institution.

Where is the amount corresponding to the loan disbursement to the vehicle buyer debited?

The amount will be transferred by the financial institution to the current account provided by the dealer to the financial institution at the time of signing the convention contract.

When are the commissions for the formalized vehicle financing charged?

The financial institution through which a loan is granted to the end customer will pay the commissions corresponding to the operations formalized in each calendar month by the 15th-20th of the following month.

Where are the commissions corresponding to the formalized vehicle financing operations debited?

The commissions will be paid monthly to the current account provided by the dealer to the financial institution at the time of signing the convention contract.

What are the costs of opening the file?

You have the option to include file opening costs, which will be fully reimbursed by the financial institution and included in the total financed amount. File opening costs range from €0-450.

What penalty do financial institutions apply if the customer cancels the loan early?

Early cancellation of the loan: <12 months = 100% commission.

Is it necessary for the customer to be physically present to sign the contract?

Yes, you must verify the customer's identity through appropriate document verification and request Infinit to initiate the digital contract signature request.

When can the vehicle be delivered to the buyer?

The vehicle cannot be delivered until the financial institution has authorized it, confirming that the operation has been formalized and disbursed.

What should be done if the vehicle is not delivered or the buyer does not pick up the vehicle after receiving the loan amount?

The seller must urgently notify Infinit and the financial institution of this situation.

Customers

  • How do I add a new customer?

    • In the app, tap the “Customers” icon at the bottom of the screen
    • Then tap the “Customers” tab next to “Consumer Financing” and “Checkout”
    • Then tap the button marked “Add your first customer”
    • Fill in the customer’s data, including Name, Address and Email address
    • Tap the ‘Create’ button to create the customer
    • You will now see your customer in the app

  • How do I search for a customer?

    • In the app, tap the “Customers” icon at the bottom of the screen
    • Then tap the “Customers” tab next to “Consumer Financing” and “Sale order”
    • Then type in the customer’s name, phone number, email address, or any other identifying details into the search bar
    • You will now see a list of customers that match your search criteria. Select the relevant customer from the list to view their full details.

  • How do I edit customer information?

    • In the app, tap the “Customers” icon at the bottom of the screen
    • Then tap the “Customers” tab next to “Consumer Financing” and “Sale order”
    • Search for for customer by entering their name, phone number, email address, or any other identifying details into the search bar, or scroll to the relevant customer
    • Tap on the customer to see all the customer’s information
    • Tap “Edit” next to “Customer details”
    • Update the fields you want to change, such as name, phone number or address
    • Tap "Save" to apply the changes

  • How do I delete a customer? - TBC

    • In the app, tap the “Customers” icon at the bottom of the screen
    • Then tap the “Customers” tab next to “Consumer Financing” and “Sale order”
    • Search for for customer by entering their name, phone number, email address, or any other identifying details into the search bar, or scroll to the relevant customer
    • Tap on the customer to see all the customer’s information
    • Tap “Edit” next to “Customer details”
    • Tap “Delete customer”

  • What is the minimum information required to create a customer?

    • If the customer is an individual
      • First and last name
      • Email
      • Telephone number
    • If the customer is a business
      • Company name
      • Company number
      • VAT number
      • Contact name
      • Email
      • Telephone number

Sale order

  • How do I create a sale order?

    • In the app, tap the “Customers” icon at the bottom of the screen
    • Then tap the “Sale order” tab between to “Consumer Financing” and “Customers”
    • Tap the button “Create a sale”
    • Select a customer, or add a new one, in the “Customer” section
    • Select a vehicle, or add a new one, in the “Vehicle” section
    • Select a payment method in “Payment” section and specify the payment amount (you can add more than one payment
    • If the customer is paying a deposit, specify a deposit amount in the “Deposit” section
    • Select the date when the vehicle will be ready in the “Set availability date”
    • Tap the button marked “Create order”

  • How do I view an existing sale order?

    • In the app, tap the “Customers” icon at the bottom of the screen
    • Then tap the “Sale order” tab between to “Consumer Financing” and “Customers”
    • Sales orders recently created will be listed under the title “Recent sales”
    • To find older sales, tap “See all” to scroll through all the sales orders you’ve created

  • How do I edit a sale order?

    • In the app, tap the “Customers” icon at the bottom of the screen
    • Then tap the “Sale order” tab between to “Consumer Financing” and “Customers”

  • How can I find my sale order?

    • In the app, tap the “Customers” icon at the bottom of the screen
    • Then tap the “Sale order” tab between to “Consumer Financing” and “Customers”
    • Then tap the

  • What details are required to complete a sale order?

    • A sale order must include:
      • A customer
      • A vehicle
      • At least one payment method
      • The vehicle availability date

  • What are addons?

    • Addons are additional products you can add to a sale order. Your customer can then select these addons if they wish to purchase them

  • How many addons can I add to the sale order?

    • You can specify up to three addons

  • How do I set the vehicle price?

    • When creating the sale order, in the “Payment” section, tap “Edit vehicle price”
    • Enter the vehicle price
    • Then tap “Add vehicle price”

  • How do I set the tax amount, including VAT?

    • When creating the sale order, in the “Payment” section, tap “Add taxes”
    • Enter the tax amount to be aded to the vehicle price
    • Then tap “Add taxes”

  • How do I set an administration fee?

    • When creating the sale order, in the “Payment” section, tap “Add administrative fees”
    • Tap “Create your first fee”
    • Enter the fee name and tap “Continue”
    • Enter the fee amount and tap “Create fee”

  • How do I set the trade-in offer?

    • When creating the sale order, in the “Payment” section, tap “Trade in offer”
    • Enter the amount offered for the trade-in vehicle
    • Then tap “Offer trade-in”

  • How do I set the vehicle availability date?

    • When creating the sale order, in the “Vehicle availability date” section, tap “Set availability date”
    • Then choose the date when the customer will be able to collect the vehicle
    • Then tap “Schedule availability date”

  • How can the customer make their payments?

    • Customer can pay by bank transfer, cash, cheque or debit card at the dealership

  • How do I mark a customer payment by cheque or debit card at the dealership as completed?

    • In the app, tap the “Customers” icon at the bottom of the screen
    • Then tap the “Sale order” tab between to “Consumer Financing” and “Customers”
    • Tap “See all” to scroll through to the relevant sale order
    • Tap “Transactions” and tap the checkbox next to the relevant transaction
    • Tap “Confirm payment received”

    @Frédéric Delord just checking this is correct?

  • Can I edit a sales order after it has been created?

    • No, although this will be possible in the future. To change a sale order, you will need to cancel the incorrect sale order and create a new one

  • How is the customer notified of the sale order?

    • Once you have created the sale order, your customer is sent an email asking them to:
      • Make the deposit payment, if one has been specified
      • Sign the sales agreement
      • Upload their identification documents for your review
      • Make the final payment

  • How many sale orders can I create?

    • You can only create one sale order per vehicle. If you cancel a sale order, you can create another sale order for the same vehicle

  • How can I check whether a customer has completed the steps required to complete the sale

    • In the app, tap the “Customers” icon at the bottom of the screen
    • Then tap the “Sale order” tab between to “Consumer Financing” and “Customers”
    • Navigate to the sale order you wish to check
    • Tap on “Sale progress”
    • All the steps the customer has completed are shown next to a white checkmark in a green circle
    • All the steps the customer has not completed are shown next to a white checkmark in a grey circle

  • How can I check the documents a customer has submitted?

    • In the app, tap the “Customers” icon at the bottom of the screen
    • Then tap the “Sale order” tab between to “Consumer Financing” and “Customers”
    • Navigate to the sale order you wish to check
    • Tap on “Documents”, the tab between “Sale progress” and “Transactions”
    • Documents the customer has submitted will be shown next to a white checkmark in a green circle with an arrow to their right
    • Tap on the arrow to view the document submitted by the customer
    • Documents the customer has not submitted are shown next to a white checkmark in a grey circle

  • How do I cancel a sale order?

    • In the app, tap the “Customers” icon at the bottom of the screen
    • Then tap the “Sale order” tab between to “Consumer Financing” and “Customers”
    • Navigate to the sale order you wish to cancel
    • Tap on the sale order, then tap “Cancel order” at the bottom of the page
    • You will be asked if you are sure you want to cancel the sale. Tap the button “Yes, I want to cancel”