Motor Vehicle Sales Finance Companies

Motor Vehicle Sales Finance Companies

Motor Vehicle Sales Finance Companies are persons or entities engaged in whole or in part in the business of purchasing retail installment contracts from one or more retail sellers.  The term includes, but is not limited to, banks, trust companies, private bankers, small loan licensees, industrial banks, or investment companies, if so engaged; the term also includes a retail seller engaged in whole or in part in the business of creating and holding retail installment contracts that exceed a total aggregate outstanding indebtedness of one hundred thousand dollars ($100,000).

Each motor vehicle sales finance company is required to be licensed as such under the provisions of the  New Mexico Motor Vehicle Sales Finance Act § 58-19-1, et seq.,  NMSA 1978.  Each company is to submit an initial application and annual license renewal applications, along with the appropriate fees to the FID.

Licensee Information

Operational Controls and Risk Management Procedures

All licensees under the New Mexico Motor Vehicle Sales Finance Act must demonstrate appropriate financial responsibility, character, and general fitness as to command the confidence of the public and warrant belief that the business will be operated lawfully, honestly, fairly, and efficiently.  The Operational Controls and Risk Management Procedures listed herein are designed to assist applicants and licensees in their continuing efforts to meet these goals.

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