Approval Levels. (a) The parties will target the following minimum approval rates for Retail Financing within each Credit Tier (each, a “Minimum Approval Target”): FICO Score Net Credit Loss Rates (Annualized) Approval Rates [***] [***]% [***]-[***]% [***] [***]% [***]-[***]% [***] [***]% [***]-[***]% [***] [***]% [***]-[***]% [***] [***]% [***]-[***]% [***] [***]% [***]-[***]% (b) In the event delinquency and loss rates materially deviate from the parties’ original expectations, a party may request modification in the Minimum Approval Targets which shall be subject to approval by the Steering Committee. (c) Targeted approval rates shall include those customers with an ability to pay (defined in order to meet regulatory requirements). (d) SCUSA shall use the [***] for new vehicles and [***] for used vehicles, in determining the “value” portion to the extent SCUSA imposes any loan-to-value requirements under its Credit Policies.
Appears in 3 contracts
Sources: Master Private Label Financing Agreement, Master Private Label Financing Agreement (Chrysler Group LLC), Master Private Label Financing Agreement (Chrysler Group LLC)