Name Me!
What do you call this priority document that we need to check for in the package? It serves as the binding agreement between the two or three individuals.
Contract Agreement Form
What can you say about Ally Financial based on what we have covered in the training?
Ally Financial is a leading digital financial services company.
It offers the following services:
-Online Banking
-Auto Finance
-Mortgage Lending
-Investing
-Credit Cards
-Corporate Finance
-Insurance
Who can clear the 'Credit Level' system errors that we see in our client tool?
Underwriter
Black Book is one of the book-out sheets required for used cars. However, this document requires an __________ by the __________ before we can use it.
Underwriter
Approval
What is the name of the document that shows the price of a brand-new vehicle?
Vehicle Invoice
Can you give us at least 10 U.S. states that we support, along with their state abbreviations?
State Abbreviation Alabama AL Alaska AK Arkansas AR Arizona AZ California CA Colorado CO Connecticut CT Delaware DE Florida FL Georgia GA Hawaii HI Idaho ID Illinois IL Indiana IN Iowa IA Kansas KS Kentucky KY Louisiana LA Maine ME Maryland MD Massachusetts MA Michigan MI Minnesota MN Mississippi MS Missouri MO Montana MT Nebraska NE Nevada NV New Hampshire NH New Jersey NJ New Mexico NM New York NY North Carolina NC North Dakota ND Ohio OH Oklahoma OK Oregon OR Pennsylvania PA Rhode Island RI South Carolina SC South Dakota SD Tennessee TN Texas TX Utah UT Vermont VT Virginia VA Washington WA West Virginia WV Wisconsin WI Wyoming WY
Who is required to review and fill out the contract agreement form?
Buyer
Co-Buyer
Dealerships
What is a stipulation (or credit stipulation)? Additionally, can you give us two examples of stipulations?
Proof of Residence/Address
Proof of Name
Proof of Date of Birth
Proof of Income
Proof of Verification of Employment
What is the name of the document used to validate a customer's Social Security Number?
Credit Application Form
Explain what a retail transaction is and how it differs from a lease transaction.
•It is an agreement where a buyer purchases a vehicle from a dealer and agrees to pay the purchase price over time, with interest. Once settled, the customer becomes the owner of the vehicle.
Who should we notify or reach out to if a required document is missing from the contract package?
Dealership
What is the name of the PDF file that contains the list of all approved contract forms and credit application forms?
HOW DO I
What is the name of this document that is optional, unless the customer decides to purchase an aftermarket product like a paint protection, mechanical service contract, or maintenance plan (such as an oil change)?
Aftermarket Binder
Provide the loan cycle and explain the purpose of each step in the cycle. Cover only the items necessary for our processing.
1. Dealership
2. Credit Score Checking
3. Contract Draft
4. Ally Auto Contract Processing
5. Aly Auto Con End Processing
What documents must be submitted if the customer only needs to finance the vehicle?
Contract Form Agreement
Credit Application Form
Vehicle Invoice (New)
Book Out Sheet (Used)
What stipulations can underwriters help us clear?
Proof of Trade
Proof of Paid Account
Proof of Income
What is the document used to verify vehicle ownership? This document is also required if a customer residing in Texas intends to apply for car financing.
Title Application Form
What is an underwriter, and what are some of their responsibilities that can help us process a transaction?
An underwriter is a financial expert who evaluates risk and determines whether to approve or deny applications for loans.
What do underwriters do?
•Analyze applications to assess risk
•Make recommendations for how to handle applications
•Approve or deny applications
•Suggest prices to charge clients, such as interest rates or fees.
•Help clients understand their risk and policy options.
What are the four types of book-out sheets, and how would you describe each of them?
JD Power (NADA)
Kelley Blue Book (KBB)
Black Book (BB)
Alternate Approved Sources
What is the name of the insurance document that is not typically required unless the underwriter determines that the customer's record is poor enough to impact their application?
Agreement To Provide Insurance Form