Below are more detailed steps for taking a Dakota transaction from submission through commission.
BEFORE SUBMITTING THE DEAL
• Pre-sell collateral requirements & approximate payments to the applicant.
• Increase your closing rate by using a LEASE PROPOSAL.
SUBMITTING THE DEAL
• Organize submission and expedite credit review with our APPLICATION CHECKLIST
• Submit filled out and signed customer CREDIT APPLICATION
• You do not have to use Dakota's application if your customer has already
filled one out.
• Submit vendor bill of sale/ invoice/ spec sheet or specifics on what customer would like to lease.
• Submit detailed collateral asset list (this can be in any format, including
our PERSONAL FINANCIAL STATEMENT).
• Submit applicant credit bureau. (If not submitted, Dakota will pull
APPROVING THE DEAL
• Once Dakota has the required basic information, we will send an official approval letter for you to review with the customer.
• If your customer accepts the offer, he or she will need to sign and return
the letter along with his or her non-refundable processing fee.
DOCUMENTING THE DEAL
• The approval letter will list any additional items required to fund the transaction.
• Have customer pay all upfront fees to Dakota via ACH or with
• Submit finalized copy of vendor invoice for equipment being funded. (sold to Dakota Financial, delivered to the customer)
• Submit information about additional collateral: copies of titles, bills of sale,
serial #s, VIN #s, etc. Ownership of all non-titled equipment must be
verified, if applicable.
• Submit 3 months’ bank statements to verify financial information.
• Dakota will order any necessary equipment inspections and/or
• Dakota will order any necessary appraisals, title searches,
mortgages/deeds of trust (real estate deal).
• Dakota conduct a short phone interview with the customer confirming
FUNDING THE DEAL
• Return all signed documentation originals.
• Evidence insurance with Dakota as loss payee/additional insured for all
equipment in the transaction including additional collateral.
• Have applicant add Dakota’s lien(s) to title(s), if applicable.
• Make sure applicant has paid any required advanced payment or agreed
upon security deposit.
• Dakota will send broker commission upon completion of the transaction
this includes: receiving a copy of the customer's signed equipment Delivery
& Acceptance form, making sure all title work has been taken care of,
having all required documentation in house, etc.
• Commissions are based off of the net equipment funding only.